Bain To Seek $6B For New Buyout Fund: Sources

Bain Capital LLC has told investors it has decided to raise $6 billion for its new global private equity fund and will offer three options on fees it charges to manage the money, people familiar with the matter told sister news service Reuters.

Bain Capital is preparing to kick off fundraising by the end of June, sending out a private placement memorandum with the final terms of the new fund, Bain Capital Fund XI, the people said. Fund X, the previous fund, was $10.7 billion.

Bain Capital Fund XI will also receive a $600 million commitment from the firm’s fund managers to demonstrate alignment of interest, the sources said. A fundraising close could come as early as the first quarter of 2013, Bain Capital has told investors.

Bain Capital has told investors that a $2 billion co-investment fund will be raised alongside Fund XI and that access as well as terms that investors get on that fund will be tied to the size of their commitment to the core fund, the sources said.

Bain declined to comment.

(Reporting by Greg Roumeliotis of Reuters in New York; Editing by Gerald E. McCormick)