AVCJ Private Equity & Venture Forum - Japan 2022
The premier private equity & venture forum in Japan
The Conrad, Tokyo and online
2023 Forum Demographics
See what our delegates said about the AVCJ Japan Forum:
The event was a very fruitful get together with many industry professionals after COVID. I really felt AVCJ came back strongly to Japan this year, and this event is necessary for the Japan market to energize the PE industry.
AVCJ Japan Forum is "the event" for any professionals that have investment interest in Japan. Every year, hundreds of GPs and LPs around the world gather to exchange ideas, share perspectives and network in order to better invest in Japan.
I was delighted to be a part of AVCJ Japan Forum, which again proved to be one of the most important PE event in Japan in terms of the quality of speakers and participants. The forum provided us with an opportunity to meet industry experts and update what was going on in the domestic and global PE market. I am looking forward to joining the Forum next year.
It was another year of success for AVCJ Japan with strong turnout both online and offline. We were able to build relationships with LPs as well as exchange insights with the industry experts.
Event highlights
Companies who attended last year:
- Adamantem Capital
- Adams Street Partners
- Advantage Advisors
- Advantage Partners
- Aflac Japan
- Akebono Asset Management
- Alpinvest Partners
- Alter Domus
- Alternative Investment Capital
- ANRI
- Ant Capital Partners
- Antelope Career Consulting
- Aozora Bank
- Apollo Global Management
- Aramco Asia Japan
- Archipelago Capital Partners
- Ardian Japan
- Ares Management
- Ark Totan Alternative
- Asahi Kasei Corporation
- Asahi Kasei Pension Fund
- Asahi Mutual Life Insurance
- Asia Alternative Advisor
- Asset Management One Alternative Investments
- Atago Advisors
- Bain Capital
- Bain Capital Credit
- Bank Julius Baer & Co
- Bank of Yokohama
- Barclays
- Baring Private Equity Asia
- Berkeley Research Group
- BFG Capital Partners
- BlackRock
- Brookfield Asset Management
- Brown Brothers Harriman Securities
- Cambridge Asset Management
- Campbell Lutyens
- Capital Dynamics
- Capstone Partners
- CarVal Investors
- CCV
- CD&R
- CDPQ
- Cerberus Asia Pacific Advisors
- China Growth Capital
- China Investment Corporation
- CLSA Capital Partners
- Coller Capital
- Concord Ventures
- Coral Capital
- Cotton Ginsberg Capital Partners
- Crosspoint Advisors
- CVC Asia Pacific
- CVC Capital Partners
- Daido Life Insurance Company
- Daiwa Fund Consulting
CERTIFIED BY THE CPD CERTIFICATION SERVICE
Japan Private Equity & Venture Forum
10 CPD points can be claimed after attending the event
For further information on CPD accreditation please visit: www.cpduk.co.uk
Lead Sponsors
BlackRock
https://www.blackrock.com/institutions/en-axj/strategies/alternativesBlackRock's private markets platform serves investors seeking outperformance in infrastructure, private debt, private equity, real estate, and multi-alternatives solutions. We strive to bring our investors the highest quality opportunities by drawing upon our global footprint, superior execution capabilities, proprietary technology, and position as a preferred partner. As of March 31, 2024, BlackRock manages US$330 billion in liquid and illiquid alternative investments and commitments on behalf of clients worldwide.
Goldman Sachs
https://www.goldmansachs.com/Goldman Sachs is one of the world’s leading investors in alternative investments. With over 30 years of experience, we invest in the full spectrum of alternatives, including private equity, growth equity, credit, real estate, infrastructure, ESG, and absolute-return strategies. Our clients access these solutions through our direct proprietary strategies, customized strategic partnerships, and open-architecture programs.
Our alternative investment teams represent over 1,300 professionals, across 31 offices around the world. We leverage the depth and breadth of global relationships across Goldman Sachs to identify investment opportunities, drawing on our firm-wide capital market insights, industry research, and risk management platforms. We extend these capabilities to the world’s leading pension plans, sovereign wealth funds, governments, financial institutions, endowments, foundations, family offices and individuals, for which we invest or advise on over $300 billion of alternative investments.
We would be pleased to discuss your alternative investments with you. Please contact us at GS-Alternatives@gs.com
Asia Series Sponsor
KPMG Japan
https://www.kpmg.com/jpKPMG is a leading provider of Audit, Tax and Advisory services to private equity worldwide.
