Harvard Management Co. Inc. is spinning out its real estate investment team to Bain Capital LP, effective Feb. 1, 2018, confirming an earlier report.
Private equity firm Bain Capital said in a release that it created Bain Capital Real Estate, which will comprise approximately 20 professionals managing Harvard Management's real estate investments.
The Harvard Management real estate team will be led by industry veteran and Harvard Management Managing Director and Head of Real Estate Dan Cummings. The team will manage the direct real estate investment portfolio of Harvard Management, which Bain Capital said will continue to invest in the team's future strategies. Since it was founded in 2010, the team has injected more than $3.4 billion of equity into its direct real estate investment strategy, Bain Capital added.
Harvard University's endowment arm was first reported in January to be spinning off its real estate team as part of a major shakeup at the company.