YouSaid · the spoken record

David Gross

lines on the record: 39
first: 2025-04-01
most recent: 2025-04-01
sittings or episodes: 1
sources: podcast

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“And you looked at that and said, wow, that's really close to something that could dramatically change work, home, and all these things. And again, we talked a lot about AI, but in so many areas of dramatic changes, it's a little scary, obviously, but it is pretty exciting.”
2025-04-01 · Goldman Sachs Exchanges · Bain Capital’s David Gross on global opportunities and private equity’s evolution · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, you know, listen, I think it's for sure what's happening in the world of technology, and I'll broaden that to include biotech and life sciences. I mean, it's stunning the pace of change and a lot of things that were talked about in futuristic novels that even five, ten years ago, we kind of said, wow, I think that might happen, but I don't think I'll be alive for it. I think I actually knock on wood will be. Some of the Some of these amazing things are like. Around the corner And we had a technology person come in and show us visions of the most advanced robotics now and robots. And one of them was doing this triple backflip and then went over and was cracking eggs.”
2025-04-01 · Goldman Sachs Exchanges · Bain Capital’s David Gross on global opportunities and private equity’s evolution · IDENTIFIED FROM THE TRANSCRIPT
“Probably it was that person who said, Why don't you go try to spend some time in Japan? I don't think I would have come upon it another way and it changed the trajectory of my life personally, but also in terms of the next advice my mentor and former boss at Bang Capital Paul Edgerley came to me and said, why don't you go start the Japan business? Which at that time there was no business. So it didn't sound like a great idea, but I took his advice and I did that and that turned out to be.”
2025-04-01 · Goldman Sachs Exchanges · Bain Capital’s David Gross on global opportunities and private equity’s evolution · IDENTIFIED FROM THE TRANSCRIPT
“I would say it's working really hard to overcome your own biases, your own kind of confirmation bias, which is very powerful force because it's something that has served you well in the past. But keeping an open mind as long as possible to new information that might change your view is really critical in this business because as much as we look at and think about patterns and history, each situation is different in very nuanced ways. And so not reacting based on too much based on your initial conceptions, I think is really key to successful investing.”
2025-04-01 · Goldman Sachs Exchanges · Bain Capital’s David Gross on global opportunities and private equity’s evolution · IDENTIFIED FROM THE TRANSCRIPT
“This was, yes, you know, the only interesting thing here was it was the first deal we did after 911, but it was, I think, 18 months when there were no deals done because we weren't sure what was happening to the world, but memorable in that way.”
2025-04-01 · Goldman Sachs Exchanges · Bain Capital’s David Gross on global opportunities and private equity’s evolution · IDENTIFIED FROM THE TRANSCRIPT
“We talked about the growth trends, and I think the really good side of the story is despite all the growth that's happened, we're still very early innings here in the growth of alternative assets. I mean, most of the metrics you look at, private equity, penetration, credit, these new sources of the wealth channels and insurance are in the 5% to 10% penetration zip code. So if this is a career you want to get into, it's a growth industry, which is always a positive thing. But listen, I tell folks the same thing I tell my kids, which is you got to follow your passion. You have to love it. You don't want to get into this industry because of growth or the economics and things like that. Those are actually the wrong. Second one's the wrong reason to do it. It's because you love it and you think you might love it and it's dynamic. And we're in an era now where it's easier to change your career.”
2025-04-01 · Goldman Sachs Exchanges · Bain Capital’s David Gross on global opportunities and private equity’s evolution · IDENTIFIED FROM THE TRANSCRIPT
“Way up there. But I love music is the short answer. It usually does amazing things both in terms of supporting music development and the arts and just the incredible high caliber. But it's also a great institution in terms of music as a vehicle to tape folks who are not even in the education system into the education system and from there to really interesting careers and they do a lot of innovative things. And it's a way to spend some interesting time on things that are not bain capital in this industry. That's a lot of fun. So can't be happier that it's a great institution. I'd encourage people to follow and look into.”
2025-04-01 · Goldman Sachs Exchanges · Bain Capital’s David Gross on global opportunities and private equity’s evolution · IDENTIFIED FROM THE TRANSCRIPT
“I play musical instruments, but I'm afraid to go on record here saying I'm a musician, especially the musicians at Berkeley are, you know,”
2025-04-01 · Goldman Sachs Exchanges · Bain Capital’s David Gross on global opportunities and private equity’s evolution · IDENTIFIED FROM THE TRANSCRIPT
“Been great. I think the key success factor is just like I have a co managing partner. I have an important co at home who does epic things to make it all work. So no, it's been a great experience.”
