Episode 57: David Gross - Managing Partner of Bain Capital

This week on Generating Alpha, I sat down with David Gross, Managing Partner of Bain Capital, one of the world's largest private investment firms with roughly $225 billion in assets under management, and the first person to lead it alone since Mitt Romney. David grew up between Ohio and upstate New York. At Wharton in the late 1980s, he became fascinated with Japan, then seen as America's great economic challenger, and on a mentor's suggestion went to see it for himself. He landed in Tokyo in 1992 to join NEC just as the bubble was bursting, then returned for Harvard Business School and Bain & Company before joining Bain Capital in 2000. It was in Japan where David built the career that would define him. Once convinced private equity there would never work, he opened Bain Capital's Tokyo office in 2006. While other Western firms came and went, he stayed for twenty years, completing 45 deals without a single bankruptcy and building Bain's Asia business into one multi-asset platform. He led the $18 billion acquisition of Kioxia, carried it through a memory market collapse, and exited this summer with roughly $15 billion in profit. In January, he became Bain Capital's sole Managing Partner. In our conversation, we explored what four years at NEC taught him about Japanese business, why he changed his mind about private equity in Japan, the inside story of Kioxia, the lessons he took from Bain's founding generation, why the firm measures itself on performance rather than AUM and will never go public, how he's training an AI model on Bain's own deal history, and the advice he'd give a 17-year-old today. It's a rare look inside one of the most patient and globally minded leaders in private markets — and a masterclass in staying the course when everyone else leaves.

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