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...
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