Mitt Romney has raised lots of money from current employees at his professional alma mater, but I’d have to think that Bain Capital would be much better off if someone (anyone?) else was challenging Barack Obama.

Chances are that the firm will begin raising another giant general private equity fund sometime next year, and it certainly runs the risk of brand toxicity. Particularly among public pensions that have historically demurred due to Bain’s 30% carry, but which might reconsider if offered the same “1/30 or 2/20” option that Bain recently gave to investors in its Asia fund.

It’s easy for public pensions to make follow-on fund commitments, but new deals come with all sorts of perception risks for the elected trustees who make the final call.

If Romney wins, GOP-leaning trustees could get accused of trying to curry favor. If Romney loses, it likely would be after a campaign in which Bain is so demonized that Democrat-leaning trustees wouldn’t even consider beginning a relationship. And this goes double for big customized accounts (although Bain doesn’t seem to yet be in that market).

All manageable for Bain, of course, but made extra difficult by Romney.

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