Name: A Finance Pro on Private Credit and Software
Uploaded: 2026-04-03T13:31:00Z
Duration: 2 min 43 s
Description: David Gross, managing partner of Bain Capital, tells Barron’s Andy Serwer why he’s not concerned about a bubble.

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David Gross, managing partner of Bain Capital, tells Barron’s Andy Serwer why he’s not concerned about a bubble.

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A Finance Pro on Private Credit and Software

In private markets, one area that's been a particular concern is private credit. You're in the private credit business a bit, and the specific part of that that people are concerned about is software. So my question to you is, how much exposure do you have, does Bain have to software in your portfolio?

Sure. So, first on private credit, yes. We're a participant. We participate in a specific segment, which is the middle market. So we're not providers in the large cap segment. And we've chosen that because there are better lender protections in that segment. You can have a bigger role in the kind of debt consortium that gets formed. And we've been in that business since the late '90s. So it's a very long-term business. On the large side, we don't provide debt, but we are users of a large cap private credit to fund our buyout. So we're present in really kind of both sides of this market. As it relates to technology. Technology has been a big part of the broader industry's private equity mix in this current cycle, upwards of 45% at the industry level. For us, we have a very diversified portfolio across sectors. I mentioned healthcare and industrial. These are equal sized sectors for us alongside technology. So technology overall is, maybe a quarter to 30% of what we do. Software is maybe, probably less than half of that. So something in the 10 to 15% range. But listen, I think with all the concerns about private credit and software, there's been a bit of a, a conflation of what the real issue is in, first of all, not all software businesses are created equally. They're very different ones. Most of them are highly cash, generative, stable, have good technology positions. And so you really gotta do the exercise of going through, where they're positioned relative to some technology trends. And not all ones that were funded with private credit are over leveraged. So I think there's a little bit of a baby out of the bath water phenomenon going on with this right now. But that's how we see the relevance of it to our portfolio.

So nothing concerns you specifically, it's not a big concern of yours.

I really, I don't think this is a bubble. I think there has been a bit of a search for the next bubble in this last economic cycle because the economy has been so robust for so long. It's surprised many of us that folks are kind of looking for what's the thing that's going to upset the apple cart. I don't think it's private credit and actually I don't think it's software either.