Deval Patrick has a new job.
The former Democratic Massachusetts governor has joined the Boston firm Bain Capital to develop a line of so-called "social impact" investing.
The business "will focus on delivering attractive financial returns by investing in projects with significant, measurable social impact," according to a Tuesday morning press release from Bain announcing the hire.
Bain Capital was founded by Mitt Romney, Patrick's Republican predecessor in the governor's office.
“Bain Capital is widely recognized as both an innovative investment firm and a philanthropic and community leader,” Patrick said in the Bain release. “I am confident that we can find compelling investments that deliver both attractive financial returns and positive social outcomes.”
Patrick will be based at the firm's Boston office and will become one of Bain's managing directors, sharing in the profits of the firm. He will be the first African-American to take on a managing director role at the firm.
There has long been speculation that the Democrat would pursue additional political positions, but he repeatedly stated that he planned to return to the private sector after two terms as governor.
Recently, Patrick joined the Boston 2024 Olympics effort but decided last month to forgo a paid job promoting the bid overseas after it was revealed that he would be paid $7,500 for each day working for the effort. He said he "will continue to help as and when I can, but not for a fee.”
With that decision for forgo a paid Olympics position, Patrick mentioned that he was planning on taking a full-time job soon.
With reporting by The Associated Press and the WBUR Newsroom
This article was originally published on April 14, 2015.