Bain Capital Eyes New Airline Deals After Virgin IPO Success

Bain Capital is exploring new airline investment opportunities following the partial divestment of its stake in Virgin Australia. The U.S.-based private equity firm sold 30% of its holdings during the airline’s IPO in late June 2025, raising AUD685 million (USD446 million) and tripling its initial investment. Bain still retains nearly 40% of Virgin Australia, remaining its largest shareholder.

According to Bloomberg, Bain’s success with Virgin Australia has shifted its perspective on aviation as a viable investment sector. Mike Murphy, the partner who led the initial acquisition, confirmed that the firm is open to investing in other airlines globally. “We would absolutely be up for it again in a different geography in a different context,” Murphy said, noting the firm has already considered potential opportunities in India.

Bain acquired Virgin Australia in 2020 for around AUD700 million (USD450 million) after the airline entered voluntary administration, taking on AUD5.15 billion (USD3.3 billion) in debt. The recent IPO saw Virgin Australia Holdings Limited relist on the Australian Securities Exchange under the ticker symbol VGN.

The carrier’s remaining ownership includes Qatar Airways (23%), Virgin Group, and the Queensland Investment Corporation. ch-aviation reached out to Bain Capital for further comment, but the firm stated there were no new announcements at this time.

Virgin Australia operates a fleet of 117 aircraft, including Boeing 737-700s, 737-8s, 737-800s, 777-300ERs, and various regional aircraft such as Fokker 100s, F70s, and Saab 340Bs, supporting a mix of domestic and international routes.

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Sources: AirGuide Business airguide.info, bing.com, ch-aviation.com