By the numbers: Inside Bain’s latest $3bn distressed fundraise

Its 2012-vintage fund posted lacklustre results, while its vehicle launched in 2015 has been among the better performing from that year.

Bain Capital is seeking another $3 billion for distressed investing that will invest across a spectrum of securities from post-reorganisation corporate equities to non-performing loans, according to pension fund documents.

The Boston-based alternative asset manager is looking to raise the same amount for its Bain Capital Distressed and Special Situations Fund 2019 that the firm targeted for its Fund 2016. The latter vehicle closed on $3.1 billion.

The firm declined to comment.

Bain returns to market with one fund that has posted lower-than-targeted performance and another that has met its return goals.

The firm’s 2012-vintage Fund 2013 has returned a net internal rate of return of 6.5 percent, in between the 25th and 50th percentiles for the vintage year. One source familiar with the figures maintained that the vehicle has performed better than some of the special situations funds launched by other large credit managers in the same year. Fund 2016 has posted much better results, falling in the 75th-95th percentile range.