Our Private Equity group brings together our top transaction advisory, deal origination, technology, value creation, and tax professionals to support our clients with global best practices and local expertise in every situation. We combine industry specialization with a deep understanding of the requirements of private equity as we help our clients grow portfolio value and achieve outstanding returns over the entire investment cycle.
We help our clients execute deals with greater insight, confidence, speed, and decision-making quality. Post investment, we help private equity funds and their portfolio companies identify and grow value in a diverse range of areas such as aligning IT strategy with the business model, turning ESG into a competitive advantage, optimizing operations to unlock cash and grow earnings, digitally empowering the business with new technologies, and many others. Depending on the exit route, we also help prepare companies for IPO or manage the sale process. In addition, we help private equity and their portfolios achieve effective tax compliance and manage tax risks while controlling costs and enhancing returns.
KPMG – Dedicated to Private Equity. Dedicated to your success.
Knowledge Partner
Bain & Company
https://www.bain.comWe're a global consultancy that helps the world’s most ambitious change makers define the future.
Across 65 cities in 40 countries, we work alongside our clients as one team with a shared ambition to achieve extraordinary results, outperform the competition, and redefine industries. We complement our tailored, integrated expertise with a vibrant ecosystem of digital innovators to deliver better, faster, and more enduring outcomes.
Our 10-year commitment to invest more than $1 billion in pro bono services brings our talent, expertise, and insight to organizations tackling today’s urgent challenges in education, racial equity, social justice, economic development, and the environment.
We earned a platinum rating from EcoVadis, the leading platform for environmental, social, and ethical performance ratings for global supply chains, putting us in the top 1% of all companies.
Since our founding in 1973, we have measured our success by the success of our clients, and we proudly maintain the highest level of client advocacy in the industry.
Co-Sponsors
Adams Street Partners
http://www.adamsstreetpartners.comAdams Street Partners is a global private markets investment manager with investments in more than thirty countries across five continents. Adams Street’s 90+ investment professionals focus on five strategies: primary fund partnerships, secondary transactions, co-investments, direct growth equity company investments, and private credit deals. Adams Street strives to generate actionable investment insights across market cycles by drawing on 50 years of private markets experience, proprietary intelligence, and trusted relationships. The firm is 100% employee-owned and has $51 billion in assets under management. Adams Street maintains a worldwide presence with offices in Austin, Beijing, Boston, Chicago, London, Menlo Park, Munich, New York, Seoul, Singapore, and Tokyo.
Advantage Partners
http://www.advantagepartners.com/en/Advantage Partners was founded by Richard Folsom and Taisuke Sasanuma in 1997 and is a leading provider of services to private equity and similar funds focused on the Japanese and Asian markets. Advantage Partners has been providing services to funds since 1997, when the firm established the first buyout fund in Japan. Funds served by Advantage Partners have invested in more than 120 companies representing total invested capital of over JPY400 billion across a wide range of industries and sectors. Advantage Partners has offices in Tokyo, Hong Kong, Singapore and Shanghai, and has plans to open an office in Mumbai later this year.
CVC
https://www.cvc.com/CVC Capital
CVC is a leading private equity and investment advisory firm with a network of 25 offices throughout Europe, Asia and the US, with approximately €137 billion of assets under management. CVC has six complementary strategies across private equity, secondaries and credit, for which we have secured commitments in excess of €165 billion from some of the world's leading institutional investors across its private equity and credit strategies. Funds managed or advised by CVC are invested in over 100 companies worldwide, which have combined annual sales of approximately €100 billion and employ more than 550,000 people. For further information about CVC please visit: www.cvc.com. Follow us on LinkedIn.
CVC Asia
CVC has one of the largest and longest-established pan-regional office networks of any private equity business in Asia and has been active in the region since 1999. CVC's Asia private equity strategy is focused on control, co-control and structured minority investments in high quality businesses in core consumer and services sectors across Asia. Typical enterprise values are between $250 million and $1.5 billion. For further information about CVC’s Asia Pacific funds please visit: www.cvc.com/private-equity/asia.
BPEA EQT
https://www.eqtgroup.comBPEA EQT is part of EQT, a purpose-driven global investment organization in active ownership strategies. BPEA EQT combines the private equity teams from Baring Private Equity Asia (BPEA) and EQT Asia, creating a comprehensive Asian private equity presence with local teams in eight cities across the region, a 25-year heritage, and more than USD 25 billion of capital deployed since inception. In addition to BPEA EQT, EQT’s strategies in the region include EQT Infrastructure and the real estate division EQT Exeter.
