Letter from the Partners

Consistency & Change

2022 marked seven years since the launch of Bain Capital Double Impact. In that time, the field of impact investing has matured significantly. The Global Impact Investing Network (GIIN) estimates assets under management in impact investing surpassed one trillion dollars globally last year for the first time. Global Impact Investing Network, Sizing the Impact Investing Market 2022, October 2022. https://thegiin.org/research/publication/impact-investing-market-size-2022/ As the market has continued to scale, so have we. Our team has tripled in size since we launched, we have made 24 investments across two funds, and we have realized four monetizations.

Throughout Double Impact’s evolution our core objective has remained the same: to deliver competitive risk-adjusted returns and scale impactful, mission-driven businesses. We accomplish this by partnering with outstanding companies and management teams to bring the expertise of Double Impact and the global Bain Capital platform to accelerate their growth and enhance their positive contribution to customers, employees, communities, and society.


In 2022, the Double Impact team invested in four new portfolio companies. Five of our portfolio companies also completed accretive add-on acquisitions. These investments and the expansion activity across our portfolio reflect our team’s continued commitment to scaling companies and impact results:


Value Creation

Double Impact’s active partnership model guides our work with companies to drive financial performance while also addressing significant societal challenges. Our portfolio companies benefit from our support as well as the expertise and experience they can leverage through the global Bain Capital platform. We have helped onboard 59 new management team members to companies in our current portfolio, bolstering the talent of teams as they grow. As of Q1 2023.

The development of diverse and inclusive cultures at our companies continues to be a priority because we believe inclusive organizations deliver better results. We believe that driving change starts at the top. As of Q1 2023, 62% of the management teams and 43% of the management positions in our portfolio companies are filled by members from historically underrepresented backgrounds. Underrepresented is defined as one of the following racial and/or ethnic groups: Asian; Black, African American, Black African, Afro-European, of African or Caribbean Descent; Hispanic or Latino; Middle Eastern or North African; Native American or Alaska Native; Native Hawaiian or other Pacific Islander; Two or More Races, and/or individuals who identify as female or non-binary; LGBTQ+; veteran; first generation college; or having a disability.

In addition to driving impact results related to each company’s business model, we collaborate with companies to implement organizational and management best practices on environmental, social, and governance topics. This includes conducting pay equity analyses, implementing tools to measure and manage companies’ environmental footprint, and tying management compensation to specific impact targets and results. Additionally, we work with our actively managed companies to conduct an annual B Impact Assessment and set ambitious targets for improvement.


As our portfolio continues to grow, so too does the Double Impact team. In 2022, we hired eight new team members, increasing our capacity and ability to support our portfolio companies and investment process. With this growth we have increased the diversity of our own team. Today 54% of our senior leadership and 92% of the remainder of the Double Impact team identify as a member of one or more historically underrepresented groups. Data as of January 1, 2023. Percentages rounded to the nearest whole number. Senior Leadership is defined as Partners, Managing Directors, Principals, Directors, and Executive Vice Presidents. Junior team members are defined as Associates, Analysts, Vice Presidents, and Senior Vice Presidents. We value the diverse backgrounds and lived experiences of the team and are united in our shared passion for the impact our portfolio companies are having on individuals, communities, and the planet.

Looking Ahead

The systemic challenges that restrict access to quality healthcare and education for many, as well as the ongoing and devastating effects of climate change continue to affect individuals and communities around the world. Our impact investing approach is an important part of scaling solutions needed to address these challenges. We remain committed to investing in companies that promote health and wellness; enhance economic mobility through education, training, and upskilling; and preserve natural resources and create a more sustainable future for all.

Despite the magnitude of the challenges society faces today, we are optimistic for the future of our work and the broader impact investing community. The innovation of the companies in our portfolio, the passion of our colleagues, and the vibrancy of the broader impact ecosystem fill us with hope and remind us of the possibilities created through collaboration and shared purpose.

