[Ed. – Will Dems now disown him, or is it fine when one of their own is a venture captilalist?]
Deval Patrick is joining the Boston investment giant Bain Capital, where the former governor will start a new line of business, directing investments in companies that produce profits but also have a positive impact on social problems.
Patrick, a Democrat who led the state of Massachusetts for eight years, joins a firm founded by his Republican predecessor in the State House, Mitt Romney.
It marks a return to business pursuits for a high-profile former governor whose plans for the future were fodder for intense speculation in political circles.
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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.
Patrick, 58, will become one of Bain’s managing directors, and the first African-American to do so.