By JAMES FREEMAN, POLITICAL DIARY July 18, 2012 –
Among the ironies of President Obama’s attack on Bain Capital is that the investment firm has spent much of its 28 years enriching Mr. Obama’s voters. Bain clients tend to be government-employee pension funds, foundations, trusts and elite universities. According to Dow Jones LP Source, investors in Bain funds have included both Mr. Obama’s alma mater, Columbia, as well as Michelle Obama’s Princeton. A 2008 Journal story noted that Harvard, where the Obamas received their law degrees, has also invested with Bain. All three schools decline to discuss their investments in detail.
Dow Jones LP Source collects data on the limited partners (investors) in various private-equity funds and has data on Bain funds going back to the 1990s. Since then, Dow Jones finds that Bain partners have included not just the Obamas’ favorite universities, but also pension funds for government workers in their home state of Illinois, as well as in Iowa, Maryland and elsewhere.
Mr. Obama likes to say on the campaign trail that entrepreneurs owe their success to teachers, and it turns out that Bain has been making money for teachers, too. Teacher retirement funds in California, Indiana and Ohio have also been limited partners in Bain funds, according to Dow Jones.