Nov 14, 2019

Deval Patrick's ties to Bain Capital could complicate his 2020 run

Dan Primack, author of Pro Rata

Illustration: Eniola Odetunde/Axios

Deval Patrick made it official this morning, announcing that he'll run for the Democratic Party's presidential nomination — and he also formally resigned from Bain Capital, sources say.

The state of play: He joined the firm in 2015 to launch and lead a platform focused on "social impact investing." That group, called Bain Double Impact, is in the midst of raising its second fund. Prospective investors tell Axios' Dan Primack that Patrick had assured them he wouldn't run for president in 2020, although left the door open for the 2024 race.

  • Bain raised around $350 million for its first Double Impact Fund, of which a little over two-thirds is deployed into 11 portfolio companies.
  • There have been two exits so far (IPO for SpringWorks Therapeutics and sale of Impact Fitness to Morgan Stanley).

It's unclear if Patrick's departure will impact commitments to the fund, which is said to be targeting around $600 million.

  • There hasn't been a formal first close yet, although there have been verbal commitments that could be revisited.
  • Patrick's co-managing partner Todd Cook will become sole managing partner.
  • A Bain spokesman declined comment.

Twitter is already ablaze with Democrats who can't understand how a "private equity guy" expects to get the nomination in 2019, let alone one from the same firm that Mitt Romney founded.

  • Expect rivals to scrutinize Bain Double Impact's portfolio for employee complaints, customer complaints, and anything that doesn't scream "positive social impact."
  • My guess is the first one to come up might be for-profit educator Penn Foster, which experienced some scandal before Bain got involved.

The bottom line: Patrick, who defended Bain Capital during Romney's presidential run, told me upon joining Bain that he wasn't worried about what the firm's brand could mean for his future political aspirations. Now he's going to put that puzzling confidence to the test.

Go deeper:

Go deeper

Updated 54 mins ago - Politics & Policy

Autopsies say George Floyd's death was homicide

Police watch as demonstrators block a roadway while protesting the death of George Floyd in Miami. Photo: Joe Raedle/Getty Images

Preliminary results from an independent autopsy commissioned by George Floyd's family found that his death in the custody of Minneapolis police officer Derek Chauvin was "homicide caused by asphyxia due to neck and back compression that led to a lack of blood flow to the brain," according to a statement from the family's attorney.

The latest: An updated official autopsy released by the Hennepin County medical examiner also determined that the manner of Floyd's death was "homicide," ruling it was caused by "cardiopulmonary arrest complicating law enforcement subdued, restraint, and neck compression."

The Biden-Trump split screen

Photos via Getty Images: Jim Watson/AFP (L); Yasin Ozturk/Anadolu Agency (R)

The differences between former Vice President Joe Biden and President Trump are plain as day as the two respond to recent protests.

Why it matters: Americans are seeing firsthand how each presidential nominee responds to a national crisis happening during a global pandemic.

Louisville police chief fired after body cameras found inactive in shooting of black man

Louisville police officers during protests. Photo: Brett Carlsen/Getty Images

Louisville Mayor Greg Fischer fired the city's chief of police Steve Conrad after it was discovered that police officers had not activated their body cameras during the shooting of David McAtee, a local black business owner who was killed during protests early Monday morning.

Why it matters: Mandatory body camera policies have proven to be important in efforts to hold police officers accountable for excessive force against civilians and other misconduct. Those policies are under even greater scrutiny as the nation has erupted in protest over the killing of black people at the hands of police.