FORTUNE -- Bain Capital this week is holding a first close on approximately $3 billion for its new private equity fund, Fortune has learned. The overall target is $6 billion, with a $7.5 billion hard cap.
Included in the $3 billion figure would be a commitment from Bain Capital staff, which is expected to comprise at least 10% of the final fund size.
Marketing began last summer for the fund, which will target investments in North America and occasionally co-invest internationally alongside its European and Asian funds. The Boston-based firm currently is making such deals out of a $10 billion vehicle raised in 2010, which also featured a $1.8 billion "sidecar" for larger investments.
According to a recent investor report, that fund currently features just a 1x multiple on cash and a 0% internal rate of return (IRR) through Q3 2012. Bain Capital's 2006 fund came in at a 1.3x MOC and a 6% IRR, while its 2004 fund had a 1.7x MOC and a 12% IRR.
None of those figures are terribly good, which perhaps helps explain why Bain offered investors three different fee structures from which to choose on the new vehicle:
No word yet on which choice received the most uptake from those involved.
Bain Capital has been in the news lately for completed IPOs (Bright Horizons), filed IPOs (HD Supply) and canceled IPOs (Toys "R" Us). A firm spokesman declined to comment for this story.
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Bain Capital's 2013 fundraising runs into 2012's election.
FORTUNE -- Mitt Romney is a forgotten man for most Americans, but he's still causing some headaches for Bain Capital.
The private equity firm Romney founded (and left more than a decade ago) is currently in the process of raising $8 billion for its eleventh flagship private equity fund, with plans to hold a first close in March. One problem however, has been that MOREDan Primack - Jan 25, 2013 1:52 PM ET
Bain Capital will make a bundle on Bright Horizons, even though the company hasn't gained any equity value since it went private six years ago.
FORTUNE -- Bright Horizons Family Solutions is planning to return to the public markets next week, via an initial public offering that could raise more than $200 million.
If it prices in the middle of its $19-$21 per share range, it would have an initial market cap MOREDan Primack - Jan 14, 2013 1:47 PM ET
Hostess can blame private equity, but not private equity greed.
FORTUNE -- The fall of Hostess has many fathers. Some were internal, like dunderheaded management and an obstinate baker's union. Some were external, like the unholy marriage of global recession with rising commodities prices.
But here's one thing that Hostess isn't: "A microcosm of what's wrong with America, as Bain-style Wall Street vultures make themselves rich by making America poor."
That line came Friday MOREDan Primack - Nov 19, 2012 3:59 PM ET
If Republicans are looking for someone to blame, they should look inside their own tent.
FORTUNE -- In the aftermath of President Obama's victory over Mitt Romney, there has been a lot of attention paid to how the Obama campaign successfully defined Romney as an out-of-touch corporate raider. And most of the credit has gone to Obama campaign boss Jim Messina, who made a "grand bet" to saturate the summer airwaves MOREDan Primack - Nov 9, 2012 11:45 AM ET
The private equity firm founded by Mitt Romney says it refused "to be drawn into the give-and-take of the political season."
FORTUNE -- Bain Capital today sent a letter to investors, thanking them for supporting the firm while its founder, Mitt Romney, was running for President. Fortune has obtained a copy of the letter, which is posted below:View this document on Scribd Dan Primack - Nov 8, 2012 6:30 PM ET
New fund data from Bain Capital and hundreds of others.
FORTUNE -- Last Friday I wrote that the California State Teachers' Retirement System (CalSTRS) was delinquent in posting fund-specific performance data from its $22 billion private equity portfolio.
Seems a public blog post can accomplish what numerous private emails cannot.
Earlier today CalSTRS finally updated its data through March 31, 2012. That may still seem a bit moldy, but private equity performance data MOREDan Primack - Nov 5, 2012 2:48 PM ET
Trying to turn Staples from a positive into a negative.
FORTUNE -- This morning's political sideshow revolves about The Boston Globe getting a judge to unseal Mitt Romney's June 1991 testimony in the divorce proceedings of Staples founder Tom Stemberg. And like yesterday's political sideshow -- thanks Mr. Trump -- this one is unlikely to amount to much.
To be sure, Stemberg's divorce was ugly. Soap opera ugly.
But Romney's testimony doesn't have MOREDan Primack - Oct 25, 2012 12:05 PM ET
Politician Mitt makes promises that Bain Mitt would have never made.
FORTUNE -- Mitt Romney has been a politician for the past 13 years, but his sales pitch to voters relies heavily upon his private sector experience. Sometimes, however, the juxtaposition doesn't ring true.
For example, check out this exchange from Tuesday night's presidential debate:
Crowley: "If somehow when you get in there, there isn't enough tax revenue coming in, if somehow the MOREDan Primack - Oct 19, 2012 4:14 PM ET
No mentions of A123, Bain Capital or housing.
FORTUNE -- A few business-related thoughts from last night's presidential debate:
* I am simply dumbfounded that Romney didn't bring up A123, particularly given how much time he and Obama spent discussing energy policy. This is a company that received hundreds of millions in government loans, which went bankrupt on the very day of the debate. Maybe Romney has some history with A123 that I'm not aware MOREDan Primack - Oct 17, 2012 10:33 AM ET
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