EQT is a purpose-driven global investment organization focused on active ownership strategies. With a Nordic heritage and a global mindset, EQT has a track record of almost three decades of delivering consistent and attractive returns across multiple geographies, sectors and strategies. Uniquely, EQT is the only large private markets firm in the world with investment strategies covering all phases of a business’ development, from start-up to maturity. Private Capital comprises four Business Lines: Private Equity, Ventures, Public Value and Growth. EQT has grown its Private Capital segment rapidly whilst achieving strong returns throughout its history. Real Assets comprises two Business Lines: Infrastructure and EQT Exeter.
With its roots in the Wallenberg family’s entrepreneurial mindset and philosophy of long-term ownership, EQT is guided by a set of strong values and a distinct corporate culture. EQT manages and advises funds and vehicles that invest across the world with the mission to future-proof companies, generate attractive returns and make a positive impact with everything EQT does.
Globis Capital Partners
http://www.globiscapital.co.jp/enGlobis Capital Partners is one of Japan's leading independent venture capital firm that primarily invests in Japanese startups from early stage to pre-IPO stage. Globis has managed seven funds totaling over JPY 180 billion, including latest Globis VII (final closed in March 2023 at JPY 72.7billion). All closed funds were ranked in the top quartile in global VC benchmarks in their respective vintage years, and it has multiple unicorn and unicorn potential startups in its current portfolio. About 90% of LPs are institutional investors both from and outside of Japan.
Globis almost always leads rounds and provides hands-on management support to its portfolio companies through board participation by its capitalists as well as tactical support by its value-add team GCP X. In addition, in April 2023 Globis opened a new office in San Francisco to strengthen support for the global expansion of its portfolio companies.
With its unique combination of western style investment expertise obtained through a joint venture with Apax Partners and Japan-local business expertise through Globis Group, which runs No.1 MBA program in Japan, Globis continues to lead the VC market in Japan.
HarbourVest
https://www.harbourvest.comHarbourVest is an independent, global private markets firm with 40 years of experience and more than $125 billion assets under management as of December 31, 2023. Our interwoven platform provides clients access to global primary funds, secondary transactions, direct co-investments, real assets and infrastructure, and private credit.
Japan Industrial Solutions
https://www.jis.co.jp/en/Japan Industrial Solutions, Ltd. (JIS) was jointly established as a private equity asset manager in 2010 by four top Japanese banks: Development Bank of Japan Inc., Mizuho Bank, Ltd., Sumitomo Mitsui Banking Corporation, and MUFG Bank, Ltd.
JIS raised 100 billion yen for JIS Fund I and 105 billion yen for JIS Fund II respectively. By utilizing various instruments such as common stocks, class stocks, convertible bonds, and term loans, JIS invests in medium to large Japanese corporations with its focus on corporate turnaround, reorganization, business succession and support for growth, and has invested in 15 companies so far.
JIS is fully committed to providing optimal solutions to the companies it invests in as a vital partner by drawing on its strength—collaboration with highly dependable sponsors and access to a wide-ranging network of resources and experts.
Lexington Partners
http://www.lexingtonpartners.comLexington Partners is a leading global alternative investment manager primarily involved in providing liquidity solutions to owners of private equity and other alternative investments and in making co-investments alongside leading private equity sponsors. Lexington Partners is one of the largest managers of secondary acquisition and co-investment funds with $55 billion in committed capital since inception. Lexington has acquired over 3,900 secondary and co-investment interests through more than 1,000 transactions with a total value in excess of $69 billion, including $17 billion of syndications. Lexington also invests in private investment funds during their initial formation and has committed to more than 550 new funds in the U.S., Europe, Latin America, and the Asia-Pacific region. Lexington has offices strategically located in major centers for private equity and alternative investing - New York, Boston, Menlo Park, London, Hong Kong, Santiago, São Paulo and Luxembourg.
NSSK
http://www.nsskjapan.com/enNippon Sangyo Suishin Kiko Ltd. (NSSK) is an investment firm established in 2014 and a leader in Japan’ s middle market for buyout transactions.
NSSK believes that implementing an Environmental, Social and Governance (“ESG”) policy is socially responsible and can also improve the returns in our investment portfolio. Since the establishment of NSSK, we have embedded the ESG principles in our investment process.
