BGF is to exit its investment in employee benefits firm Benefex, the first company to receive BGF funding when it launched in 2011. BGF’s minority stake will be acquired by Bain Capital.

The acquisition will enable Benefex to benefit from synergies with Bain Capital’s investments in the HR technology sector as the company moves to the next stage of its growth strategy. Founder Matt Macri-Waller will continue as shareholder and CEO.