Random Ramblings

Bain Capital Ventures has quietly closed its fourth fund with $525 million in capital commitments. The Boston-based firm also has hired John Connolly, former CEO of Institutional Shareholder Services, as an operating partner focused on portfolio company management. A few notes:

Fund: This vehicle comes in a bit larger than its $500 million predecessor (raised in 2007), but below the $750 million cap that BCV had listed in a regulatory filing last February. Unclear if BCV aimed for $750m and failed, or reevaluated due to: (a) The hellish fundraising environment, and (b) A realization that the current market has better early-stage opportunities than later-stage ones (BCV is stage-agnostic).

What we are seeing right now is that later-stage, profitable growth companies are getting expensive very quickly, which means we're probably looking at a higher mix of early-stage companies,” says BCV managing director Michael Krupka. “We're also seeing that the public markets have opened up to some degree, and strategic buyers have become more acquisitive."

I tried to get Krupka to give some insight into a possible LinkedIn IPO, but he wouldn’t bite. Smart man.

Connolly: This hire is reflective of BCV sharing a name, history and office space with buyout giant Bain Capital. The latter began hiring senior portfolio operating pros 15 years ago, and now has nearly 50 of them around the globe.

BCV is dipping its toe into that water, asking Connolly to work intensively with certain of its portfolio companies. The first is EDGAR Online, the publicly-traded financial reporting company that last week sold $12 million worth of convertible stock to BCV. Connolly has joined the EDGAR Online board, and is working on various issues with its CEO. He also is listed as a partner on the new fund.

*** Last Thursday I moderated a media investing panel, which included buyout pros Rich Zannino of CCMP Capital and Andy Ballard of Hellman & Friedman. When the conversation turned to social media, I asked if either of them think buyout pros should follow their VC peers in using social media to build personal brands (via blogs, Twitter, etc.). Their consensus answer was negative.

*** Snuck a peek at Undercover Boss last night, after my Super Bowl partiers had departed. Sure it was saccharine and manipulative (Extreme Makeover, CEO Edition?), but it did make me hope that CBS tries to get a PE big to participate. Paging messrs Black, Kravis and Schwarzman… Your small screen moment has arrived.

*** Last week I rode with a particularly assertive cab driver, and realized that I’ve never seen a taxi crash in New York City. Not saying they haven’t happened, but shouldn’t they be commonplace? Pretty sure that I wince at least once per every three fares.

*** Where in the World: Sticking around the home office this week, but then will be in San Francisco on Feb 14 to moderate panels at The Future of Funding event and in Beaver Creek the following week for VC in the Rockies. Hope to see some of you around country…

* First Read, including a VC fund for iPad startups, Q&A with Tony James, the SEC rethinks its placement agent ban, a PE connection to the horrible power plant explotion in Connecticut and VC-backed Vacation.

* Second Opinion, including 20 questions for John Moulton, the PE football roster, the Miranda Kerr guy gets to keep his job and European meltdown.

* David Lerner: 10 reasons Sherlock Holmes is the ideal VC

* PE Debt Watch: Upgrades and downgrades

* How to make your meetings suck less

* Frank Quattrone is working alongside Credit Suisse on the QuinStreet IPO.

* Video: Talking PE scandals

* peHUB Rewind: Last week's highlights