Bain Capital Crypto

Stefan Cohen and Alex Evans serve as managing partners and share investment committee authority. Cohen leads deal sourcing, structuring, and LP relationships, while Evans directs technical due diligence on protocol architecture and token economics. The pair previously built Bain Capital Ventures' crypto practice before spinning it out as a standalone unit in 2022.

Bain Capital Crypto operates as a separate fund inside the Bain Capital platform, distinct from Bain Capital Ventures. The two teams share a parent organization but maintain independent investment committees, separate LP bases, and different deal pipelines. The crypto fund can hold liquid tokens directly, unlike most traditional Bain Capital vehicles.

The fund invests in liquid tokens, private equity in crypto companies, and token warrants—a stage-agnostic approach. This means the team can buy tokens on the open market, participate in protocol treasuries, and hold positions across a project's lifecycle rather than exiting at token generation.

The firm targets seed through growth-stage investments in crypto infrastructure, DeFi protocols, and Web3 applications. They also make liquid token investments that do not fit a traditional stage framework, allowing them to deploy opportunistically across the digital asset stack.

The fund operates with its own internal compliance framework and information barriers that separate crypto investment activity from the broader Bain Capital platform. This architecture mirrors how dedicated crypto funds inside traditional institutions—such as a16z crypto—manage conflicts, though Bain Capital Crypto's smaller team and narrower mandate create a distinct operational footprint.