2025-04-01 · Goldman Sachs Exchanges · Bain Capital’s David Gross on global opportunities and private equity’s evolution · IDENTIFIED FROM THE TRANSCRIPT
“Do that with these deep capabilities. And we don't want that to be excessively driven by, okay, there's a high fee related revenue component to it, which is trading at this. And so we need to shift our strategy in this direction versus that direction. We want to really determine what's the best mix of what's going to drive equity value. And third and maybe most important is we didn't want to sell the equity. We're a broadly held private partnership. There's really no one that a big owner who needed to monetize their stake. And we wanted to keep the equity for future generations. And we think that over the long run, that's going to be really critical to retaining the next generation of talent is that you do own all your equity. That can be something that folks aspire to over time as they're growing their careers and adding value. And so the corporate form there has a real impact on the talent retention in the core economic model. And we wanted to kind of control our destiny there.”
2025-04-01 · Goldman Sachs Exchanges · Bain Capital’s David Gross on global opportunities and private equity’s evolution · IDENTIFIED FROM THE TRANSCRIPT
“So we started in private equity world. We kind of looked just the same as pretty much all of our competitors. And now we're seeing this stratification in the industry along with all the growth. And I think where people have ended up depends a lot, I think, on their strategic choices. I mean, we definitely feel that the strategy should come first and then your corporate form would come second. And for us, the strategic choices are really critical. One, we want to have very strong alignment, both internally with our people, but also with our investors. And we have incredibly strong investors, our luminous partners, and they've been with us for many years. And we want to be 100% aligned with those investors. Second is we really want the freedom and the flexibility to choose the businesses that we want to be in based on how consistent they are with this approach we're taking of trying to generate premium performance and these alpha-orient segments that we can”
2025-04-01 · Goldman Sachs Exchanges · Bain Capital’s David Gross on global opportunities and private equity’s evolution · IDENTIFIED FROM THE TRANSCRIPT
“They're doing that, we're still keeping that small entrepreneurial company feel while we're large, it requires a lot of communication and affiliation. So I think the core culture is very much there. The DNA is there. But there's a lot more you have to do every year to maintain that and even to enhance that.”
2025-04-01 · Goldman Sachs Exchanges · Bain Capital’s David Gross on global opportunities and private equity’s evolution · IDENTIFIED FROM THE TRANSCRIPT
“So, well, it's our greatest asset for sure. I mean, many ways we admire, and we've always revered the Goldman Sachs culture because for a lot of years, Goldman Sachs was a private partnership, it still obviously has that ethos. And culture is so critical. I mean, you talk to Goldman Sachs folks who've worked there, have been on to other things. And so many of the attributes of combining the incredible financial acumen with a collaborative approach and a focus on people, we tried to really create that at Bank Capital. And I've inherited that. And the key, though, is that as we grow and you become bigger and become more global, how do you ensure that doesn't dilute over time? And that has a lot to do with kind of growing but keeping it small to making sure that we're operating at the vertical level and the country level and the business unit level in a way where people feel that they have mentorship and sponsorship.”
2025-04-01 · Goldman Sachs Exchanges · Bain Capital’s David Gross on global opportunities and private equity’s evolution · IDENTIFIED FROM THE TRANSCRIPT
“So, first of all, it's an honor and a privilege to have the opportunity to do this for the firm I love. I'm also thrilled to be partnering with my co-managing partner, John Coniton, and our chairman, Jonathan Levine, who have been long-term mentors. And it's a team effort for us to think about how we take the firm to the next level. We are at heart a private partnership that is looking to drive the growth in value and develop the careers of our close to 2,000 people and 200 partners. And so a lot of what we're doing at the co-managing partner role is”
2025-04-01 · Goldman Sachs Exchanges · Bain Capital’s David Gross on global opportunities and private equity’s evolution · IDENTIFIED FROM THE TRANSCRIPT
“You all very helpful because obviously Goldman's incredibly long heritage and track record in Japan was not only very impressive and a great model for us to understand and really try to replicate in many ways, but you were a terrific partner as well.”
