Bain Capital Real Estate and 11North Partners, a real estate investment firm, have secured $1.6 billion in new capital commitments for a joint venture operating platform that specializes in acquiring grocery-anchored, open-air retail centers.
The two investment firms formed the platform in April 2024 with the intention of creating a portfolio of open-air retail centers across different markets that are all supported by the shared tailwinds of population growth and income growth. The fund purchases both single assets and large portfolios of retail centers using investor capital.
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The $1.6 billion capital raise is largely funded by two unnamed institutional investors, who Brian Harper, founder and managing partner of 11North, described in prepared remarks as “two of the largest and most respected investors in the world.”
“Our shared vision with Bain Capital was to build a platform that could thoughtfully invest across both core-plus and value-add opportunities,” said Harper. “This first capital raise delivers on that vision and positions us to scale with discipline.”
Altogether, by sourcing additional capital from a previous fund, Bain Capital Real Estate Fund III, the open-air retail center platform managed by the joint venture has more than $2 billion of investable equity to play with going into 2026.
“[This retail platform] reflects how we invest across Bain Capital Real Estate — thematically, with advantage, and with discipline in partnership with aligned operators who bring deep domain expertise,” said Ryan Cotton, head of Bain Capital Real Estate.
Deals the joint partnership has executed in recent months include a $395 million acquisition of 10 assets across Florida and South Carolina in August 2025 and the purchase of three retail centers in Oklahoma City — Nichols Hills Plaza, The Triangle at Classen Curve and Classen Curve — for $212 million in June 2025.
Martha Kelley, managing director at Bain Capital Real Estate, said in a statement that the two firms are mutually attracted to “durable sector trends” in open-air retail, notable strong sales metrics, new consumer shopping patterns, and the rise of online omnichannel shopping, which includes buying online and picking up at a store.
“These dynamics create a supportive environment for necessity-based centers in strong, accessible locations,” said Kelley. “With the right partnership in place, we believe we are well positioned to continue assembling a best-in-class portfolio that delivers lasting value for our investors.”
Brian Pascus can be reached at bpascus@commercialoberver.com.