Bain Capital (BCSF) has wrapped up its leadership succession plan, naming David Gross as sole managing partner according to a letter sent to investors and reported by the Financial Times.

Gross will now lead Bain's global partnership after serving as co-managing partner since 2024. His counterpart John Connaughton, who held the managing partner role since 2016, is moving into the chairman position. If you're thinking this sounds remarkably organized for a leadership transition, well, that's exactly the point.

The Boston-based firm emphasized in its investor letter that "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." Translation: we don't do surprise announcements that send everyone scrambling.

The Asia Architect

Gross isn't exactly new to building things at Bain. He constructed the firm's entire Asia investment platform and participated in some of Bain's biggest deals, including the $18 billion acquisition of semiconductor group Kioxia. He launched Bain's Tokyo office and has spent over two decades expanding the firm's presence across the region in private equity, credit, life sciences and technology since 2000.

Industry Reshuffling

Bain isn't alone in rethinking its leadership structure. Private equity firms across the board are announcing succession plans as the industry adapts to tougher conditions including slower fundraising, higher interest rates and increased regulatory scrutiny.

UK firm Elysian Capital rolled out succession updates in December, with founder Ken Terry moving to chairman while Mark Puttick prepares to take over as CEO in January 2026. Global investment giant Carlyle announced changes in its Japan business too, appointing Jumpei Ogura as co-head while existing co-head Kazuhiro Yamada will transition to chairman in 2027.

Founded in 1984 by Mitt Romney and former Bain & Co. consultants, Bain Capital now manages approximately $215 billion in assets with offices worldwide. Romney left in 2002 to pursue politics, but the firm he helped create has continued expanding its global footprint ever since.