Bain Capital Ventures, LP

Multi-stage venture firmSEC-registered adviserClassification probable· Boston, Massachusettsbaincapital.com

Bain Capital, LP is one of the world’s leading multi-asset alternative investment firms. With offices on four continents, our global team aligns our interests with those of our investors and partners for lasting impact.

In the firm's own words, from its website.

Reported fund assets
$10.0B
sum of its funds' Form ADV filings, last 30 months
New companies, 12 mo
7
Investment team
42
Latest vintage
2025
Contact decision makers
More
Ask DFX about thisView relationshipsFind contactsInvestments (23)Team (56)Funds
As of · the latest observation of this organization; filed figures are as of its latest Form ADV

63 additional team members, 38 additional co-investors and affiliates, 128 additional investments, funds and LPs, 70 events, 2 verified contacts (1 general firm email, 1 firm phone)

Every relationship, signal and contact on this record, with the source on each.

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

What matters now

  1. 7 companies
    new in 12 months

    7 new companies in the last 12 months. Latest round Armadin Series B ($256M round) on 1 Oct 2026.

    A firm writing cheques this quarter is one a founder can pitch now.

    Factfunding announcements, Form D, the firm's portfolio pageFor Founders, co-investorsInvestments →
  2. 2 of 4
    enter at Series B+

    Its site says seed stage, but 2 of 4 first entries on record are Series B or later.

    rounds to 1 Oct 2026 · A founder raising at the stage the site names should know where the cheques have actually gone.

    Derived4 rounds with a stated stage, against the firm's siteFor FoundersInvestments →
  3. 3 departures
    people, 12 months

    A team member departed (seen on or before 1 Oct 2026, the day it happened is not on record). 3 departures on record in 12 months.

    A partner leaving or arriving changes who decides, and who a founder or LP should call.

    InferenceVenture organization websites (about, team, portfolio, thesis, news pages)For Founders, LPs, recruitersTeam →
  4. 3 deals
    with Y Combinator

    Invests most often alongside Y Combinator (3 shared deals) and Bessemer Venture Partners (3 shared deals).

    pair last observed on record 1 Oct 2026, not a deal date · The firms it syndicates with are the likeliest to see the same deals and to fill out its rounds.

    Measuredshared rounds and portfolio companies on recordFor Founders building a round, co-investorsCo-investors →

People to know

View all people
  • Ajay Agarwal
    Partner
    Why: Partner: part of the investment decision
    No route on file yet
  • Anupam Behura
    Partner
    Why: Partner: part of the investment decision
    No route on file yet
  • Michael de Courcy Ward
    Partner
    Why: Partner: part of the investment decision
    No route on file yet

Relationship network

174 connected entities21 observed rounds5 repeat counterparties6 dated rounds shown here, 2013 to 2026

From financing rounds and every investor named in them, Form ADV and Form D filings, the firm's funds and team, and disclosed LP commitments in the venture capital graph. A round's amount is the size of the round, not money that moved between two investors.

Some relationships on this record are counted rather than named here. They open with the full profile.

Click any name or line for the rounds and sources behind it. Line weight is rounds together; dashed lines are inferred.

What stands out
Reading the network
  • Sponsor
  • Company
  • Capital provider
  • Fund or vehicle
  • Person

Co-investors are read from the rounds: three or more shared rounds is a strong observed relationship, two a repeat co-investor, one a single round. Funds and people are structural. Nothing is scored that a reader cannot check.

Darker lines were active in the last 24 months or are current; lighter lines are older or undated.

How am I connected?

Name your firm, a company or a person, and DFX finds the published routes to Bain Capital Ventures, LP: a shared portfolio company or board, a prior employer, a co-investor, a shared LP or service provider. Every step is a filed or published record with its source; none is a guess about who knows whom.

See how you connect to Bain Capital Ventures, LP

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

Investing

23 companies on record, 7 new in 12 months
Investments on record
23 companies, 15 partner-attributed
CompanyRoundRolePartnerRound sizeThis investorDateSource
Armadin, Inc.Series B · Series Bparticipantunknown$256MunknownOct 1, 2026Fact Press release
Cognitionportfolio listingunknownunknownunknownunknownSep 25, 2026Fact Company website
hireologyportfolio listingunknownunknownunknownunknownSep 25, 2026Fact Company website
Stated thesis versus observed behaviour
30 observed deals
Stated (the firm’s website)
Sectors
healthcare, biotech, climate, crypto, cybersecurity, industrial
Stages
seed
Geography
asia, australia, boston, chicago, europe, germany, global, india
Check size
not stated; DFX does not estimate checks from round sizes
Self-described
venture capital
Observed (from deals on record)
Stage at participation
series b 50%seed 25%series a 25%
Stage at first entry
series b 50%seed 25%series a 25%
Industries, each company once
Hardware and deep tech, Software or Tech-enabled and IT services (1)
lead rate 43%follow-on rate 13%new companies, 12 months 7
site says seed/early; 50% of first entries on record are Series B or later

