Bain Capital Ventures (BCV) has closed its 11th fund at $1.6 billion, a 14% increase over its prior $1.4 billion vehicle. The firm plans to deploy capital into 30 to 40 early-stage companies, primarily at seed through Series B, focusing on what partner Kevin Zhang calls the "post-AGI era." BCV defines artificial general intelligence (AGI) as agents performing tasks as well as humans and believes the next wave will harness AGI while building infrastructure to run it efficiently. Key investment themes include compute infrastructure, healthcare, physical AI, and security.

Zhang stated BCV aims to fund infrastructure until intelligence becomes "too cheap to meter." Portfolio company Crusoe, a data center developer reportedly valued at $30 billion and a near-term IPO candidate, exemplifies this thesis; BCV led its Series A in 2019. Other notable bets include Loyal, a pet longevity startup, and Dream, an AI defender of national infrastructure. BCV differentiates itself through its affiliation with Bain Capital, offering founders debt facilities, real estate partnerships, and credit expertise alongside equity.

Uniquely, BCV partners often invest in pairs or trios rather than solo champions to ensure bandwidth for deep founder support.