Bain Capital Ventures closed Fund XI on September 16 with $1.6 billion, its largest venture fund to date and roughly 14% larger than the $1.4 billion raised for Fund X in 2023. The firm’s 11th fund will invest in 30 to 40 companies, primarily from the seed through Series B stages, with a focus on AI infrastructure, healthcare, physical AI and security. BCV says artificial general intelligence, which it defines as agents performing many tasks as well as humans can, has already arrived and describes the next investment cycle as the post-AGI era. Partner Kevin Zhang said the firm aims to fund compute infrastructure until intelligence becomes too cheap to meter. Its portfolio includes Crusoe, a data center developer reportedly valued at $30 billion and viewed as a near-term IPO candidate, as well as longevity startup Loyal and national-infrastructure defense company Dream. BCV says its affiliation with Bain Capital gives founders access to equity, debt facilities, infrastructure partnerships and relationships across the real economy. Partners often work in pairs or trios on investments so they can devote more time to portfolio companies. More than 82% of its previous capital went to pre-seed, seed and Series A/B rounds, and its portfolio also includes Moveworks and Poolside.