Bain Capital (NYSE:BCSF) has named David Gross as its sole managing partner, completing its succession plan, the Financial Times reported, citing a letter sent by the firm to investors.
Gross will now lead Bain’s global partnership. He was appointed co-managing partner in 2024. His co-managing partner John Connaughton, who has held the position since 2016, will move into the role of chair, a letter sent to investors stated.
Gross has previously built Bain Capital’s Asia investment platform, and took part in some of Bain’s largest transitions, such as the $18 billion acquisition of Kioxia, a semiconductor group, according to the report. He launched the company’s Tokyo office and has been working to expand their presence in the region covering private equity, credit, life sciences and tech, since 2000.
Succession Plan
In the letter to investors, Bain said: “We believe effective succession should be planned years in advance, ensuring we develop our leaders, expose them to the right experiences and provide the next generation with exciting growth opportunities.”
The Boston-based private equity giant was co-founded in 1984 by Mitt Romney and a group of former consultants from Bain & Co. In 2002, Romney exited the firm and ran for political office. Bain Capital has approximately $215 billion in assets under management and has offices around the world.
Other private equity firms have announced leadership changes as the market seeks to reshape its professional landscape, while navigating a slower fundraising environment, higher interest rates and increased regulatory scrutiny.
UK lower mid-mid market private equity firm Elysian Capital announced updates to its succession plan in December. Founder Ken Terry moved into the role of Chairman while Mark Puttick took over as CEO effective Jan. 1, 2026.
Meanwhile, global investment firm Carlyle announced leadership changes in its Japan business. Jumpei Ogura was appointed as co-head and existing co-head Kazuhiro Yamada will transition into the role of chairman in 2027 as part of the company’s long-term strategic plan.
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