Ian Loring, a Bain Capital LP veteran of more than two decades, has joined private equity firm Crosspoint Capital Partners LP as a managing partner.
“Crosspoint’s strategy will allow us to seek to partner with Bain Capital, and we and the senior team at Crosspoint are committed to find ways to work together with Bain,” Loring said in a memo to Bain staff seen by Bloomberg News.
Loring was hired by Bain’s private equity arm in 1996 and held roles including co-head of technology investing and leader of the San Francisco office. During his tenure, Bain participated in buyouts of companies including BMC Software Inc., NXP Semiconductors NV and SunGard Data Systems Inc.
Crosspoint Capital’s managing partners include Greg Clark, a longtime technology executive who’s been the chief executive officer of companies such as Blue Coat Systems Inc. and E2open, and former Seagate Technology Plc CEO Steve Luczo.
“It is fun to be building a business from whole cloth with people that I respect and trust,” Loring said in the note, adding that Bain had just 35 staff and $300 million under management when he joined, a fraction of its roughly $105 billion today.
Loring will remain a senior adviser to Bain and on the board of CentralSquare Technologies, a software maker backed by the firm.
Woodside, California-based Crosspoint Capital has raised about half its $1 billion target for a debut fund focused on cybersecurity and infrastructure software deals, according to a person with knowledge of the matter. A representative for Crosspoint declined to comment.
It joins firms seeking to raise first-time funds including BayPine led by Silver Lake co-founder David Roux and former Blackstone Group Inc. executive Anjan Mukherjee.