NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Tuesday, April 14, 2015

Bain Capital, the $75 billion private equity firm founded by 2012 Republican presidential nominee Mitt Romney, hired former Massachusetts Governor Deval Patrick to lead a social impact fund.

Patrick, 58, will oversee investments that target a financial return while seeking to have a positive social impact, according to a statement Tuesday from Boston-based Bain. Patrick starts at the firm today and is its first black managing director.

The hire is the latest by a private equity firm seeking to benefit from the expertise and relationships of former high-ranking government officials. Warburg Pincus in 2013 hired Tim Geithner, the U.S. Treasury secretary from 2009 to 2013, as the firm’s president, and KKR & Co.named former Central Intelligence Agency director David Petraeus to run a new unit for public policy, economic research and emerging-market due diligence at the private equity firm.

“He has unique insights into what creates real impact and drives ultimate success with social projects in underserved communities,” Michael Ward, Bain’s chief operating officer, said of Patrick in the statement.

Patrick, a Democrat, served two four-year terms as Massachusetts governor before leaving in January. His predecessor in the statehouse was Romney, 68, who’s now chairman of private equity firm Solamere Group.