Bain Capital Ventures closed its $1.6 billion Fund XI on 17 September with an investment framework built on a declared premise: artificial general intelligence has already arrived. The strategy targets infrastructure first — "fund compute until intelligence costs approach zero" — followed by applications in healthcare, physical AI, and security. The fund will back 30–40 companies from seed to Series B; portfolio companies already include Crusoe (AI data centres) and Dream (AI-powered national infrastructure defence). When a blue-chip institutional firm with Bain Capital's balance sheet writes its LP pitch around AGI having already landed, that positioning enters the permanent record of how institutional capital interpreted the 2026 AI landscape.