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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

The hard math behind America's labor shortage

Data: Bureau of Labor Statistics, Congressional Budget Office; Chart: Axios Visuals

Yes, the pandemic has created unusual temporary labor market dynamics. But in the bigger picture, the 2010s were a golden age for companies seeking cheap labor. The 2020s are not.

The big picture: In the 2010s, the massive millennial generation was entering the workforce, the massive baby bo0m generation was still hard at work, and there was a multi-year hangover from the deep recession caused by the global financial crisis.

Advocates fret Roe v. Wade's 49th anniversary could be its last

Photo: Leigh Vogel/Getty Images for Women's March Inc

As Saturday marks the 49th anniversary of Roe v. Wade, the Supreme Court's landmark decision that legalized abortion access in the U.S., advocates warn the ruling is "more at risk now than ever."

The big picture: The Supreme Court in December heard a challenge to a Mississippi 15-week abortion ban that could throw Roe's survival into question, or at least narrow its scope.

Updated 13 hours ago - Politics & Policy

Omicron dashboard

Illustration: Brendan Lynch/Axios

  1. Health: Pfizer and Moderna boosters overwhelmingly prevent Omicron hospitalizations, CDC finds — Omicron pushes COVID deaths toward 2,000 per day — The pandemic-proof health care giant.
  2. Vaccines: The case for Operation Warp Speed 2.0 — Starbucks drops worker vaccine or test requirement after SCOTUS ruling — Kids' COVID vaccination rates are particularly low in rural America.
  3. Politics: Biden concedes U.S. should have done more testing — Arizona says it "will not be intimidated" by Biden on anti-mask school policies — Federal judge blocks Biden's vaccine mandate for federal workers.
  4. World: American Airlines flight to London forced to turn around over mask dispute — WHO: COVID health emergency could end this year — Greece imposes vaccine mandate for people 60 and older — Austria approves COVID vaccine mandate for adults.
  5. Variant tracker