Team

56 current, 19 departed
Decision makers
who to call first, and why; then everyone else by function
  • Ajay Agarwal · Partner
    Why this person: Partner: part of the investment decision; Named with investment responsibility
  • Anupam Behura · Partner
    Why this person: Partner: part of the investment decision; Named with investment responsibility
  • Michael de Courcy Ward · Partner
    Why this person: Partner: part of the investment decision; Named with investment responsibility

Ranked by the role the firm or its filing states, a route on file and deals led. Every reason is read from the record, never inferred. Routes are published by the person or the firm (their bio, the team page or a filing) and are revealed on a plan; data bought from a provider is never shown, and a route printed at a firm the person has since left is held back.

Investment team
56 current, 19 departed
21 departed (kept with end dates)
Contacts
1 general firm email, 1 firm phone

1 general firm email, 1 firm phone on record, each with its source. Values open with the complete profile.

Funds and LPs

38 vehicles, 8 LPs disclosed
Funds and vehicles
38 reported, 2 no longer reported
VehicleTypeVintageLifecycleReported GAVOwnersForm D soldLatest Form D
Bain Capital Fund XIV, L.PFund2025 lp reportedEarly deploymentunknownunknownunknownunknown
Bain Capital Beacon Roll SPV XIISPV or co-invest vehicle2025 lp reportedEarly deploymentunknownunknownunknownunknown
Bain Capital Venture Coinvestment Fund IV, L.P.SPV or co-invest vehicle2023 adv first reportedActive deployment$508M
Mar 31, 2026
64$0Jun 9, 2022
Limited partners
8 LPs, 36 disclosed commitments
Known LPs and allocators
41 relationships across the firm's funds, from public pensions and the allocator graph
AllocatorTypeFundAmountDateSource
California State Teachers' Retirement SystemSTATE RETIREMENT SYSTEMBain Capital Fund X, LP$400M
committed
reported as of Jun 30, 2025Fact Pension disclosure
California Public Employees' Retirement SystemSTATE RETIREMENT SYSTEMBain Capital Asia Fund V, L.P$300M
committed
reported as of Dec 31, 2025Fact Pension disclosure
New Jersey Division of InvestmentPUBLIC INSTITUTIONAL POOLBain Capital Fund XIV, L.P$200M
committed
reported as of May 31, 2026Fact Pension disclosure

Relationships across DFX

55 co-investors · on 4 other DFX graphs
Co-investors
55 counted from shared deals, for the whole firm
Across DFX and the capital chainon 4 other DFX graphs · 155 capital paths Show
Across DFX
Across the graphs

Bain Capital Ventures, LP is the same institution as 4 records in RIA and Wealth, Allocators, Independent Sponsors and Private Equity.

RIA and Wealth1Allocators1Independent Sponsors1Private Equity1

DFX found 4 relationships across 4 datasets

Which record it is in each graph, what it is called there, and how the two were matched.

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

Checking your plan…

Capital chain

Bain Capital Ventures, LP sits on 155 traced paths of capital across the graphs.

Allocator to VC fund to manager to company

DFX traced 155 paths of capital through this record

Every record on each path, what it committed or lent, and as of when.

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

Derived from allocator disclosures, BDC schedules and SEC filings; confidence is the weakest hop.