— The Partners of Bain Capital Double Impact

Double Impact Year in Numbers

2022 was another exciting year for the Bain Capital Double Impact team and our portfolio. We achieved meaningful financial growth across our portfolio, expanded our team, and continued to scale the impact of our portfolio companies. Operational and financial metrics inclusive of all actively managed companies; impact metrics aggregated from companies where available and relevant.

Double Impact Team Diversity Data as of January 1, 2023, with prior years recorded on January 1st of the following year. Senior leadership is defined as Partners, Managing Directors, Principals, Directors, and Executive Vice Presidents. Percentage of team that is categorized as ‘diverse’ are those that identify as female, Asian, Black, Hispanic or Latino, Middle Eastern or North African, Multiracial, Native America or Alaska Native, Native Hawaiian or other Pacific Islander, and/or LGBTQ+. Percentages rounded to the nearest whole number. Collection of LGBTQ+ data began in 2022 with reporting beginning in 2023.

Double Impact is committed to fostering an inclusive workplace, cultivating a diverse team, and ensuring rigorous recruiting and talent development processes.

2020 2021 2022 2023

Portfolio Company Diversity Data as of Q1 2023. Source: Double Impact’s Annual DEI self-attestation survey. Management team positions include CEOs and direct, non-temporary reports. Percentage of team that is categorized as ‘diverse’ are those that identify as female, Asian, Black, Hispanic or Latino, Middle Eastern or North African, Multiracial, Native America or Alaska Native, Native Hawaiian or other Pacific Islander, and/or LGBTQ+.

At Bain Capital, we are committed to championing diversity, equity, and inclusion (DEI) and cultivating high-performance cultures where all employees can achieve their full potential. We view a diversity of backgrounds, experiences, perspectives, and opinions as vital to building thriving businesses, engaging talent, and driving high performance and financial returns.

Learn about Sparq's approach to DEI:

of Management team positions are filled by individuals from under-represented groups
of Board positions are filled by individuals from under-represented groups

Vertical Overview

Bain Capital Double Impact invests across three impact themes – Health and Wellness, Education and Workforce Development, and Sustainability. We believe there is significant opportunity across these verticals to drive demonstrable impact and progress to address the most pressing global challenges of our time while delivering competitive returns to our investors.

Health and Wellness

Access & Outcomes

Double Impact invests in companies that expand access to high-quality care and promote well-being and healthy lifestyles for all.

In the United States, nearly 99 million people live in regions without adequate primary care, 70 million live in areas with shortages of basic dental care, and 158 million live in areas with shortages of mental health services. Estimates as of January 30, 2023. Health Resources and Services Administration, U.S. Department of Health and Human Services, https://data.hrsa.gov/topics/health-workforce/shortage-areas, accessed January 2023 Through a combination of increased use of technology, new payment models that align incentives around healthcare outcomes, and expanding effective services to meet patients’ needs, we believe there will be opportunities to bend the cost curve, improve quality, and reduce inequalities in healthcare.

We also look beyond the healthcare sector to other factors of daily life that have an impact on the well-being of individuals and communities. These factors, known as the social determinants of health, include healthy foods and physical activity opportunities, safe housing, clean air and water, and financial stability. U.S. Department of Health and Human Services. Social Determinants of Health: https://health.gov/healthypeople/priority-areas/social-determinants-health These products and services are often priced at a premium and can be less accessible to middle- and lower-income individuals. We are excited to invest in companies that are working to extend the reach of these offerings and improve access, usually by delivering them at lower cost.

Education and Workforce Development

Opportunity & Achievement

Double Impact invests in companies that address gaps in skills and achievement and aim to improve economic mobility thorough training, education, and economic growth in underserved communities.

We believe education is one of the strongest enablers of social mobility. Per-pupil spending on educational resources in the United States has more than quadrupled over the last fifty years. However, educational achievement has nevertheless stagnated, and gaps remain pervasive, particularly for low-income communities, children of color, or English language learners. Source: National Digest of Education Statistics, 2019 To progress against these challenges, we are partnering with companies to drive innovative education delivery models that can meaningfully support student achievement while reducing cost and enabling scale.

