Page 5 - Bain Capital Double Impact - 2020 Year in Review
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gic capabilities, including adding leadership in critical areas of People, Marketing, and IT; and leveraging the platform by acquiring Ashworth College through a proprietary process in early 2019. Collectively these efforts significantly improved Penn Foster’s financial performance with Adjusted EBITDA more than doubling during our ownership. We also built enduring impact by launching an Impact Advisory Council and tying management’s compensation to achievement of impact metrics. Through these initiatives, under our owner- ship, Penn Foster grew program completions 35%, expanded access to education by enrolling a record 64,000 spon- sored-learners through its B2B channel in 2019, and both commenced and improved its B Impact Score b 17% to 119. Furthermore, we expect Penn Foster’s impact focus to con- tinue beyond our ownership through agreed upon covenants with the buyers. We believe this investment is another strong example of our ability to accelerate commercial and impact performance through our active partnership approach.
Impact Approach
We also continue to improve the rigor and sophistication of our approach to impact management and measurement. As an example, we engaged BlueMark, a Tideline company, to provide an independent impact verification against
the Operating Principles for Impact Management. We
are pleased that we scored ‘Advanced’, the highest score available, across all 8 Principles, one of only two funds globally to have received this mark. In addition, we are proud to share that Bain Capital Double Impact was named Impact Investing Firm of the Year by Private Equity International. We remain committed to innovating, leading the impact field and elevating the market standards in this space.
We continue to grow and strengthen our investment team, ensuring we remain well positioned as a premier partner
to scale mission-driven organizations. In 2020, we added six new investment and portfolio team members; four Associates and two new Vice Presidents, bringing our BCDI
dedicated team total to 19 individuals.
Fund II
We successfully raised $727 M for BCDI Fund II, more than doubling our prior fund size despite the challenging global environment. We believe this underscores our distinctive and successful approach to delivering competitive financial returns and measurable social and environmental impact.
We are energized by the results and progress achieved in 2020 and excited to continue the positive momentum
in 2021. This Year in Review provides a glimpse of the overarching impact of Bain Capital Double Impact as well
as our learnings and partnerships. We are grateful for the opportunity to share our story with you and thankful for your continued trust and support.
The Managing Directors of Bain Capital Double Impact
   Bain Capital Double Impact
Year in Review – 2020 5

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