Bain Capital and 11North Partners Close $1.6 Billion Capital Raise to Invest Alongside their Co-Owned Open-Air Retail Platform
Raise was anchored by two leading global institutional investors
BOSTON & NEW YORK – December 16, 2025 – Bain Capital Real Estate (“Bain Capital”) and 11North Partners (“11North”) today announced the close of a capital raise of up to $1.6 billion to invest alongside their co-owned, dedicated open air retail-focused operating platform (“the Platform”). The successful raise supports Bain Capital and 11North’s ability to distinctively invest in high-quality open-air retail centers throughout the United States and Canada and across the core plus and value add spectrum. The capital raise was anchored by two leading global institutional investors and includes commitments from existing and new Bain Capital investors. Together with participation from Bain Capital Real Estate Fund III, the Platform has access to more than $2 billion of investable equity.
Bain Capital and 11North formed the Platform in April 2024 to acquire grocery-anchored, open-air retail centers with high concentrations of necessity-based tenants and strong long-term consumer demand characteristics. Since launching, the Platform has acquired a diversified portfolio of assets with resilient and durable cash-flow profiles in markets benefiting from strong population and income growth.
“This Platform is a testament to Bain Capital’s more than 40-year heritage of thematic investing in the consumer sector, which has enabled us to build deep institutional knowledge and differentiated insight into how real estate can capitalize on and adapt to shifts in consumer behavior. It also reflects how we invest across Bain Capital Real Estate – thematically, with advantage, and with discipline in partnership with aligned operators who bring deep domain expertise,” said Ryan Cotton, a Partner and Head of Bain Capital Real Estate.
“From the beginning of 11North Partners, our shared vision with Bain Capital was to build a platform that could thoughtfully invest across both core plus and value add opportunities. This first capital raise delivers on that vision and positions us to scale with discipline,” said Brian Harper, Founder and Managing Partner of 11North. “We are grateful to be partnering with two of the largest and most respected investors in the world, and we will remain focused on acquiring generational grocery-anchored real estate across the United States. The structure of our Platform gives us the flexibility to pursue single assets, large portfolios, or company-level opportunities as we continue to build upon our existing, high-quality collection of assets.”
“We see open-air retail continuing to benefit from durable secular trends, including the growth of omnichannel shopping, healthy sales performance in essential categories, and evolving consumer patterns that keep daily needs closer to where people live. These dynamics create a supportive environment for necessity-based centers in strong, accessible locations, and with the right partnership in place, we believe we are well positioned to continue assembling a best-in-class portfolio that delivers lasting value for our investors,” added Martha Kelley, a Managing Director at Bain Capital Real Estate.
The Platform primarily focuses on investment opportunities in markets experiencing strong demographic tailwinds and exceptional sales productivity among target retailers. Most recently, Bain Capital and 11North completed the acquisition of a $395 million, 10-asset portfolio of Publix-anchored centers in infill markets across Florida and Charleston, South Carolina. That acquisition followed the purchase of three open-air lifestyle retail centers in Oklahoma City, Oklahoma for approximately $212 million. The transactions reflect the Platform’s continued momentum in high-growth, high-conviction markets.
About Bain Capital Real Estate
Bain Capital Real Estate was formed in 2018 and pursues investments in often hard-to-access sectors underpinned by enduring secular trends that drive long-term demand growth for real estate assets and services. The Bain Capital Real Estate team has been executing its strategy since 2010 (formerly as a part of Harvard Management Company), having invested and committed over $10.7 billion of equity across multiple sectors as of September 30, 2025. Bain Capital Real Estate focuses on assets where the team applies its deep industry expertise to accelerate impact and drive operational improvements. Bain Capital Real Estate's strategy aligns with the value-added investment approach that Bain Capital pioneered and leverages the firm's global platform and significant experience across asset classes to further bolster its insights and sourcing capabilities. Bain Capital is one of the world's leading private investment firms with approximately $205 billion of assets under management. For more information, visit https://www.baincapitalrealestate.com.
About 11North Partners
11North Partners is a real estate investment firm redefining the modern retail landscape through disciplined execution, strategic partnerships, and data-driven performance. We own a collection of market-leading retail assets diversified across geographies and formats, with a focus on quality, superior risk-adjusted returns and long-term value creation. For more information, visit https://www.11northpartners.com.
