The Boston-based firm raised $5.7 billion for Global Special Situations Fund II, including co-investments and separately managed accounts.

An additional $3.3 billion came from previously closed Special Situations Asia and Europe regional funds.

"Structural shifts are creating significant opportunities for creative capital providers who can fill the gaps between traditional strategies and provide enhanced value for companies, entrepreneurs, and asset owners," Barnaby Lyons, partner and global head of special situations, said.

The fund aims to provide flexible capital solutions across three main investment areas: capital solutions, hard assets, and opportunistic distressed investments.

Bain Capital's special situations team comprises more than 140 investment professionals across four continents, alongside 40 portfolio group professionals offering operational expertise.

Recent investments included AQ Compute, a European green data centre provider, and MRO Holdings Inc, an aircraft maintenance solutions company.

The strategy now manages more than $20 billion in total assets, focusing on both structural and cyclical opportunities globally.

Founded in 1984, Bain Capital employs more than 1,850 people across four continents and manages approximately $185 billion in assets.