Nov 12, 2019

How Deval Patrick's Bain Capital experience could play into 2020

Photo: Suzanne Kreiter/The Boston Globe/Getty Images

Private equity soon may get more unwanted attention in the Democratic presidential primary, based on an AP report that former Massachusetts Gov. Deval Patrick is seriously considering a last-minute entry.

The big picture: Patrick made his money as a corporate lawyer before running for public office, but has spent the past several years at Bain Capital, leading an impact investing effort.

  • There is unconfirmed speculation that Patrick was awakened in his suburban Boston home last night, by the sounds of champagne corks popping at Elizabeth Warren's campaign headquarters.

Between the lines: Patrick's Bain Capital experience is much different than Mitt Romney's, in terms of both type and tenure. But it might be a difficult distinction for Patrick to persuasively articulate, particularly given Warren's continuing efforts to paint the entire PE industry as engaged in "legalized looting."

  • The risk for private equity is that Patrick becomes Warren's flesh-and-blood foil.
  • On the other hand, it's also possible that Patrick complicates Warren's message, because of his particular fund's focus on positive social impact.
  • Either way, Patrick's run would produce a headache for Bain, both because it would need someone new to manage a relatively-young fund, and because the person who ran PR point during Romney's presidential run is no longer there.

The bottom line: We should know if this is real by Friday, as that's the deadline for candidates to file for New Hampshire's primary.

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Podcast: Deval Patrick enters the presidential race

Deval Patrick announced on Thursday morning that he will seek the Democratic presidential nomination, months after announcing he wouldn’t. Dan and Axios' Alexi McCammond talk about how Patrick — a former civil rights lawyer, two-term Massachusetts governor and Bain Capital businessman — will be received.

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Keep ReadingArrowNov 14, 2019

Deval Patrick enters 2020 Democratic presidential race

Photo: Larry French/Getty Images for The Jefferson Awards Foundation

Former Massachusetts Gov. Deval Patrick formally entered the 2020 presidential race on Thursday.

Why it matters: The former governor joins a crowded Democratic field less than three months out from the Iowa caucuses.

Go deeperArrowUpdated Nov 14, 2019

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

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.

Go deeperArrowNov 14, 2019