Bain is making the business acquisition through its credit company previously known as Sankaty, The Australian reported.
A family run company, Craigcare has around 900 beds providing aged care to over 600 residents in Western Australia and Victoria.
The transaction is expected to be completed on March 1, 2017. Craigcare’s CEO John Gillett will be replaced by Tony Stephenson.
Bain Capital last year made significant investments in healthcare companies, acquiring Australian childcare providers Only About Children, and Camp Australia.
Founded in 1984, Bain Capital has $75 billion in assets under management, and claims to have made an impact to a diverse group of investors including pensions, endowments, foundations and individuals.