Bain Capital Scores Record $17 Billion Gain from Kioxia Stake Sale in Japan

Share-price surge delivers Japan’s largest private‑equity return, Nikkei estimates

Bain Capital purchased Toshiba Memory, now known as Kioxia, from Toshiba in 2018 via four special‑purpose entities. (Source photos by Nikkei)

KYOHEI SUGA and RYUTA MINAMIHATA

TOKYO — Bain Capital, the biggest shareholder in Kioxia Holdings, has netted roughly ¥2.5 trillion ($17 billion) from selling its stake after the memory‑chip maker’s shares soared, producing what is believed to be the largest ever private‑equity payoff in Japan, according to a Nikkei estimate.

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