David Gross is the new managing partner of Bain Capital, one of the country's largest alt asset firms with more than $215 billion in assets under management.

• He's the first person to ever serve solo in the role, unless you count firm founder Mitt Romney.

We chatted via Zoom last night about the private equity outlook, using AI in investment decisions, and if Bain will ever go public. What follows has been edited for length and clarity:

Dan: At the Milken Global Conference last May, you talked about how Bain uses AI for lots of workflow efficiencies, but not yet to advise on investments. Has that changed?

David: "We're working really hard on it. Even just since May we've made progress in building a pretty powerful AI model that we have fed information pertaining to deals we've done and deals we've worked on to develop a deep database that can aid us in investment judgment and help us overcome biases.

"I looked at a timeline yesterday that said by mid-2026 we'll have the first kind of working model for this."

Speaking of 2026, what's your crystal ball for deal activity?

"The second half of last year was better than expected ... We were all expecting modest increases over 2024 and it turned out to be a pretty sizable increase.

• "I think we're on an upward trajectory. The financing markets are there and people are more comfortable with where rates are landing. Overall I think things will take another step forward instead of backward.
• "There's a bit of euphoria now about the macro economic outlook ... But we shouldn't lose sight of the fact that affordability is a real issue. There's quite a bifurcation in the economy ... and that's a vulnerability. We navigated the tariffs, but a number of things happened last year that were inflationary, and inflation can be a tricky genie to put back in the bottle."

Do you expect deals to be front-loaded ahead of the midterms?

"That's an issue in some political environments, but I don't really see it this time. Republicans have control and either that's going to continue or that will be mitigated. But the mitigation through gridlock doesn't usually cause active policy to come about since the president can veto so much.

• "If your base case is that things stay the same and the next case is more like gridlock, I don't think it scares the market all that much."

The JPMorgan Healthcare Conference is wrapping up. Within that sector, where do you expect more and less activity?

"Healthcare IT and pharma carveouts I think are two interesting ones. ... On the other side, hospitals or other scale healthcare providers are probably a tougher area given all the pressures they face and some of the uncertainties about where ACA and regulations will go."

Can you still invest in China, given the geopolitics?

"We're maintaining our presence in China, although have had to redirect the efforts of our teams and get them involved in some more Asia-regional deals.

• "Another area where we're opening is the Middle East. We're planning on a presence there and have some pretty interesting joint platforms with local players there in the data center and aviation spaces."

Is there an IPO in Bain's future? "We don't want to go public, and I don't see us going public. We want to carry forward and grow the business for the benefit of future partners, who we want to be able to have ownership down the road.

• "We also think it's very aligned with our long-term approach in that we're not out for fees or for assets as the primary goals, but the public market rewards those two things more richly than it rewards performance income. So going public does force you to change your strategy and we don't want to change our strategy."

Mission Produce (Nasdaq: AVO) agreed to acquire Calavo Growers (Nasdaq: CVGW) for around $483 million in cash and stock.

Why it's the BFD: This would combine two of North America's largest avocado producers. If you want guac, you'll have to go through them.

By the numbers: Calavo stockholders would receive the equivalent of $27 per share, including $14.85 in cash, representing nearly a 20% premium to yesterday's closing price.

The bottom line: "The fruit growers will be combining their farm networks in Mexico and California at a time when global trade policies have created instability for the industry." — Katherine Hamilton, WSJ

• SkildAI, a Pittsburgh-based developer of robot "brains," raised $1.4b at a $14b valuation. SoftBank led, joined by NVentures, Macquarie Capital, Bezos Expeditions, Disruptive, 1789 Capital. Lightspeed, Felicis, Coatue, Sequoia Capital, Samsung, LG, Schneider, CommonSpirit, Salesforce Ventures, TF Capital, Andra Capital, Palo Alto Growth Capital, KIC, Alpha Square, Mirae Asset, and Destiny. axios.link/49l888g

• Parloa, a German automated customer service startup, raised $350m in Series D funding at a $3b valuation, per Axios Pro. General Catalyst led, joined by insiders Durable Capital Partners, Altimeter Capital, EQT Ventures, and Mosaic Ventures. axios.link/4jHkPxL

• Alpaca, a San Mateo, Calif.-based stock-trading API, raised $150m in Series D funding at a $1.15b valuation. Drive Capital led, joined by Citadel Securities, Opera Tech Ventures, MUFG Innovation Partners, Flat Capital, DRW Venture Capital, Kraken, Altered Capital, X&KSK, Bank Muscat, and Endeavor Catalyst. axios.link/4sIqtDG

