Bain Capital Ventures Closes $1.6 Billion Fund XI Above Target
The venture arm of Bain Capital raised $1.6 billion for its eleventh early-stage fund, exceeding its target to back founders in AI infrastructure, physical AI, security and services.
SAN FRANCISCO, September 16, 2026. Bain Capital Ventures announced the close of its eleventh fund, raising $1.6 billion in total capital. Fund XI exceeded its target, the firm said. Bain Capital partners, employees and related entities are among the largest investors in the fund. Pensions, endowments and foundations round out the limited partner base.
The early-stage fund will invest across AI infrastructure, applications, physical AI, science, security and services. BCV has built its strategy around concentrating capital at company formation. BCV raised Fund X in 2023. It directed more than 82% of that money to Pre-Seed, Seed, Series A and Series B rounds. Fund XI extends that approach. The firm describes the moment as the start of what it calls a "post-AGI" economy. It says that shift will reshape the role of risk capital. BCV compares the change to how electrification and mass production reshaped industry a century ago.
"AI will transform our world in ways we've only begun to experience and we've been investing against that idea for the past decade, starting with early investments in Crusoe and Moveworks," said Enrique Salem, co-managing partner of Bain Capital Ventures. "We continue to focus our entire team on finding and actively supporting the most ambitious founders with our deep connectivity to the real economy, scaled approach to capital and a differentiated platform services offering."
Bain Capital Ventures is the venture capital arm of Bain Capital. The firm launched in 2001. That made Bain Capital one of the first big alternative asset managers with an early-stage technology practice. Bain Capital has invested in technology for more than 41 years. It now manages roughly $225 billion in assets across private equity, credit, real assets and growth equity. BCV's portfolio companies can also draw on more than 2,000 internal experts across Bain Capital's businesses.
BCV's existing portfolio spans several categories. It includes infrastructure companies Crusoe and Poolside, and applied AI firms Cognition, Decagon and Legora. The portfolio also includes physical AI companies Atoms and Sunday Robotics. Health startups Loyal and Forus are part of the portfolio as well. So are security firms Adaptive Security and Dream. AI services companies Crosby Legal and Norm round out the list. Fund XI will continue that strategy, the firm said, backing founders from formation through long-term growth.