2025-04-01 · Goldman Sachs Exchanges · Bain Capital’s David Gross on global opportunities and private equity’s evolution · IDENTIFIED FROM THE TRANSCRIPT
“Japan was the big economic challenge to the United States. I was also kind of fascinated as an economic student in the differences between these two systems. And that was a great experience and incredibly perspective enhancing and widening. And so I worked in Japan for a Japanese company in Tokyo for four years. Then I came back to the United States, went to business school, and that's when I joined Bane& Company. And I got into private equity and fants really from more that angle of I loved what they did at Bain Company, but this notion that Bing Capital had really pioneered, which was taking that analytical approach and applying it to investing and driving value in companies, that seemed fascinating to me. So I think I got into the finance industry in a non-finance kind of way, and then it went on from there. It was only later that we then decided to open up the business in Japan. When I joined Bing Capital, it was pretty much a US business. We were really just getting Europe going.”
2025-04-01 · Goldman Sachs Exchanges · Bain Capital’s David Gross on global opportunities and private equity’s evolution · IDENTIFIED FROM THE TRANSCRIPT
“In the United States, yes. And I grew up in Ohio and upstate New York, so I've never been that far away. And I did it a little bit on a whim, and I got very interested in the culture. I mean, this was the late 80s, and this is when...”
2025-04-01 · Goldman Sachs Exchanges · Bain Capital’s David Gross on global opportunities and private equity’s evolution · IDENTIFIED FROM THE TRANSCRIPT
“Right. So I think the Asia thing came first, depending on how far back you go, but let's just take after I graduated from undergraduate mentors and said, hey, why don't you try going to Japan? And I had never been to Japan.”
2025-04-01 · Goldman Sachs Exchanges · Bain Capital’s David Gross on global opportunities and private equity’s evolution · IDENTIFIED FROM THE TRANSCRIPT
“Potential source of competitive advantage we have, and we can bring to this something unique, which is we're one of the few multi asset class players that has or still has a venture capital business. And we love being in the venture business. We think it's a great standalone business to be in, but it contributes a lot to the rest of the platform, both in helping identify the newer disruptive technologies. So if you're investing in a late-age buyout deal, you'll understand the winners and losers technologically. But we're at the forefront of investing in AI companies and machine learning companies, data science companies that give us this view of what is working and what's not working that we think will help our platform. And that's the next big leg for us in value creation.”
2025-04-01 · Goldman Sachs Exchanges · Bain Capital’s David Gross on global opportunities and private equity’s evolution · IDENTIFIED FROM THE TRANSCRIPT
“IT systems. And of course, in technology and AI, which is really the third big leg, which is there's an enormous opportunity to drive technology deployment into our companies. AI is a big one, but it's not just AI. It's data science. It's robotics. It's machine learning. Depending on the industry segment and the type of use case, there's a different technology. But our ability to at the firm level invest in being at the forefront, find use cases that we can actually field tests in our companies, see what works, see what doesn't, and then to bring those to the other companies, this is a huge...”
2025-04-01 · Goldman Sachs Exchanges · Bain Capital’s David Gross on global opportunities and private equity’s evolution · IDENTIFIED FROM THE TRANSCRIPT
“I was there for a couple of years, and I think that's similar to a lot of folks at Bank Capital. There's some part of their career where they spend, it could be Bane, it could be McKinsey, or others. But yes, it's an important part of the DNA. It has helped us a lot with this value creation model, which is something we're really proud of. I think we were pioneers of it. But the reality is others have also said, hey, that's an interesting model. And they have value creation capabilities. So for us, it's really been about how do you continue to build the next and the next legs of it. One of the ways we've done is just scale. We have 130 people across our platform who are dedicated to value creation across our business units. And there's a lot of collaboration around knowledge and around capabilities and best practices that we're sharing. That's a really powerful aspect of what we're doing. We're trying to codify that and energize that even more. The second is building more specialist capabilities. So we have very deep teams in go-to-market strategy, in procurement strategy.”
2025-04-01 · Goldman Sachs Exchanges · Bain Capital’s David Gross on global opportunities and private equity’s evolution · IDENTIFIED FROM THE TRANSCRIPT
“I think it's Due to the fact that we didn't go too long on the higher priced tech related businesses, we thought about the right multiple to be paying in that really elevated cycle period. And I think we've been able to be quite good at adding some value. So you actually have real earnings growth coming through that cycle. The industry is going to have to work this out, but listen, we've seen it. We've heard a lot of forecasts of the end of the golden age of private equity, and there's always been some innovations that have helped go the other way.”
