• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

The pig in the python: Baby Boomers are strangling the economy they built by refusing to move or retire

2

The U.S. campaigned to host the World Cup. Now soccer fans will trade their countries' train system for the U.S.'s 'D' rated infrastructure

3

Jeff Bezos wants the bottom half of earners to pay zero income tax—he says nurses making just $75K should save $12K a year

1

The pig in the python: Baby Boomers are strangling the economy they built by refusing to move or retire

2

The U.S. campaigned to host the World Cup. Now soccer fans will trade their countries' train system for the U.S.'s 'D' rated infrastructure

3

Jeff Bezos wants the bottom half of earners to pay zero income tax—he says nurses making just $75K should save $12K a year

Bain opens up on Romney

By
Dan Primack
Dan Primack
Down Arrow Button Icon
By
Dan Primack
Dan Primack
Down Arrow Button Icon
March 13, 2012, 10:00 PM ET

Bain Capital tries to set the record straight.

Bain Capital has become America’s most famous private equity firm, thanks to the presidential aspirations of firm founder Mitt Romney. But it hasn’t publicly discussed Romney, nor has it responded to the numerous attacks on its track-record. Until today.

Fortune has obtained a three-page letter Bain sent to its private equity investors, discussing both its unwanted media attention and information about the firm’s recent performance. Most notably, Bain says that it takes “no public position on any candidate,” and that “Bain Capital itself is separate from politics.”

From the letter:

Most of you have been our partners for many years, and you know that we prefer to maintain a low public profile and to devote our energies to the work we do on your behalf. That hard work continues with enthusiasm, despite an unusual amount of media attention on the firm due to the presidential campaign. We have been most heartened by your support, since you are the ones who know us the best.

It also has been gratifying to see and read the unsolicited support of numerous commentators and experts, and that many reporters and editorial pages have made a concerted effort to explain the strong record of our firm despite a lot of sensationalist rhetoric and political noise.

While we have a great deal of respect across our partnership for all those who pursue public service, including President Obama and Governor Romney, we are not a political organization and take no public position on any candidate. Many of our Managing Directors and employees make individual decisions to support causes and political candidates espousing a range of views, but we assure you that Bain Capital itself is separate from politics.

Mark Twain’s famous witticism, “Get your facts first, and then you can distort them as much as you please,” has unfortunately become a hallmark of today’s political process. The Washington Post Fact Checker recently labeled one of the widely publicized attacks on Bain Capital’s business record an “overthe-top assault,” and admonished that there is “no excuse for this highly misleading portrayal.”

The letter, signed by Bain’s managing directors, then goes on to defend the firm’s record, saying that revenue increased at 80% of the 350 companies in which it has invested, and that less than 5% of the companies it controlled filed for bankruptcy protection.

It also says that its current portfolio employs over 1 million people, and that Bain itself has more than 900 employees. At the same time, it maintained its position that “calculating net job growth across a portfolio of companies is difficult to do with precision” — a stance at odds with Romney’s regular claim that he knows how many net jobs were created at Bain during his leadership.

The letter concludes with a tacit acknowledgement that Bain’s media profile has caused some headaches for investors and portfolio company management, thanking them for having patience.

Sign up for my daily email newsletter on deals and deal-makers: GetTermSheet.com

About the Author
By Dan Primack
See full bioRight Arrow Button Icon

Latest in

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in

Markets rejoice as deal to reopen Hormuz nears, but U.S. forces conduct ‘self-defense strikes’ on Iranian missile sites and boats laying mines
EnergyIran
Markets rejoice as deal to reopen Hormuz nears, but U.S. forces conduct ‘self-defense strikes’ on Iranian missile sites and boats laying mines
By Jason MaMay 25, 2026
4 hours ago
As the U.S. and Europe pull back from global climate aid, can Asian funders fill the gap?
Asiaphilanthropy
As the U.S. and Europe pull back from global climate aid, can Asian funders fill the gap?
By Angelica AngMay 25, 2026
8 hours ago
Rosewood Hotel Group institutes a global 16-week paid parental leave policy as Asia grapples with falling birth rates
AsiaHong Kong
Rosewood Hotel Group institutes a global 16-week paid parental leave policy as Asia grapples with falling birth rates
By Nicholas GordonMay 25, 2026
8 hours ago
Current refi mortgage rates report for May 25, 2026
Personal FinanceReal Estate
Current refi mortgage rates report for May 25, 2026
By Glen Luke FlanaganMay 25, 2026
10 hours ago
le
AIReligion
Pope Leo called AI an ‘instrument of domination, exclusion and death.’ Anthropic was in the room
By Nicole Winfield, Kaitlyn Huamani, Paolo Santalucia and The Associated PressMay 25, 2026
12 hours ago
g
North AmericaHolidays
Memorial Day is 161 years old — and its true origin was buried almost immediately
By The Associated PressMay 25, 2026
12 hours ago

Most Popular

The pig in the python: Baby Boomers are strangling the economy they built by refusing to move or retire
Economy
The pig in the python: Baby Boomers are strangling the economy they built by refusing to move or retire
By Nick LichtenbergMay 25, 2026
21 hours ago
The U.S. campaigned to host the World Cup. Now soccer fans will trade their countries' train system for the U.S.'s 'D' rated infrastructure
Travel & Leisure
The U.S. campaigned to host the World Cup. Now soccer fans will trade their countries' train system for the U.S.'s 'D' rated infrastructure
By Catherina GioinoMay 25, 2026
17 hours ago
Jeff Bezos wants the bottom half of earners to pay zero income tax—he says nurses making just $75K should save $12K a year
Success
Jeff Bezos wants the bottom half of earners to pay zero income tax—he says nurses making just $75K should save $12K a year
By Preston ForeMay 21, 2026
5 days ago
Elon Musk's best friend could make more than $100 billion from SpaceX's IPO. His firm is also owed billions by SpaceX
Investing
Elon Musk's best friend could make more than $100 billion from SpaceX's IPO. His firm is also owed billions by SpaceX
By Eva RoytburgMay 25, 2026
16 hours ago
A billionaire and an A-list actor found refuge in a 37-home Florida neighborhood with armed guards—proof that privacy is now the ultimate luxury
Real Estate
A billionaire and an A-list actor found refuge in a 37-home Florida neighborhood with armed guards—proof that privacy is now the ultimate luxury
By Marco Quiroz-GutierrezMay 25, 2026
17 hours ago
Uber CEO says rideshare 'freed up' his son from having to get a driver’s license—and he's one of many Gen Zers who aren’t willing to drive
Lifestyle
Uber CEO says rideshare 'freed up' his son from having to get a driver’s license—and he's one of many Gen Zers who aren’t willing to drive
By Sasha RogelbergMay 24, 2026
2 days ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.