Key facts
- Bain Capital has sold its entire stake in Kioxia Holdings.
- The U.S. private equity firm realized approximately $17 billion in gains.
- This represents a record return for a private equity investment in Japan.
- Kioxia's shares have surged over 4,800% since their 2024 listing.
- Bain Capital acquired the company, then known as Toshiba Memory, in 2018.
U.S. investment firm Bain Capital has fully exited its stake in Japanese memory chipmaker Kioxia Holdings, realizing approximately $17 billion (2.5 trillion yen) in gains. This marks what is believed to be the largest-ever return from a private equity investment in Japan.
Kioxia's shares have surged more than 4,800% since their listing in 2024, driven by strong demand for AI memory chips. Bain Capital, which was the largest shareholder, acquired the company, then known as Toshiba Memory, from Toshiba in 2018 as part of a consortium for approximately $18 billion.
David Gross, a managing partner at Bain Capital, confirmed the complete divestiture, stating that the firm "no longer holds any Kioxia shares." Bain had been methodically reducing its stake, which at one point was around 44%, down to approximately 14% by mid-June before this final sale.