• Harmonic, a Palo Alto, Calif.-based AI lab, raised $120m in Series C funding at a $1.45b valuation from NVentures, Ribbit Capital, Sequoia Capital, Index Ventures, Kleiner Perkins, and Emerson Collective. axios.link/457zts8

• Mytra, a South SF-based supply chain robotics startup, raised $120m in Series C funding. Avenir Growth led, joined by Kivu Ventures, Liquid 2, D. E. Shaw, RyderVentures, Offline Ventures and insiders Eclipse, Greenoaks, Abstract Ventures, and Promus Ventures. axios.link/4pG7zec

• Osapiens, a German developer of ESG compliance software, raised $100m in Series C funding. Decarbonization Partners led, with participation from Goldman Sachs Alternatives and Armira Growth. axios.link/4qgKIqy

• Listen Labs, an SF-based autonomous user interview tool, raised $69m in Series B funding at a $500m valuation. Ribbit Capital led, joined by Evantic, Sequoia Capital, Conviction, and Pear VC. axios.link/4sHQq6w

• Depthfirst, an SF-based AI security startup, raised a $40m Series A led by Accel, with participation from Alt Capital, BoxGroup, Liquid 2 Ventures, Mantis VC, and SV Angel. axios.link/4qPA21T

• Midnite, a U.K. sportsbook and casino operator, raised $35m in Series C funding, per Axios Pro. The Raine Group led, joined by Play Ventures, Discerning Capital, Makers Fund, and Big Bets. axios.link/4jHE75V

• GovDash, an NYC-based provider of government contracting software, raised $30m in Series B funding, per Axios Pro. Mucker Capital and BCI led, joined by insiders Northzone and YC. axios.link/4qWrSoF

• Quadric, a Burlingame, Calif.-based developer of AI edge chips, raised $30m in Series C funding. Beenext Capital Management led, joined by Uncork Capital, Pear VC, Volta, Gentree, Wanxiang America, Pivotal, and Silicon Catalyst Ventures. axios.link/49lKZma

🚑 Vista AI, a Palo Alto, Calif.-based provider of MRI scanning software, raised $29.5m in Series B funding from Cedars-Sinai Health System, Intermountain Health, University of Utah Hospital System, Temple University/Fox Chase Cancer Center, Tampa General Hospital, Khosla Ventures, and Bold Brain Capital. axios.link/49ExoFk

• Tive, a Boston-based provider of supply chain and logistics visibility tech, raised $20m. Lightsmith Group led, joined by insiders Sageview Capital, World Innovation Lab, AVP, and Supply Chain Ventures. axios.link/49mKOHh

• Atomic Insights, a New York-based workflow automation tool for RIAs and family offices, raised $10m in seed funding led by Aquiline with participation from Northwestern Mutual Future Ventures. axios.link/49oNl3K

• Noise, an NYC-based prediction market for trends, raised $7.1m in seed funding led by Paradigm, with participation from Figment Capital and Anagram. axios.link/49n8pHJ

• Meld, a network for accessing digital assets and stablecoins, raised $7m. Lightspeed led, joined by F-Prime, Yolo Investments, and Scytale Digital. axios.link/4qWFOyZ

• Pinch AI, an SF-based e-commerce return fraud prevention startup, raised $5m in seed funding. Dynamo Ventures and Infinity Ventures led, joined by Defined Capital and PayPal Ventures. axios.link/4pZxLkd

• Cyb3r Operations, a London-based platform for identifying third-party risk, raised £4m. Octopus Ventures led, joined by Pi Labs. axios.link/49F2LQe

• Titl, a Miami-based property title verification company, raised a $2.5m seed round led by Cofounders Capital and FIT Ventures. axios.link/3LelkTi

⚡ Amperon, a Houston-based grid forecasting startup, raised funding from Samsung Ventures. axios.link/4qXeIYt

🚑 Clue, a period and cycle tracking app, raised funding from Verdane. axios.link/4qgLLqu

• 1315 Capital invested in Coating Place, a Verona, Wis.-based CDMO. axios.link/4qg7YVC

• Affinity Partners is sponsoring a merger of workout booking app ClassPass with German connected fitness startup EGYM, with the combined company to be valued at $7.5b. Participating insiders include Vista Equity Partners, Temasek, and L Catterton. axios.link/4pLg4oj

🚑 Ardian invested in IVB Wellness Lab, a Spanish developer of dietary supplements. axios.link/3LjQyZb

• Colt Group, a Capstreet portfolio company, acquired Watertap, a provider of line intervention services for utilities and contractors in the Great Lakes region. coltgrp.com

