In 1984, Romney left Bain & Company to co-found and lead the spin-off private equity investment firm, Bain Capital. He had initially refrained from accepting Bill Bain's offer to head the new venture, until Bain rearranged the terms in a complicated partnership structure so that there was no financial or professional risk to Romney. Bain and Romney raised the $37 million in funds needed to start the new operation, which had seven employees. Romney held the titles of president and managing general partner. Though he was the sole shareholder of the firm, publications also referred to him as managing director or CEO.