Term Sheet

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Big changes at Bain Capital Ventures

March 4, 2013: 8:12 AM ET

Bain Capital Ventures adds five at the top, and loses one.

FORTUNE -- The venture capital market may be contracting, but Bain Capital Ventures seems intent on growing.

The firm, which mostly focuses on enterprise software and enterprise services businesses, has quietly expanded its managing director ranks through a series of recent hires. The new investors include:

  • Todd MacLean: MacLean is a former Bain Capital Ventures investor, who left in 2010 to join Accel Partners' growth equity team in Silicon Valley. Seems he decided he was more of an East Coast guy, and will work out of BCV's Boston office.
  • Jack Sweeney: Sweeney is a venture capital newbie, having previously served as CEO of six different companies (two of which were BCV investments). Most recently he ran Axeda Corp., a provider of cloud-based service and software for managing connected products and implementing M2M applications. He will work out of Boston.
  • Salil Deshpande:¬†Deshpande will work out of BCV's Silicon Valley office, and previously was a general partner with Bay Partners -- an early-stage investment firm that is basically in the process of managing out its existing portfolio and winding down operations. His Bay deals have included Buddy Media, Covestor and Dropcam.

BCV also has promoted Ben Holzman to managing director, meaning it's now added five new MDs in the past year (including Matt Harris, the ex-Village Ventures co-founder who joined in early 2012).

The firm also is losing one senior member, as Jeff Schwartz is moving on after a 13-year run. He will not make any new BCV investments going forward, but will remain with the firm through year-end.

BCV currently is investing out of a $660 million fund raised in late 2011, and is not expected to begin raising its next fund until next year.

UPDATE: I did speak with Schwartz, who says that he plans to remain on the boards of his six BCV portfolio companies "through liquidity." He also said that he plans to make some angel investments, particularly in the compliance and risk management spaces, but that he does not plan to take a fulltime role anywhere in 2014. Instead, he plans to spend more time with his four kids, and increase his involvement with several children-focused nonprofits.

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Dan Primack
Dan Primack
Senior Editor, Fortune

Dan Primack joined Fortune.com in September 2010 to cover deals and dealmakers, from Wall Street to Sand Hill Road. Previously, Dan was an editor-at-large with Thomson Reuters, where he launched both peHUB.com and the peHUB Wire email service. In a past journalistic life, Dan ran a community paper in Roxbury, Massachusetts. He currently lives just outside of Boston.

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