Private-equity firm Bain Capital has hired former Massachusetts Gov. Deval Patrick to head up a new division that aims to raise money for investments in companies pursuing social goals as well as profits, The Wall Street Journal reports. Mr. Patrick, a former corporate lawyer, left office in January after serving two terms the state's first African-American governor.
During his tenure Massachusetts became one of the first to embrace "pay for success" bonds, in which private money finances pilot projects addressing homelessness, crime reduction, and other social problems, with investors seeing returns when programs meet performance goals. The Boston-based firm, best known for corporate buyouts, was co-founded by Mitt Romney, Mr. Patrick's predecessor as governor.