Bain Capital Ventures has closed its newest early-stage fund with $1.6 billion in total capital, surpassing its original target. The firm announced Fund XI on September 16, 2026, with a mandate to support founders building for what it calls an abundant post-AGI world. The fund will invest across artificial intelligence infrastructure, physical AI, cybersecurity, and AI-enabled services.
Fund Overview and Investor Base
Fund XI exceeded its target and attracted $1.6 billion in commitments from a diverse group of institutional and affiliated investors. Bain Capital partners, employees, and their related entities are among the single largest investors in the fund, alongside pensions, endowments, and foundations. This investor composition remains consistent with Bain Capital's long-standing heritage across all of its funds.
Early-Stage Investment Approach
BCV's early-stage strategy has consistently concentrated capital at the formation stage of category-defining companies. In Fund X, which was raised in 2023, over 82 percent of total dollars were allocated to pre-seed, seed, Series A, or Series B rounds. Fund XI extends this playbook and continues the firm's focus on helping AI-native founders realize the full potential of their companies.
Representative Portfolio
The firm has previously backed infrastructure companies such as Crusoe and Poolside, alongside applied AI companies including Cognition, Decagon, and Legora. Its physical AI investments include Atoms and Sunday Robotics, while health, security, and AI services are represented by companies like Loyal, Adaptive Security, and Crosby Legal. These selected transactions illustrate the breadth of BCV's portfolio across emerging technology sectors.
Leadership Perspective
Enrique Salem, Co-Managing Partner of Bain Capital Ventures, said AI will transform the world in ways that are only beginning to be experienced. He noted that the firm has been investing against that idea for the past decade, starting with early investments in Crusoe and Moveworks. Salem emphasized the team's focus on finding ambitious founders and actively supporting them through connectivity to the real economy, scaled capital, and a differentiated platform services offering.
The Bain Capital Platform Advantage
Bain Capital has maintained leadership across technology investing for more than 41 years, while BCV was founded in 2001 as an early-stage technology venture practice. BCV portfolio companies can draw on the expertise and relationships of Bain Capital's broad global portfolio and more than 2,000 internal experts. This integration is designed to provide founders with resources that extend well beyond traditional venture capital.
Investing for an AI-Driven Future
AI-native companies increasingly demand more than equity capital alone, according to the firm. BCV says it is positioned for this transition as part of a $225 billion global platform spanning private equity, credit, real assets, and growth equity. Founders can access debt facilities, infrastructure partnerships, and real economy relationships that match the scale of their AI ambitions.
A Full-Stack Support Model
The firm pairs this capital access with a hands-on operating philosophy that involves working alongside founders to develop detailed, ground-level understanding of their industries. Fund XI will target AI infrastructure, applications, physical AI, science, security, and services. This approach continues BCV's track record of partnering with ambitious entrepreneurs from formation through long-term value creation.
The close of Bain Capital Ventures Fund XI underscores the firm's confidence in the transformative potential of artificial intelligence. By combining early-stage capital with the broader resources of Bain Capital, the fund aims to help founders build category-defining companies in a rapidly evolving landscape. The $1.6 billion raise positions BCV to continue shaping the next generation of AI-driven industries.