Beyond K-12 learning, higher education and the workplace are dynamically changing environments we believe present significant potential for impact. Companies of all sizes and industries seek to recruit and retain workers. We believe innovative technologies and services can improve opportunities for workers to learn new skills and match them with new job prospects. We support companies and business models that address supply-demand imbalances in critical skills areas and enable economic opportunity and adaptability for workers.


Preserve & Restore

Double Impact is focused on investing in solutions that support the energy transition and reduce and reverse the environmental impacts of modern society, while also catalyzing economic growth and prosperity.

The transition to a cleaner, more efficient energy future is imperative in our view. We also see it as a compelling investment opportunity with long-term growth profiles and outstanding impact potential. Double Impact is focused on scaling solutions across the energy spectrum – from the buildout of renewable energy generation to energy efficiency in the built environment, and climate change resilience and adaptation.

Many of the business practices and technologies that enabled transformational economic growth left harmful and unsustainable legacies in our soil, our water, our air, and our biodiversity. There is an urgent need for scaled solutions to address these issues and mitigate further harm to people and communities. We are focused on investing in solutions that can remediate these issues, restore natural resources, and help maintain critical infrastructure for healthy communities and cities.

The climate crisis has also made it clear that we need better, more sustainable production practices and more efficient resource use moving forward. We believe there is momentum from consumers, businesses, and governments to meaningfully transform our current modes of production to become more sustainable, transparent, and safer. An ecosystem of enablers – manufacturers, distributors, and others – is growing to support companies that are taking on increasingly rigorous stakeholder objectives. We are investing to meet these growing demands.

Portfolio Value Creation

Bain Capital Double Impact’s active partnership model helps drive operational and business transformation alongside positive impact and ESG outcomes. We bring the resources, expertise, and experience of the Double Impact team, along with the broader Bain Capital platform, to support mission-driven management teams to scale financial and impact results.

Case Studies

Health and Wellness
Expanding Access
Education and Workforce Development
Improving Quality Outcomes
AqueoUS Vets
Environmental Restoration
Health and Wellness
Excelsia Injury Care
Bain Capital Platform Advantage

Three Pillars of Our Impact Approach

Built upon a rigorous measurement and management process, our approach to impact employs industry best practices, leverages our active partnership model, and engages our network of advisors to drive toward meaningful, positive outcomes.

pillar list

Comprehensive, rigorous approach to impact measurement and management implemented

pillar list

Investment themes and impact priorities aligned with the UN Sustainable Development Goals

pillar list

Guidance from industry experts and leaders in impact investing through our Impact Advisory Council

Impact Measurement and Management In certain circumstances an investment opportunity might require a more expeditious review and not every element of the impact and ESG screening and due diligence may be practicable. The actions and steps outlined in Steps 2 and 3 are illustrative and most applicable for investments where Double Impact has a controlling ownership stake in the company.

SDG Alignment

Bain Capital Double Impact’s three investment verticals and cross-portfolio impact priorities align with the UN Sustainable Development Goals (SDGs). Through the products and services of our companies we support SDG 3: Good Health and Well-being, SDG 4: Quality Education, and SDG 12: Responsible Consumption & Production, among others. Our cross-portfolio value-creation and impact initiatives support SDG 5: Gender Equality and SDG 10: Reduced Inequalities, among other Global Goals.

Click on the wheel to explore

In addition to company-specific initiatives that support poverty alleviation efforts, Double Impact works with all portfolio companies to improve employees’ financial security through competitive pay and benefits and additional tools and resources such as employee emergency funds and payroll smoothing programs.

No Bain Capital Double Impact investments to date.

Health and well-being of individuals and communities requires physical and mental healthcare services, access to medicines and vaccines, and clean air, drinking water and land. Double Impact’s investments across Health and Wellness and Sustainability Verticals support expanding access and improving health outcomes for all.

Education and learning opportunities are important for the ongoing achievement and development for all people. Double Impact invests in companies focused on improving educational and workforce development outcomes for students and adults, particularly those historically underserved.

Double Impact supports the achievement of gender equality through initiatives implemented across the portfolio, including measuring diversity and inclusion across all boards and management teams, and setting targets to improve diversity of teams over time.

