Bain Capital, the Boston-headquartered alternative investment firm, has re-named its credit group.
Sankaty Advisors will now be known as Bain Capital Credit as part of a broader rebranding that saw the firm retitle other divisions and appoint executives to new roles.
“During the past year, Bain Capital has reviewed our strategy and priorities with a focus on how we take our organisation to the next level and further deliver superior returns,” said a Bain Capital letter to LPs.
“In recognition of our continued global expansion and the value of cross-platform integration and expertise, we have decided to use one unified brand for all of our businesses.”
Bain Capital Private Equity and Bain Capital Ventures will continue to operate under the same names, while Brookside Capital will become Bain Capital Public Equity.
Bain also announced that John Connaughton and Jonathan Lavine (pictured) will become co-managing partners of Bain Capital at large. They will have responsibility for setting the strategic direction at the firm. Connaughton and Lavine are the heads of private equity and credit, respectively, and will retain these responsibilities.
Lavine founded the credit business within Bain Capital in 1997. He has been with Bain since 1993 and was previously a consultant at McKinsey & Company. The credit group has $29.4 billion in assets under management.
The firm also named Josh Bekenstein and Steve Pagliuca as co-chairmen. In these roles, they will liaise with Connaughton and Lavine on strategic issues, major investments, new business proposals and other matters. They will also continue in their roles at Bain Capital Private Equity, where they are both managing directors.