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Bain Capital’s social impact arm eyes nontraditional tech hubs

Bain Capital’s latest social impact investment arm is targeting a company that wants to employ US tech workers far away from San Francisco, New York and the rest of the industry’s usual hubs.

Bain Capital‘s latest social impact investment is targeting a company that wants to employ US tech workers away from the industry’s traditional hubs.

Bain Capital Double Impact has purchased a majority stake in Rural Sourcing, an Atlanta-based provider of IT outsourcing services that employs workers in mid-sized cities across the US and had received previous backing from Clarkston Merchant Partners. Established in 2004, the company currently operates locations in Mobile, AL; Jonesboro, AR; Augusta, GA; Albuquerque, NM; and Oklahoma City, with plans to open a sixth office in Fort Wayne, IN. Rural Sourcing works with companies in sectors ranging from retail to financial services to tech, with a client list that includes Coca-Cola, J.Crew and Match.com.

The move continues a busy past few months for Bain Capital Double Impact, with its previous handful of deals occurring in the healthcare space. Last October, the firm acquired two regional providers of in-home healthcare for older patients and combined them to form Arosa+LivHome. In the early days of January, meanwhile, the impact fund purchased Partners in Senior Care as an add-on to Arosa+LiveHome, the same week it acquired HealthDrive, a provider of dentistry, optometry and other healthcare services for assisted living homes and similar facilities.

The firm doesn’t appear to ready slow down, either. On Tuesday, a report from Buyouts indicated Bain Capital is considering launching a second Double Impact fund sometime this year, though no target has reportedly been set. The original Bain Capital Double Impact vehicle closed on $390 million in 2017.

Outside of Bain Capital, it’s been a rough couple months for some of the biggest names in impact investing. TPG Growth‘s Bill McGlashan, a co-founder of the $2 billion Rise Fund, left the firm earlier this month after he was arrested for his involvement in a college admissions scandal that swept up several other members of Hollywood and the financial world. And the saga of The Abraaj Group continues to unfold, as liquidators from Deloitte have reportedly asked Abraaj investors for extra legal protection and up to $10 million to cover costs as it looks to unload the disgraced investor’s assets.

Featured image via creatarka/iStock/Getty Images Plus

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