April 29 (Reuters) - Bain Capital’s managing directors and other employees have donated $40 million to a relief fund dedicated to supporting local communities and employees in its portfolio companies affected by the coronavirus outbreak, the private equity firm told its investors in a letter seen by Reuters.
The relief fund will focus on supporting first responders and clinical providers, providing economic relief for vulnerable populations, fighting food insecurity and helping children, according to the letter.
The money will also support ongoing training and return-to-work programs for employees at Bain Capital’s portfolio companies, according to the letter. The initiative is separate from philanthropic initiatives undertaken by Bain Capital’s portfolio companies.
Bain Capital invests across private equity, corporate credit, public equity and venture capital, managing approximately $105 billion in assets, according to its website.
Reporting by Greg Roumeliotis in New York; Editing by Steve Orlofsky