Former Massachusetts Gov. Deval PatrickDeval PatrickOVERNIGHT ENERGY: Supreme Court sides with oil companies in Baltimore case| White House environmental justice advisers express opposition to nuclear, carbon capture projects | Biden administration to develop performance standards for federal buildings Approving Kristen Clarke's nomination should be a no-brainer To unite America, Biden administration must brace for hate MORE (D) joins private equity firm Bain Capital on Tuesday to focus on investments with “significant social impact,” the firm announced in a statement.
Patrick, as a managing partner in its Boston office, will launch the new business platform for the firm that it has said will concentrate on a “double bottom line” --financing investments that “improve overall quality of life or that create economic opportunities in communities which are economically distressed, overlooked by investors or otherwise in need of investment capital.”
Patrick “has unique insights into what creates real impact and drives ultimate success with social projects in underserved communities,” said Michael Ward, the firm’s managing director and chief operating officer.
“As Governor, Patrick was a pioneer in the use of social impact bonds and other initiatives to attract capital to address social and economic challenges,” the firm added in a release.
His term in the Massachusetts State House ended earlier this year, and Patrick said he would be returning to the private sector. He had previously served as a general counsel to corporate giants, including The Coca-Cola Co. and Texaco.
“Bain Capital is widely recognized as both an innovative investment firm and a philanthropic and community leader,” Patrick said in a statement on Tuesday. “I am thrilled to work with such a dedicated team to connect these two strengths, and I am confident that we can find compelling investments that deliver both attractive financial returns and positive social outcomes.”
The firm, which former Massachusetts Gov. Mitt Romney (R) helped found in 1984, became a hotly contested part of Romney’s campaign for president in 2012. Critics honed in on the operations of the business during its first years, while President Obama's campaign ran ads that attacked the company.
Patrick, however, defended Bain Capital and Romney, his gubernatorial predecessor.
“I've got a lot of friends there,” he said on MSNBC's “Morning Joe,” during the heat of the presidential campaign in 2012. Patrick said the firm is “a perfectly fine company” with “a role to play in the private economy.”
Bain Capital manages more than $75 billion in assets, including investments in Dunkin’ Brands, Burger King, Staples and Guitar Center.