Bain Capital, 11North Line Up $2B for Open-Air Retail Push 

Bain Capital Real Estate and 11North Partners have closed a capital raise of up to $1.6 billion to fuel their joint open-air retail investment platform across the U.S. and Canada. The raise, anchored by two leading global institutional investors, includes significant commitments from both new and existing Bain Capital clients. Combined with capital from Bain Capital Real Estate Fund III, the platform now has access to more than $2 billion in deployable equity. 

Launched in April 2024, the Bain–11North platform focuses on acquiring grocery-anchored and necessity-based open-air shopping centers with durable demand drivers, strong demographics, and long-term tenant stability. The strategy spans both core-plus and value-add opportunities. 

“From the beginning of 11North Partners, our shared vision with Bain Capital was to build a platform capable of investing thoughtfully across market cycles,” said Brian Harper, Founder and Managing Partner of 11North. “This first capital raise delivers on that vision and positions us to scale with discipline.” 

“We see open-air retail continuing to benefit from durable secular trends—including omnichannel adoption, strong essential-category sales, and consumer preferences that keep daily needs close to home,” added Martha Kelley, Managing Director at Bain Capital Real Estate. 

Most recently, the platform acquired a $395 million, 10-asset portfolio of Publix-anchored centers in infill markets across Florida and Charleston, South Carolina, following the roughly $212 million purchase of three open-air lifestyle centers in Oklahoma City.