Checking your plan…

Evidence and history

75 dated events, 95 observations from 4 sources
Timeline
75 dated events
  1. seen on or beforeOct 1, 2026
    Carlos Argilagos (Director) no longer on the team page of Bain Capital Ventures, LP
    Person leftPeopleInferenceCarlos ArgilagosFirm website
  2. seen on or beforeOct 1, 2026
    Patrick Andrews (Associate) no longer on the team page of Bain Capital Ventures, LP
    Person leftPeopleInferencePatrick AndrewsFirm website
  3. seen on or beforeSep 13, 2026
    Bain Capital Ventures, LP: INSTITUTIONAL_VC -> MULTI_STAGE_VC (both early and growth/opportunity families, reported GAV $9,989M)
    Classification changedClassificationInferenceno URL
  4. May 31, 2026
    NJ DOI reports Bain Capital Fund XIV, L.P.: $200,000,000 committed, vintage 2025
    LP commitment disclosedLPsFactNew Jersey Division of InvestmentPension disclosure
  5. Mar 31, 2026
    Jonathan Scott Lavine (Partner) no longer on Schedule A of Bain Capital Ventures, LP
    Person leftPeopleInferenceJonathan Scott LavineForm ADV
Identity and regulatory footprint
Address, phone, Form ADV filing and ownersForm ADV filed Mar 31, 2026 · 20 private fundsShow
Headquarters
Boston, MAadviserinfo.sec.gov
Office address
unknownadviserinfo.sec.gov
Business phone
unknownadviserinfo.sec.gov
Website
baincapital.com
SEC adviser type
Registered investment adviseradviserinfo.sec.gov
SEC exemption claimed
unknown
Latest Form ADV
Mar 31, 2026
Private funds reported
20 (16 venture capital funds)adviserinfo.sec.gov
Private fund gross assets, adviser total
$9.9Badviserinfo.sec.govreported GAV of the funds, the adviser's own number; not fund size, not dry powder
Regulatory AUM
$9.8Bthe adviser's RAUM, a regulatory measure, never a fund size
Employees
97
Owners on Schedule A
Bain Capital Ventures (GP), LLC (General Partner), owns under 5%; Bain Capital, LLC (Member), owns 75% or more; Bain Capital (GP), LLC (General Partner)
Classification history
Every classification this record has carried4 on recordShow
  1. Sep 23, 2026
    Multi-stage venture firm (probable, 80%)
    Both early and growth/opportunity families, reported GAV $10.0B
  2. Sep 13, 2026
    Multi-stage venture firm (probable, 80%)
    Both early and growth/opportunity families, reported GAV $10.0B
  3. Sep 13, 2026
    Institutional venture firm (probable, 80%)
    Venture manager, reported GAV $10.0B across 23 vehicles
  4. Sep 12, 2026
    Institutional venture firm (probable, 80%)
    Venture manager, reported GAV $10.0B across 18 vehicles
Evidence
95 observations from 4 sources
Every observation behind this profile, with its source, date and class
FactValueEffectiveClassSource
Why admittedVC funds reportedMar 31, 2026FactForm ADV
SEC adviser typeRegistered investment adviserMar 31, 2026FactForm ADV
SEC adviser typeRegistered investment adviserMar 31, 2026FactForm ADV
SEC adviser typeRegistered investment adviserJul 31, 2024FactForm ADV
First Form ADV filing2012-03-30Mar 31, 2026FactForm ADV
First Form ADV filing2012-03-30Jul 31, 2024FactForm ADV
Adv history loadedadv-hist-1+panel:2026-09-29Sep 30, 2026FactForm ADV
Adv history loadedadv-hist-1+panel:2026-09-25Sep 26, 2026FactForm ADV
Adv history loadedadv-hist-1+panel:2026-09-23Sep 24, 2026FactForm ADV
Adv history loadedadv-hist-1+panel:2026-09-21Sep 23, 2026FactForm ADV
Adv history loadedadv-hist-1+panel:2026-09-22Sep 23, 2026FactForm ADV
Adv history loadedadv-hist-1Sep 12, 2026FactForm ADV
Latest Form ADV filing2026-03-31Mar 31, 2026FactForm ADV
Latest Form ADV filing2026-03-31Mar 31, 2026FactForm ADV
Latest Form ADV filing2024-07-31Jul 31, 2024FactForm ADV
SEC statusApprovedMar 31, 2026FactForm ADV
SEC status effective2008-04-10Mar 31, 2026FactForm ADV
Venture share of reported funds1Mar 31, 2026FactForm ADV
Venture share of reported funds1Jul 31, 2024FactForm ADV
Business phoneMar 31, 2026FactForm ADV
Business phoneJul 31, 2024FactForm ADV
Contact page urlOct 1, 2026Factno URL
Contact page urlSep 16, 2026Factno URL
DescriptionOct 1, 2026Factno URL
DescriptionSep 16, 2026Factno URL
DescriptionSep 15, 2026Factno URL
Employees97Mar 31, 2026FactForm ADV
Employees111Jul 31, 2024FactForm ADV
HeadquartersBoston, MAMar 31, 2026FactForm ADV
HeadquartersBoston, MAJul 31, 2024FactForm ADV
Office addressMar 31, 2026FactForm ADV
Office addressJul 31, 2024FactForm ADV
Self-described typeVenture capital
“Venture Capital”
Oct 1, 2026Factno URL
Self-described typeVenture capital
“Venture Capital”
Sep 16, 2026Factno URL
Self-described typeVenture capital
“Venture Capital”
Sep 15, 2026Factno URL
Legal formLimited PartnershipMar 31, 2026FactForm ADV
PE funds reported4Mar 31, 2026FactForm ADV
Private funds reported20Mar 31, 2026FactForm ADV
Private funds reported20Mar 31, 2026FactForm ADV
Private funds reported18Jul 31, 2024FactForm ADV
Private fund gross assets (reported)$9.9BMar 31, 2026FactForm ADV
Private fund gross assets (reported)$9.9BMar 31, 2026FactForm ADV
Private fund gross assets (reported)$10.0BJul 31, 2024FactForm ADV
Regulatory AUM (adviser, not fund size)$9.8BMar 31, 2026FactForm ADV
Regulatory AUM (adviser, not fund size)$10.0BJul 31, 2024FactForm ADV
Schedule a diffsadiff-1Mar 31, 2026FactForm ADV
Stated geographyAsia, australia, boston, chicago, europe, germany, global, india
“geography words on the home page”
Oct 1, 2026Factno URL
Stated geographyAsia, australia, boston, chicago, europe, germany, global, india
“geography words on the home page”
Sep 16, 2026Factno URL
Stated geographyAsia, australia, boston, chicago, europe, germany, global, india
“geography words on the home page”
Sep 15, 2026Factno URL
Stated sectorsHealthcare, biotech, climate, crypto, cybersecurity, industrial
“sector words on the home page”
Oct 1, 2026Factno URL
Stated sectorsHealthcare, biotech, climate, crypto, cybersecurity, industrial
“sector words on the home page”
Sep 16, 2026Factno URL
Stated sectorsHealthcare, biotech, climate, crypto, cybersecurity, industrial
“sector words on the home page”
Sep 15, 2026Factno URL
Stated stagesseed
“stage words on the home page”
Oct 1, 2026Factno URL
Stated stagesseed
“stage words on the home page”
Sep 16, 2026Factno URL
Stated stagesseed
“stage words on the home page”
Sep 15, 2026Factno URL
Team pageOct 1, 2026Factno URL
Team pageSep 16, 2026Factno URL
Team pageSep 15, 2026Factno URL
Venture funds reported16Mar 31, 2026FactForm ADV
Venture funds reported16Mar 31, 2026FactForm ADV
Venture funds reported16Jul 31, 2024FactForm ADV
WebsiteJul 31, 2024FactForm ADV
Site titleOct 1, 2026Factno URL
Site titleSep 16, 2026Factno URL
Site titleSep 15, 2026Factno URL
How this is scored
Scores, classification basis and filing advisersMulti-stage venture firm, probable · 2 filing advisers share this firmShow
Importance
83
high
Active deployment
48
elevated
Emerging
0
low
Freshness
100
high
Multi-stage venture firm · probableSEC registered investment adviser

