Yuji Sugimoto, head of Bain Capital Japan, said Kioxia may be one of Japan’s
highest‑valued firms in the AI cycle, but Korean chip giants retain structural
advantages. He cited Samsung and SK’s strong top‑down leadership and ownership
structures, saying sustained, large-scale investment is essential in
semiconductors and hard to deliver under typical Japanese governance. Sugimoto,
who led Bain’s acquisition of Toshiba’s memory unit (spun off in 2017 and bought
by a Bain-led consortium for about ¥2 trillion in 2018; renamed Kioxia in 2019),
said Kioxia could not have completed its transformation if it had stayed under
Toshiba. Since its December 2024 listing Kioxia shares have risen more than
4,000%. Bain has exited its investment.
