Bain Capital, 11North Close $1.6B Fundraise for Open-Air Retail Platform

Bain Capital Real Estate and 11North Partners have closed a capital raise of up to $1.6 billion to invest alongside their co-owned, dedicated open-air retail-focused operating platform, which they formed in April 2024.

Two leading global institutional investors anchored the capital raise, which 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.

“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,” said Ryan Cotton, a partner and head of Bain Capital Real Estate.

The platform targets investment opportunities in markets experiencing strong demographic tailwinds and exceptional sales productivity among target retailers. Most recently, Bain Capital and 11North acquired a $395-million, 10-asset portfolio of Publix-anchored centers across Florida and Charleston, SC, following the purchase of three open-air lifestyle retail centers in Oklahoma City for approximately $212 million.

Pictured: Sawgrass Square in Sunrise, FL, part of a 10-asset portfolio Bain Capital and 11North acquired in August 2025.

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