Mark Nunnelly, a longtime managing director of Bain Capital, has retired from the Boston-based private equity firm, a person briefed on the matter said on Thursday.
Mr. Nunnelly’s retirement took effect in January, when Bain began making investments from a new private equity fund, said the person, who was not authorized to speak publicly on the matter. Mr. Nunnelly, 55, will continue to serve on the boards of a number of Bain’s portfolio companies.
Private equity firms typically raise new funds from investors every few years, and each fund has a lifespan of about a decade, requiring a significant time commitment. In this case, Mr. Nunnelly chose not to sign up as an investor with Bain’s new fund, the person briefed on the matter said.
Bain finished raising the fund in April with $7.3 billion in capital.
Mr. Nunnelly, a graduate of Harvard Business School, joined Bain Capital in 1989 after working as a partner at Bain & Company, the management consulting firm from which Bain Capital was created. He previously worked in product management at Procter & Gamble.
Though he has given up his investing role, Mr. Nunnelly will continue to serve on the boards of the Apple Leisure Group, a travel and resort company; Atento, a call center operator; BMC Software, an enterprise software company; Genpact, an outsourcing company; and Bloomin’ Brands, which operates Outback Steakhouse and other restaurant chains.
News of Mr. Nunnelly’s departure was reported earlier by Fortune online.