In addition to its flagship funds, NSSK currently manages a total of five investment funds dedicated to impact investing in regional markets in Japan. Major ESG highlights for our portfolio companies include a 12% increase in the number of jobs, 40% of CEO/COOs being Women or Minorities, 78% of our total employee base of over 5,000 being Women, and 49% of managerial positions being held by Women. NSSK is a UN PRI Signatory and the first Japan based GP to become a signatory of the Operating Principles for Impact Management. Please visit www.nsskjapan.com to read about the successful and exciting ESG outcomes and initiatives driven by NSSK’s employees as highlighted in our ESG Annual Report.
Pantheon
https://www.pantheon.comPantheon is a leading global private equity, infrastructure, real assets and debt fund investor that has invested on behalf of over 585 investors, including public and private pension plans, insurance companies, endowments and foundations, over four decades. Founded in 1982, our eight global offices include three in Asia, in Hong Kong, Seoul and Tokyo from which the firm has operated since 1992, 2014 and 2018 respectively. Pantheon has developed an established reputation in primary, co-investment and secondary private asset solutions across all stages and geographies. Our investment solutions include customized separate account programs, regional primary fund programs, secondaries, co-investment, infrastructure and real assets programs. As at March 31st, 2019 Pantheon had $46.3 billion assets under management and we currently have around 300 global employees. Pantheon is majority-owned by Affiliated Managers Group Inc. (“AMG”), alongside senior members of the Pantheon team.
Schroders Capital
https://www.schroderscapital.comSchroders Capital
Schroders Capital provides investors with access to a broad range of private asset investment opportunities, portfolio building blocks and customised private asset strategies. Its team focuses on delivering best-in-class, risk-adjusted returns and executing investments through a combination of direct investment capabilities and broader solutions in all private market asset classes, through comingled funds and customised private asset mandates.
The team aims to achieve sustainable returns through a rigorous approach and in alignment with a culture characterised by performance, collaboration and integrity.
With $90.6 billion (£75.3 billion; €84.8 billion)* assets under management, Schroders Capital offers a diversified range of investment strategies, including real estate, private equity, secondaries, venture capital, infrastructure, securitised products and asset-based finance, private debt, insurance-linked securities and BlueOrchard (Impact Specialists).
*Assets under management as at 31 December 2022 (including non-fee earning dry powder and in-house cross holdings)
For more information, visit us at www.SchrodersCapital.com.
Schroders plc
Founded in 1804, Schroders is one of Europe’s largest independent investment management firms by assets under management. As at 31 December 2022, assets under management were £737.5 billion. The founding family remain a core shareholder, holding approximately 44% of the firm’s shares. Schroders has continued to deliver strong financial results. It has a market capitalisation of circa £7 billion and employs over 6,000 people across 38 locations.
Schroders has benefited from the most diverse business model of any UK asset manager by geography, by asset class and by client type. Schroders offers innovative products and solutions across their five business areas of solutions; institutional; mutual funds; private assets & alternatives; and wealth management. Clients include insurance companies, pension schemes, sovereign wealth funds, endowments and foundations. They also manage assets for end clients as part of their relationships with distributors, financial advisers and online platforms. Schroders’ Wealth Management offering reflects their strategic ambition to provide wealth management and financial planning services to clients across the wealth spectrum.
Schroders’ strategic aims are to grow their asset management business, build closer relationships with end clients and expand their private assets and alternatives business. Schroders’ purpose is to provide excellent investment performance to clients through active management. The business channels capital into sustainable and durable businesses to accelerate positive change in the world. Schroders’ business philosophy is based on the belief that if we deliver for clients, we deliver for Shareholders and other stakeholders.
For more information, visit us at www.Schroders.com.
The Longreach Group
http://www.longreachgroup.comThe Longreach Group is an established independent private equity firm with offices in Hong Kong and Tokyo. The firm focuses on Japan and related Greater China control buyouts in the mature industrial and technology, consumer, business services and financial services sectors. The firm manages three Funds which have accumulated approximately US$2.1 billion of committed limited partner and co-investment capital and has a strong track record of portfolio company value creation and realizations.
Longreach currently has 14 investment professionals located in Tokyo and Hong Kong. The firm also enjoys the support of prominent and highly committed Advisors located in Tokyo, Taipei, Shanghai, New York, London and San Francisco.
Wellington Management
https://www.wellington.com/en/private-equityTracing its history to 1928, Wellington Management is one of the world’s largest independent investment management firms, serving as a trusted adviser to over 2,400 clients in more than 60 countries. The firm manages more than US$1.4 trillion, including US$32.1 billion in alternatives. As a private partnership whose only business is investment management, the firm is able to align its long-term views and interests with those of its clients. The firm offers comprehensive investment management capabilities that span nearly all segments of the global capital markets, including equity, fixed income, multi-asset, sustainable investing, and alternative strategies as well as private assets.