2025-04-01 · Goldman Sachs Exchanges · Bain Capital’s David Gross on global opportunities and private equity’s evolution · IDENTIFIED FROM THE TRANSCRIPT
“That you're monetizing in any given year. And we have funds that invest over a four or five year period and may liquidate over another four or five years after that. So last year, our distribution yield, which is our realizations divided by our NAV, was north of 30% in North America. And so to have 30% or roughly one-third that you're monetizing in a year is a really significant statistic and something that I think is significantly in excess of where the industry is today.”
2025-04-01 · Goldman Sachs Exchanges · Bain Capital’s David Gross on global opportunities and private equity’s evolution · IDENTIFIED FROM THE TRANSCRIPT
“Think we haven't seen exactly. I know there's a lot of reaction to the absolute numbers, but there's still some steps that we're going to see. We took a bit of a different approach to it. We were much more value focused in that last super cycle. We did do technology investing, but we were pretty careful on the price growth metric. We were very focused on multiple contraction. We were concerned about low interest rates and that when interest rates go up, you're going to see a multiple impact. And that contributed a lot to our ability to get pretty steady realizations as we're not really underwater from a multiple perspective. And we've added a lot of value to these businesses more value-oriented businesses that we've grown in the last couple years. So for instance, one of the key metrics that we track is what we call our distribution yield, which is the amount of realizations that we have as the numerator divided by our total net asset value. So really, it's the percentage of your overall funds.”
2025-04-01 · Goldman Sachs Exchanges · Bain Capital’s David Gross on global opportunities and private equity’s evolution · IDENTIFIED FROM THE TRANSCRIPT
“Periods, it's been followed like a global financial crisis or the dot com bust by a recession. And capital structures were pretty favorable. So I think the industries had more time and cushion to be able to play this process out. So they haven't really been forced to sell. And so this gap between buyers and sellers hasn't really come to head just yet. And I think that's probably positive relative to other cycles in the industry's ability to digest it. Also recall, a lot of that peak velocity was in technology. I think 50-60% of the deployment in 2020 was in technology businesses. And those businesses, many who invested a lot in technology, believe that there's still a lot of opportunity to grow.”
2025-04-01 · Goldman Sachs Exchanges · Bain Capital’s David Gross on global opportunities and private equity’s evolution · IDENTIFIED FROM THE TRANSCRIPT
“So it's an important topic. We get asked a lot. We try to put it into some industry context, which is, you know, this has been a cyclical industry. We've seen four or five big super cycles over the last four decades we've been in business. And we just came out of a really big one. So post COVID, you saw a peak velocity that I think the peak in 21 was maybe two and a half times larger than the last peak. And generally speaking, after those peaks, you see lower years in terms of both deployment and liquidity. And so some of it's just the math that you had a big, very big deployment year to increase the base. And we're still kind of early in the recovery cycle there. So my first message would be, I'm not sure this has really played out. I think it's not surprising to see some low percentage years of distributions versus asset value. And so we're kind of in that phase. The second is that we really didn't experience a recession. Typically after these big people.”
2025-04-01 · Goldman Sachs Exchanges · Bain Capital’s David Gross on global opportunities and private equity’s evolution · IDENTIFIED FROM THE TRANSCRIPT
“Take immigration and migration patterns. A big driver of housing development in certain countries and supply demand gaps that creates some really interesting opportunities. Also a big driver of outsourcing trends. And so that's an example of tying some of these macro insights about what's happening in each country down to some investable themes, healthcare, an incredible issue with healthcare efficiency and even the supply of healthcare. And this has led to a lot of thinking across business around healthcare IT and how we can bring that technology into healthcare organizations to offset pressures from reduced funding and from payer and provider pressures that you see. So kind of thinking about macro is this is another capability we should have. It's consistent with being a fundamental investor. Marrying it with all the good Microsoft we do can create a lot of opportunity.”
2025-04-01 · Goldman Sachs Exchanges · Bain Capital’s David Gross on global opportunities and private equity’s evolution · IDENTIFIED FROM THE TRANSCRIPT
“Markets, in the real estate markets, in the life sciences markets, that we've got incredibly unique and proprietary data. So the first step was how do we bring all that data together, combined with some third-party intelligence to get a better view of kind of what's coming around the corner. Not so much to predict the future. I don't think macro is about predicting. It's about getting a little bit ahead of the curve and creating better scenarios about, okay, if X, Y, Z happens, how will that affect the business? And what are the things that we could be doing now to better position ourselves around that? And that's not become an embedded part of all the deals we do. But the second more interesting part is really investing behind macro opportunity, which is what I was mentioning in terms of thematics. And so we've taken to like the next level of getting all of our business units together with outside experts around certain macro themes that are going to power those things we want to invest behind.”
