Bain Capital co-chair Steve Pagliuca is retiring after a 34-year career at the private equity firm.

Pagliuca will remain a senior adviser at the firm, and will continue to be involved in the portfolio companies in which he holds a board seat, and he will be a significant investor in Bain’s funds, part of a plan put in place years ago, he said. Co-managing partners John Connaughton and Jonathan Lavine will continue to run Bain, roles they assumed in 2016.