Bain Capital has named David Gross as its sole managing partner, marking the culmination of a multi-year leadership transition at one of the world’s largest private capital groups, the FT reports.

Gross, who was appointed co-managing partner in 2024, will now lead Bain’s global partnership. John Connaughton, co-managing partner since 2016, will move into the role of chair, according to a letter sent to investors.

The appointment formalises a succession process that has been underway for several years. Gross previously built Bain Capital’s Asia investment operations and played a central role in some of the firm’s largest transactions, including the $18bn acquisition of semiconductor group Kioxia.

Bain manages about $215bn in assets and has evolved into a multi-strategy platform spanning private equity, credit, real estate, life sciences, and venture investing. Unlike peers such as Blackstone and KKR, the firm has remained privately held.

In a 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 leadership change comes as several long-established private equity firms transition to a new generation of executives while navigating slower fundraising and more complex exit conditions.

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