Former Democratic Massachusetts Gov. Deval Patrick is slated to join Bain Capital, the Boston investment giant, where he will develop a new line of business aimed at investing in companies that produce profits, but also have a positive impact on social problems, according to the Boston Globe.
Patrick, 58, who led the state for eight years, will become the first Black managing director at the firm founded by Mitt Romney, his Republican predecessor in the State House, the report notes.
Reports the Boston Globe:
The move is a new avenue for Bain Capital, an $80 billion firm best known for investments in companies like Dunkin’ Donuts and Staples. Patrick will help give Bain its first foothold in the growing field of “social impact” investing, tackling social problems such as hunger and climate change with for-profit investments…
“This is a chance to have real meaning and mission in my work’’ after public service, Patrick said in an interview Monday at Bain’s offices, high in the Hancock Tower.
Patrick has long said that he wanted to return to the private sector after his second term as governor, even as observers wondered if he had designs on Washington. He has considered academia, running a corporation, and starting his own venture capital firm.
Patrick also told the Boston Globe that he has no plans to return to politics in the near future. You can read more on the former governor’s plans, including details about his new position, here.
SOURCE: Boston Globe | PHOTO CREDIT: Getty