Stephen Pagliuca will become co-chairman of Bain Capital.
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By Dan Primack
April 7, 2016

Bain Capital is reorganizing its senior management and rebranding a number of its business units, according to an investor memo obtained by Fortune.

The Boston-based investment firm has named longtime partners Josh Bekenstein and Steve Pagliuca as co-chairman, while John Connaughton and Jonathan Lavine will become co-managing partners.

Bekenstein and Pagliuca will maintain their roles as partners and active investors within Bain Capital’s private equity business, while also focusing on broader strategic issues for the overall firm. Connaughton and Lavine will be “setting the strategic direction of the partnership and managing the firm day-to-day.”

All of this is a bit of a change for Bain Capital, which traditionally has employed a flat structure in senior management. The goal appears to be fostering greater collaboration across Bain’s various business units, which include private equity, venture capital, credit, and hedge funds. The changes do not reflect any back-end economic changes in terms of firm ownership.

In related news, all of the firm’s business units plan to rebrand with the “Bain Capital” name. That doesn’t mean much for the core private equity or Bain Capital Ventures groups, but will result in credit unit Sankaty Advisors being renamed Bain Capital Credit and hedge fund business Brookside Capital being renamed Bain Capital Public Equity.

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Bain Capital declined comment, via a spokesman.

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