Exclusive: Longtime Bain Capital Exec Retires

December 22, 2015, 6:02 PM UTC

Paul Edgerley is stepping down as a managing director with Bain Capital, after a 27-year run, Fortune has learned.

The Boston-based private equity firm informed investors of his decision last night via email, with Edgerley expected to transition into a part-time advisor and mentor role.

Edgerley joined Bain Capital in 1988, and was named a managing director two years later. He has primarily focused on the industrial and energy sectors, with a particular interest in Asia, and currently sits on the boards of such companies as Sensata Technologies (ST), MYOB Holdings (Australia), HeroMotoCorp. (India), TI Automotive and Apex Tool Group. He will retain the MYOB, TI Automotive and Apex Tool seats going forward.

Earlier deals included HD Supply (HDS) and Sealy Corp.

Edgerley also is a limited partner in the Boston Celtics ownership group, which is co-led by Bain colleague Steve Pagliuca.

From the firm’s email to investors:

Over the course of his career, Paul distinguished himself as an outstanding investor with keen insights and instincts, playing a key role in our investment committee process as well as demonstrating an ability to work with companies and executives to help them achieve their full potential. While his contributions to Bain Capital’s success are too numerous to list in their entirety, there are some key accomplishments that were central to our firm’s growth. At a time when few private equity firms moved into new asset classes, Paul played an important role as a senior advisor in the founding and early development of Brookside Capital. He was one of the partners who recognized a new strategic opportunity for expansion into Asia, helping to create the investment strategy and build the team. His guidance was critical to the establishment of our portfolio group, which has become one of our key levers in growing great companies. And, he led the industrials vertical which has made investments in more than 50 companies since its inception.

A Bain Capital spokesman declined comment.

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