Name: A Macro View for Private Equity
Uploaded: 2026-04-03T13:28:00Z
Duration: 1 min 53 s
Description: David Gross, managing partner of Bain Capital, discusses where he sees the industry now.

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David Gross, managing partner of Bain Capital, discusses where he sees the industry now.

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A Macro View for Private Equity

David, there's a lot of talk about private equity and the cycle and sort of more difficult times, comeuppance, if you will, particularly in certain sectors. So I'll get to that in a minute. But what is your take just generally on the macro view for private equity?

Sure. Well, through all these, you know, cycles, and you're describing a current cycle that we're in, and we've seen cycles like this before. You know, the industry will invest in, and there'll be an upswing in investment velocity, and then a period during which you'll digest all those investments. And that's kind of what you're, you know, what you see in this current cycle. There's a very peak period in the 2021, 22 period. And so some of the, as you mentioned, comeuppance question is around the point we are in that cycle. But generally speaking, you know, through the cycles, you've seen steady, steady, you know, growth. This is an industry that's growing in double digits in terms of its available investment opportunity. It's still pretty low in terms of penetration of the available opportunity. It, you know, is globalizing. And so, I mean, we've been, you know, big in supporting the global expansion of our business. More than, you know, 50% of our business is outside the United States. That's another growth leg. And then there are all these interesting vertical thematic trends that our industry is investing behind, like healthcare, like technology, like aerospace and defense, FinTech, and the like. So, you know, I still, from a macro perspective, you know, have a very constructive view on the growth prospects for the industry. But we always have to ask ourselves the question, what point are we in the cycle? What are the industry challenges and opportunities at that point? And then step back and look at what the long-term curve looks like.