Our private equity team includes specialists who draw on our backgrounds as entrepreneurs, doctors, and scientists. We tap into the firm’s broad investment capabilities, and believe our reputation, deep industry expertise, and asset size attract a wide range of potential private investments. We invest globally in a wide range of deals across the private market spectrum and are able to invest in small private companies as well as participate in large capital raises.
All figures are for the Wellington Management Group of companies as of 31 December 2021.
Weru
https://www.weruinvest.com/WERU Investment is the first university-fueled asset management company in Japan. Our goal is to drive innovation and corporate growth through the capital market. We hold a discretionary investment management license in Japan and manage VC, PE, equity, and credit funds catering to our clients’ needs.
In our venture capital investment, we invest in global seed and early stage technology startups, investing in innovation and new businesses not only in Japan but around the world. In particular, we build original hypotheses from insights garnered through abductive research of industry and technology trends, taking a long-term perspective in investment and support of seed and early stage startups to grow as born-global companies.
Networking Coffee Break Sponsor
Intralinks
https://www.intralinks.comIntralinks, an SS&C company, is a leading financial technology provider for the global dealmaking, alternative investments and capital markets communities. As pioneers of the virtual data room, our technology enables and secures the flow of information, empowering our customers to work more productively and with complete confidence. Intralinks facilitates strategic initiatives such as mergers and acquisitions, corporate lending, debt sales, capital raising and investor reporting. Our solutions enhance these activities by streamlining operations, reducing risk, improving client experiences and increasing visibility. We’ve earned the trust and business of more than 99 percent of the Global Fortune 500 and have executed over $35 trillion in financial transactions on our platform.
SUPPORTING ORGANISATIONS
ILPA
https://ilpa.orgThe Institutional Limited Partners Association (ILPA) is the leading global, member-driven organization dedicated to advancing the interests of private equity limited partners through industry-leading education programs, independent research, best practices, networking opportunities and global collaborations. Initially founded as an informal networking group, the ILPA is a voluntary association funded by its members. ILPA membership has grown to include almost 400 organizations from around the world representing almost 50% of global institutional assets under management in private equity.
VEC
In order to support the development of startup companies in Japan, Venture Enterprise Center (abbreviated as VEC) was established as an organization approved by Minister of Economy, Trade and Industry (former Minister of International Trade and Industry) in 1975.
Since establishment, VEC had been engaged in debt guarantee operation (this service ended in FY 2001).
Currently, instead of this, we are conducting various startup business supporting activities such as "Provision of Research Information" in which we investigate the investment trends of venture capital, "Policy Proposal" through research and study on specific issues, and "Development of Entrepreneurial Environment" to promote the communication between the new entrepreneurs and supporters.
MEDIA PARTNER
Asia Business Law Journal
https://law.asia/Vantage Asia produces Law.asia, a leading online resource for in-house counsel and lawyers in private practice. It also publishes three market-leading magazines, Asia Business Law Journal, China Business Law Journal and India Business Law Journal, which provide in-depth analyses of legal and regulatory challenges facing domestic and international businesses around the region. enquiries@law.asia
PHILANTHROPY PARTNERS
JVPF
http://www.nippon-foundation.or.jpJapan Venture Philanthropy Fund (JVPF) is the first full-scale venture philanthropy fund in Japan established with an initial capital of 100 million JPY by the Nippon Foundation and Social Investment Partners. Our mission is to cultivate social entrepreneurs and their enterprises to increase their social impact and bring solutions to social problems. JVPF provides NPOs and social enterprises with mid-and long-term financial and management support collaborating with professional pro bono partners including Bain & Company, Clifford Chance Law Office, and Vox Global Japan.
Social Investment Partners (SIP)
Founded by PE/VC professionals and social enterprise support experts in 2012, SIP co-established Japan Venture Philanthropy Fund (JVPF), the first full-fledged venture philanthropy fund in 2013, together with the Nippon Foundation (*) and have raised JPY1,087mil, partnered for pro-bono support with 6 professional firms, and invested in 15 organizations (of which 8 have “exited” as or March 2024). JVPF provides mid-term financial and professional management resources to social purpose organizations in areas leading to next generation development, selected through social impact scalability, operation sustainability and management leadership.
*From April 2023 JVPF is co-operated with Social Innovation and Investment Foundation (SIIF, a subsidiary of the Nippon Foundation).
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