Both early and growth/opportunity families, reported GAV $10.0B

This firm files as 2 advisers on baincapital.com: Bain Capital Partnership Strategies, LP. Each keeps its own CRD, funds and filings; the grouping is the website each swore to on Form ADV and is recomputed every pass.

The inputs behind each score
importance
gav: $1 · funds: 1 · people: 1 · investments: 0.55 · co investors: 0.7
active deployment
investments 12m: 0.75 · fund raising 18m: 0 · people joined 12m: 0 · vintage within 3y: 1 · latest investment at: 2026-10-01
emerging manager
fund count: 40 · reported gav: $10.0B · first adv filing: 2012-03-30 · years since first filing: 14.5

Fits, record history and connections

scored matches for this investor, every identity change, every edge

Fits

4 scored matches, best firstas of
  • score 39.9confidence 90%
    Why: stage fit; activity; cap table
  • score 39.9confidence 90%
    Why: stage fit; activity; cap table
  • score 31.6confidence 90%
    Why: sector fit; geography fit; activity

+1 more scored match

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

Scored by DFX match engines from the record's observed portfolio, stage, geography and recent activity. A fit is a reason to look, not a mandate; the blockers say what the model could not confirm. Names and the evidence sentences show with the names on this page.

Record history

14 dated events on the change ledger, latest event first
  • Organization classification changed
    2026-09-13
  • LP commitment disclosed
    2026-05-31source on record
  • LP commitment disclosed
    2025-12-31source on record

+11 more changes on this record's ledger

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

The ledger records every merge, rename and reclassification this record went through and the dated filings observed on it, so the identity on this page can be traced to the records it was built from. The ledger's own sentences name other records, so they show with the names.