FORTUNE — Bain Capital this week is holding a first close on approximately $3 billion for its new private equity fund, Fortune has learned. The overall target is $6 billion, with a $7.5 billion hard cap.
Included in the $3 billion figure would be a commitment from Bain Capital staff, which is expected to comprise at least 10% of the final fund size.
Marketing began last summer for the fund, which will target investments in North America and occasionally co-invest internationally alongside its European and Asian funds. The Boston-based firm currently is making such deals out of a $10 billion vehicle raised in 2010, which also featured a $1.8 billion “sidecar” for larger investments.
According to a recent investor report, that fund currently features just a 1x multiple on cash and a 0% internal rate of return (IRR) through Q3 2012. Bain Capital’s 2006 fund came in at a 1.3x MOC and a 6% IRR, while its 2004 fund had a 1.7x MOC and a 12% IRR.
None of those figures are terribly good, which perhaps helps explain why Bain offered investors three different fee structures from which to choose on the new vehicle:
- Market standard: 1.5% management fee, 20% carry, 7% preferred return
- 1% management fee, 30% carry, 7% preferred return
- 0.5% management fee, 30% carry, no preferred return.
No word yet on which choice received the most uptake from those involved.
Bain Capital has been in the news lately for completed IPOs (Bright Horizons), filed IPOs (HD Supply) and canceled IPOs (Toys “R” Us). A firm spokesman declined to comment for this story.
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