Report: Private Equity Giant Bain Backing Richard Branson's Cruise Line Plans

Sky News has reported that private equity group Bain Capital has agreed to acquire a large stake in Richard Branson's latest transport venture, Virgin Cruises.

The investment firm, headquartered in Boston and boasting offices across the globe in cities like New York, London and Hong Kong, already owns stakes in an abundance of companies, including fast food and retail chains.

The billionaire business man will reportedly also have a hand in funding the undertaking.

According to Sky News, "sources said that Virgin Group would itself invest more than $100 million in shares in Virgin Cruises, using funds recycled from the proceeds" of two recently launched deals involving Virgin companies in London and New York.

Branson's motive in founding a cruise line is "to see whether we can attract people like myself who've never been on a cruise ship," according to the Financial Times, per Sky News.

Sky News also claims that many of the details surrounding the line's much-anticipated launch "remain sketchy," but singles out 2019 as the likely target date for a maiden voyage, with Miami thought to be in the lead to serve as the operation's base.

The investment announcement comes just one month after Branson and his space tourism company Virgin Galactic made news following the fatal crash of a test-flight over California's Mojave Desert.