2025-04-01 · Goldman Sachs Exchanges · Bain Capital’s David Gross on global opportunities and private equity’s evolution · IDENTIFIED FROM THE TRANSCRIPT
“Sure. So we had always thought about ourselves as the opposite of macro investors, particularly being capital, where we were shreamy analytical and we take these bottoms up views of industries and companies. And I think we did fail to recognize that we're all macro investors, right? There's so many exposures that can overwhelm certain things you may really like as a concrete driver of a company that you have to factor into your business. So one is just a recognition of that. The second is we don't think of ourselves at all as momentum investors. You know, we are fundamental investors. And fundamental investment means you're doing deep research and doing a lot of work. And again, we didn't think you could do that in the macro area. But when you dig under the covers a bit, you can take a very analytical approach. You can build a macro capability. And we found that we were actually uniquely positioned to do that because we have all these portfolio companies, all these breadth and asset classes, whether it's the credit market.”
2025-04-01 · Goldman Sachs Exchanges · Bain Capital’s David Gross on global opportunities and private equity’s evolution · IDENTIFIED FROM THE TRANSCRIPT
“We always liked it. There were some missing pieces, and now a lot of that's coming together to make it really interesting.”
2025-04-01 · Goldman Sachs Exchanges · Bain Capital’s David Gross on global opportunities and private equity’s evolution · IDENTIFIED FROM THE TRANSCRIPT
“Equity firms who could bring the best benchmark globally, not just in India to them. And so we like to because, again, it had this growth opportunity like in Japan, but also this fit with our model. And now you're seeing some of the other macro issues kind of get solved one by one. First of all, you have stable government. The Modi government has had a clear strategy that they've been able to execute because they've stayed in office for quite a long period of time. Secondly, the markets have just matured. There's more depth in the capital markets. There's more domestic capital that's circulating. You don't have this issue of kind of hot money coming in and out. And that helps with exits. And the other big thing that's changed is you can gain control of companies. It used to be the fact that first generation Indian owners didn't want to turn over ownership of the company. And so there are mostly minority deals. But now you see a change. And so you've got more control over your destiny, more levers we can bring to the table in terms of value creation to create good outcomes.”
2025-04-01 · Goldman Sachs Exchanges · Bain Capital’s David Gross on global opportunities and private equity’s evolution · IDENTIFIED FROM THE TRANSCRIPT
“Yes, we share the enthusiasm. We've been interested in advocates of India for many years. Before, I think everything had kind of come together. You know, it always had this promise of a large economy, a growing middle class, really positive demographics, and just extremely low penetration in almost any product category you would look at. But the hope had not always been fulfilled because the markets were volatile when there was a global disruption, the money would kind of go out of India, the market would not be as reliable. And so you saw issues with just making investments not being able to exit them were the classic issues you heard about India. But we loved the IP, the just strong intellectual capability of managing teams, management capabilities, the aspirations that India companies had to not just be leaders in their industries, but be global. And so therefore, they wanted to work with global practice.”
2025-04-01 · Goldman Sachs Exchanges · Bain Capital’s David Gross on global opportunities and private equity’s evolution · IDENTIFIED FROM THE TRANSCRIPT
“But that equation was very interesting. So you could invest in businesses, and I'd say good value relative to the current earnings, but most importantly, relative to the potential earnings by having a hands-on approach. And that's the bread and butter of what we had always done in banking capital, going back to the early days in the United States. We had this consulting value addition-oriented approach with a lot of capabilities around that. And we built that all up in Japan so that we could come in there and not just say, hey, we're going to hire a managing team and set a new plan, but we're going to jump in there with our people hand in hand and help bring some of these other practices that we had learned through 40 years of investing in different vertical industries. And that then accelerated the process of change at the companies. And if you're buying things at relatively good prices with attractive capital structures and you can get declining businesses or flat businesses to grow even three, four percent with some margin improvement.”
2025-04-01 · Goldman Sachs Exchanges · Bain Capital’s David Gross on global opportunities and private equity’s evolution · IDENTIFIED FROM THE TRANSCRIPT
“What we see in the United States was it just took longer. And on top of that, you know, I think people came to Japan and they left Japan. Back then, the terminology was this passing over Japan, meaning. Skipped over Japan and you went right to China. And it's a hard market to build relationships, and it takes time and patience. And so because of that, you've got really great opportunity, but not as many competitors pursuing that opportunity. And that's changing a bit right now.”
