Bain Capital exits Kioxia after chip deal yields big returns

Bain Capital has sold its entire stake in flash memory chipmaker Kioxia Holdings, closing a chapter on a deal that’s transformed the Japanese tech and investment landscape.

“We don’t have a stake any more in Kioxia,” Bain Managing Partner David Gross said in an interview. The U.S. private equity firm has logged record-setting returns after a global spending spree on AI catapulted Kioxia’s shares more than 4,800% from their debut, transforming the chipmaker into one of Japan’s most valuable companies.

“It’s worked spectacularly for all the stakeholders involved,” Gross said.