Bain reaps Japan record-setting $17bn from Kioxia stake sale

SemiconductorsReturn on share price surge is country's largest for private equity: Nikkei estimateBain Capital acquired Toshiba Memory, now Kioxia, from Toshiba in 2018 through four special-purpose companies. (Source photos by Nikkei)KYOHEI SUGA and RYUTA MINAMIHATAJuly 26, 2026 02:01 JSTTOKYO -- U.S. investment firm Bain Capital, the largest shareholder in Kioxia Holdings, has realized approximately 2.5 trillion yen ($17 billion) in gains from selling its stake after the memory chipmaker's share price surged, generating what is believed to be the largest-ever return from a private equity investment in Japan, according to a Nikkei estimate.