2025-04-01 · Goldman Sachs Exchanges · Bain Capital’s David Gross on global opportunities and private equity’s evolution · IDENTIFIED FROM THE TRANSCRIPT
“Well, I'd say one is the value equation is still very attractive. There are a lot of great Japanese businesses with good technologies that come from the R&D focus, the extremely high standards of education in the country. And those are all tremendous assets. For various historical reasons, there hasn't been this pursuit of productivity and efficiency. There have been some other reasons why industries have remained fragmented and not consolidated. And we made investment in a drugstore chain in Japan. And it's interesting to note that Japan's one of the big development economies that doesn't have big national drug store change because it's been a pretty local family-owned business type of contract. And so we saw some of these things in the United States, founder-owned businesses, fragmentations, corporates have big portfolios that are core non-core businesses. But in Japan, the process of moving that towards”
2025-04-01 · Goldman Sachs Exchanges · Bain Capital’s David Gross on global opportunities and private equity’s evolution · IDENTIFIED FROM THE TRANSCRIPT
“Started early because we knew there was a lot of spade work that had to be done. I mean, that you really had to prove this by changing businesses, making an impact, getting them growing again. And there was some skepticism, I would say, in the early days for sure. And then there's cultural aspects in terms of just you need to have deep teams in each of these geographies. We talk about being global, but it's really about being local and having people you can trust that have great relationships and becoming part of the cultural fabric. And all that takes a lot of time. So we needed to start early. We need to make big long-term investments. And we need to let the process play out in terms of taking kind of a U.S. Western approach and adapting it for the local conditions, explaining it and educating all the market participants, whether it's the local banks or management teams, that this would be something that would be good for the economies.”
2025-04-01 · Goldman Sachs Exchanges · Bain Capital’s David Gross on global opportunities and private equity’s evolution · IDENTIFIED FROM THE TRANSCRIPT
“So, as you know, this was a very U.S. centric business. Part of it was just that's where the funding and the financial innovation started, but also this notion that private equity could be a useful tool in terms of corporate governance, in terms of driving efficiency at companies with a long-term focus, the ability to add value, a kind of a low cost of capital was kind of a unique phenomenon to the United States. It's not like that doesn't apply to Europe and Asia, but there were other constraints there just in terms of the process of gaining corporate control and making investments. But probably more importantly, just the cultural acceptance, the notion that an outside party could come in with ownership, governance, and capital and do something that was good help businesses. And that was a process that really had to be proven in each of these geographies, whether it's places like the UK and Germany or whether it's places like Japan. And so we,”
2025-04-01 · Goldman Sachs Exchanges · Bain Capital’s David Gross on global opportunities and private equity’s evolution · IDENTIFIED FROM THE TRANSCRIPT
“In Europe, they're going to see some interesting trends. I mean, Germany has had a really tremendous set of changes that we've seen really up against a lot of pressures. You combine that with large German corporates that have big portfolios, and there'll be, I think, a wave of divestitures, export-facing businesses that have faced some pressure that will also need some new partners. So it might be a little bit contrarium, but some of the tougher European economies now from a price value perspective are going to start to look pretty interesting.”
2025-04-01 · Goldman Sachs Exchanges · Bain Capital’s David Gross on global opportunities and private equity’s evolution · IDENTIFIED FROM THE TRANSCRIPT
“Sure. I mean, the answer is yes, we continue to think a lot of sectors of the United States are going to have significant tailwinds because there's been a lot of savings, a lot of capacity to spend, significant government intervention economy to drive stimulus. That will be a positive for manufacturing businesses and other ways that the United States is set up to actually perform quite well in terms of energy prices. And obviously the really strong position in technology. It's sector by sector, but this notion that the US sits in a pretty good place from a geopolitical perspective, energy, inherent growth is still there. We're very bullish on Japan. You know, Japan is a large market that's taken a long time to develop, but we're starting to finally see the convergence of forces that are going to turn this into a really big buyout market, but a market for really all the asset classes in which we participate. And you will see some pockets.”
2025-04-01 · Goldman Sachs Exchanges · Bain Capital’s David Gross on global opportunities and private equity’s evolution · IDENTIFIED FROM THE TRANSCRIPT