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Bain Capital has fully exited its investment in Japanese flash memory manufacturer Kioxia, marking the end of a highly profitable private equity deal driven by the rapid expansion of the artificial intelligence (AI) market.
Speaking to Bloomberg TV on Wednesday, Bain Capital Managing Partner David Gross confirmed the firm no longer owns shares in Kioxia after gradually reducing its holdings over the past several months.
Bain led an $18 billion acquisition of the company, then known as Toshiba Memory, in 2018. The buyout included major technology companies and investors such as SK Hynix, Apple, Dell Technologies, Kingston Technology, and Seagate Technology. Kioxia later rebranded and successfully completed its initial public offering (IPO) on the Tokyo Stock Exchange in late 2024 following years of restructuring and a failed merger with U.S.-based Western Digital.
Strong AI-driven demand for memory chips significantly boosted Kioxia's valuation over the past year. At its peak in mid-June, the company's market capitalization reached approximately 56 trillion yen ($345 billion), briefly surpassing Toyota Motor to become Japan's most valuable listed company.
The rally generated substantial returns for Bain Capital, which held more than a 50% stake in Kioxia at the time of its IPO. The private equity firm began monetizing its investment through a series of large share sales, including a transaction worth more than $2 billion in November 2025 and another exceeding $3.5 billion in February.
"We were winding down... we don't have a stake anymore," Gross said when asked about Bain's remaining ownership in the semiconductor company.
Following Bain's exit, Toshiba remains Kioxia's largest individual shareholder, holding roughly 22% of the company as of November 2025.
Kioxia remains one of the world's leading producers of NAND flash memory, supplying storage solutions used in smartphones, data centers, enterprise servers, and AI infrastructure. As demand for high-performance memory continues to rise alongside AI development, investors are expected to keep a close watch on Kioxia's growth strategy and its role in the global semiconductor industry.