Access to safe drinking water and sanitation services is critical to our individual and community health. Double Impact invests in companies that are working to improve water quality and access for communities.

Diversified energy sources and efficient use of energy resources support continued economic growth around the world. Double Impact invests in companies that increase the production and support the ongoing operation of clean energy around the world.

Safe, inclusive work environments and employment opportunities are key components of shared growth and prosperity. Double Impact supports decent work and sustainable growth by working with portfolio companies to create work environments that are safe and supportive for all and ensure competitive pay and benefits for workers. We also invest in companies whose products and services are designed for individuals seeking professional development and advancement.

No Bain Capital Double Impact investments to date.

For-profit companies can play a role in reducing inequality, through fair and competitive wage practices, fostering inclusive work environments, and scaling products and services that allow underserved individuals to participate in society and the economy. Double Impact is investing in and working with companies to create opportunities for historically marginalized communities and scaling products that support the health and development for all.

Cities are important drivers of economic growth and social transformation. Double Impact invests in companies that are supporting the sustainable management and development of the natural and built environment in cities.

Responsible production requires that we remake supply chains to be more sustainable, transparent, and safe for all workers. Double Impact invests in companies that are changing the way goods are made and resources are used.

Though our active partnership model and toolkit drives environmental improvements, the SDG targets and indicators underlying SDG 13 refer to national planning, policy development and resiliency efforts. Although Double Impact does not contribute directly to those targets, as defined, combatting climate change on a local scale remains core to our impact philosophy and investment thesis.

No Bain Capital Double Impact investments to date.

Companies have a significant role to play in the preservation and restoration of our ecosystems. Double Impact companies support this goal through their sourcing decisions, supply chain management, and services that directly improve land management.

No Bain Capital Double Impact investments to date.

No Bain Capital Double Impact investments to date.

Impact Advisory Council

The Impact Advisory Council (IAC) brings leading solutions to the Bain Capital Double Impact team informed by each member’s deep expertise in their respective fields. As thought partners, they challenge us to continually improve our approach to advance our mission, assess innovative models to drive change, and ultimately scale positive outcomes. The IAC is comprised of industry leaders with expertise in healthcare, education and workforce development, sustainability, and impact management. These talented advisors have dedicated their careers to improving healthcare affordability and access, addressing gaps in education and economic mobility, supporting climate solutions, and growing the fields of ESG and impact investing.

Gerald Chertavian
The Double Impact team combines a deeply analytical approach with a passion for creating social impact. They bring all the rigor and expertise of one of the leading private equity firms and focus that on creating great businesses that have real and lasting social impact.
Double Impact is dedicated to growing companies with measurable impacts on health, education, and workforce development. Double Impact is now an established leader in scaling mission-driven companies and the team continues to innovate and integrate best practices in how to do that efficiently and effectively.
What is unique about Double Impact’s approach to working with companies is the level of operational support they are willing to provide and how customized that is to the company’s situation. They recognize the unique capabilities, needs, and opportunities the company faces and seek to build on those. They really roll up their sleeves and work side by side to enable the company to succeed.
I’ve never believed that investors must choose between a high rate of financial return and meaningful and lasting social or environmental impact. Since its founding Double Impact has proven in fact you don’t, and the team has demonstrated that a company that invests in its people, its community, and the environment can drive scale and financial growth.
The IAC works with the Double Impact team to continue to test and push the limits of what impact should mean in practice. The IAC is working with the team to see how health, education and workforce commitments can function even better when coordinated. For example, the single biggest challenge in healthcare, including its impact on equity, is labor. The industry desperately needs new ways to think about education and workforce development along with new models of delivery.
Gerald Chertavian
Founder & CEO Year Up
Cathy Clark
Faculty Director, Center for the Advancement of Social Entrepreneurship (CASE)
George Favaloro
Regional Head of Climate Solutions at South Pole
Deval Patrick
Former Governor of the Commonwealth of Massachusetts & Founding Partner of Bain Capital Double Impact
Jeff Rideout
President & CEO Integrated Healthcare Association (IHA)