🚑 EQT is weighing an offer for Oxford Biomedica (LSE: OXB), a U.K.-based gene therapy company with around a £971m market cap. axios.link/3YGe1GV

• Exegy, a Marlin Equity Partners portfolio company, acquired NovaSparks, a French provider of real-time market data normalization and distribution solutions. axios.link/49KRGxc

🚑 GTCR completed its C$2.2b take-private acquisition of Dentalcorp, a Canadian dental practice network. axios.link/470xtDa

• Neuberger Berman agreed to invest up to $1.2b into Dallas-based tax advisory and software provider Ryan at a $7b valuation, per Bloomberg. axios.link/4qmuxIc

• Pamlico Capital invested in CalcFocus, a Philadelphia-based provider of policy administration and illustration solutions to insurers. axios.link/4sH4gGd

• Seatex, backed by The Riverside Co., acquired Key Polymer, a Lawrence, Mass.-based maker of adhesives, sealants,. and coatings. axios.link/45cDqM3

• Tecomet, a Charlesbank Capital Partners-backed contract manufacturer for med-tech and defense, agreed to merge with Nordic Capital portfolio company Orchid Orthopedic Solutions. axios.link/4b0ou7s

• Warburg Pincus acquired a minority stake in myKaarma, a Long Beach, Calif.-based provider of service lane solutions for auto dealers, from H.I.G. Capital. axios.link/4qYk71E

🔥 Wind Point Partners agreed to acquire Hiller, a Mobile, Ala.-based provider of fire and life safety services, from Littlejohn & Co. axios.link/49WqjkI

• YA Group, a THL Partners portfolio company, acquired InQuis, an expert witness and consulting firm focused on life-care planning, vocational rehabilitation, and wage loss analysis axios.link/49UA6b5

• Agibank, a Brazilian consumer bank, filed for a U.S. IPO. It plans to list on the NYSE (AGBK) and reports around $1b in revenue for the year ending Sept. 30, 2025. axios.link/4pZidNn

• CK Hutchison (HK: 0001) will seek around a $30b valuation for its retail unit (A.S. Watson) listings in Hong Kong and London, per Reuters. axios.link/4jKu8No

• OneIM Acquisition, a SPAC formed by execs of OneIM, raised $250m in its IPO. axios.link/44DpH0z

• Lone Star Funds agreed to sell Senqcia, a Japanese provider of building products and solutions, to Noritsu Koki (Tokyo: 7744) for around $519m. axios.link/4bzBBwC

🚑 Boston Scientific (NYSE: BSX) agreed to buy cardio-focused medical device maker Penumbra (NYSE: PEN) for around $14.6b in cash and stock, or $374 per share (19% premium over yesterday's closing price). axios.link/3Nv9WD0

• Mitsubishi Electric (Tokyo: 6503) is seeking to sell its auto equipment business, which could fetch around $1.9b. axios.link/4pEFPGA

• U.K. antitrust regulators will require Aramark (NYSE: ARMK) to sell axios.link/3Nmaj2Y

• H.I.G. Capital raised €1.6b for its fourth European midmarket fund. axios.link/4jGYdgA

• New Mountain Capital raised $1.2b for its second non-control PE fund. newmountaincapital.com

• BGF promoted Ben Barker to chief investment officer. axios.link/45dQ7pV

• Hg launched a GP-led secondaries practice by hiring Dushy Sivanithy and Daniel Ward from CPP Investments. hgcapital.com

• Iconiq promoted Murali Joshi to general partner. axios.link/4re5Ca7

• Revelstoke promoted Will Oliver to partner. axios.link/459mvKu

• Amir Malayery joined Insight Partners to launch a secondaries practice. He previously was with Industry Ventures. axios.link/45bJzrS

• Rohan Ranadive joined GTCR as a managing director and CFO, succeeding the retiring Anna May Trala. He previously was with Vista Equity Partners. axios.link/49SNcWd

Bark, the pet product brand known for its BarkBox subscription service, went public in 2021 via a SPAC at around a $1.6 billion valuation.

• Since then, it's performance can be summed up with a single word: Woof.

Driving the news: Company founder and CEO Matt Meeker wants to take Bark private, with a nonbinding offer of $0.90 per share.

• He's joined by several venture capital firms that still hold shares, including RRE Ventures, Resolute Ventures, Founders Circle Capital, and Ironbound Partners Fund.
• That announcement resulted in a rival nonbinding bid of $1.10 per share from GNK Holdings and Marcus Lemonis (the serial CEO who has a reality show on CNBC).

I reached out to both Meeker and a spokesperson for Lemonis, but neither agreed to an interview. Bark said in a filing that it's forming a special committee to examine the offers.