AVCJ Private Equity & Venture Forum Japan 2023
The premier private equity & venture forum in Japan
The Conrad, Tokyo and online
Registration and refreshments
Presentation: Mergermarket - next-generation capabilities for M&A professionals
Global outlook: Navigating market turbulence
Geopolitical unrest, inflationary pressure, and rising interest rates have contributed to an uncertain investment environment. Investors in private markets must demonstrate agility to address these concerns while remaining mindful and strategically attuned to longer-term opportunities. Innovation – from uncovering new sources of capital and originating proprietary deal flow to careful deal structuring, meaningful value creation initiatives, and thoughtful exit planning – is increasingly important. Our panel of industry experts assess their responses to current market conditions.
- What constitutes a defensive investment opportunity?
- How do managers address geopolitical risk?
- What makes this cycle different from the last?
- How has the LP-GP relationship evolved over the last two years?
Networking Coffee Break
Sponsored by
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.
Japan update: Sustaining momentum
Could Japanese private equity emerge relatively unscathed from a downturn? Investors point to a mature and predictable economy, a flight to safety as capital looks for targets beyond emerging markets like China, tried and tested investment theses, and robust structural trends around corporate divestment. This doesn’t mean it will be easy – not least because certain sectors have struggled in recent years, exit timelines are being extended, and deal financing is harder to secure.
- How has the pace of investment changed in different market segments?
- What can GPs do to capture growth in Japan while being mindful of risk?
- Is there enough creativity in terms of exit planning?
- What progress is being made on ESG measurement and reporting?
Presentation - Five Considerations for Private Markets CIOs in 2023
Mid-market: Japan’s enduring sweet spot?
Providing solutions to companies founders who face succession challenges remains the lifeblood of Japan’s middle market. Private equity firms can also harvest plentiful low-hanging fruit by professionalising processes and management. Digitalisation is the relatively new trick in the operational playbook. It is incumbent on managers to ensure their skillsets are relevant, not only to take advantage of these opportunities but also to secure deals in an increasingly competitive marketplace. Our panellists offer their insights.
- Valuations and expectations – what has changed in the past two years?
- What does a downturn mean for middle-market deal flow?
- How is the M&A advisory landscape evolving?
- Is it becoming harder to raise a mid-cap fund?
Lunch
Buyouts: Betting bigger
Large-cap deal flow in Japan has risen in recent years, driven by corporate carve-outs and tender offers for listed companies. Investors were less active in 2022 than 2021, but Japan held up well compared to most markets in the region. Moreover, bullishness is stoked by a belief that divestments represent a long-term structural trend. This has led to fiercely contested auction processes and rich valuations, which means GPs must find more operational levers to pull.
- What can managers to do to differentiate themselves from the competition?
- Are activist investors becoming a more significant driver of deal flow?
- How much leveraged financing is available and on what terms?
- Will sponsor-to-sponsor transactions become the main source of deal flow?
LP viewpoint: Staying committed through the cycle
Institutional investors globally have been forced to contend with a shift from buoyant markets and the risk of under-allocation to private equity to volatility and the reality of over-allocation. The Japanese experience – as far as international portfolios are concerned – has been exacerbated by currency depreciation. Recent entrants to the alternatives space may consider pulling back, but wiser heads counsel maintaining exposure across cycles. A panel of experienced LPs offer insights into strategy and manager selection.
- Which geographies are most likely to generate alpha?
- How are LPs approaching currency hedging?
- Are GPs being disciplined enough on portfolio valuations?
- What are the expectations for distributions in 2023?
Networking Coffee Break
Sponsored by
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.
Operations: Making smart decisions amid uncertainty
Private equity investors globally have enjoyed more than a decade of benign economic conditions, cheap debt, and rising valuations. COVID-19 amounted to an unforeseen point of reckoning, but the fallout has been protracted. Investors are now facing a combination of macroeconomic and geopolitical challenges on a scale few have experienced. GPs are having to act decisively under pressure, whether that means shoring up portfolio companies, pivoting to new business models, or damage limitation on exit.
- How can GPs address supply chain and labour pressures in Japan?
- What is the key to effective communication with management teams?
- Can current operational improvement models in Japan deliver results in the current climate?
- How are companies being conditions to emerge stronger from the downturn?
End of day one
Cocktail reception
Japan Private Equity in 2023: Opportunity in turbulence
The Japan private equity market had another strong year in 2022 with deal value of ¥2.8T, nearly as high as 2021’s record of ¥3.2T. 2023 is also off to a good start. In a turbulent world, Japan PE benefited as investors shifted focus away from China, while the yen’s depreciation created opportunities. While fundamental growth drivers for the market continue to provide tailwinds, PE is now also winning a larger share of M&A deals, in line with other developed markets.
Turbulence is also a time of opportunity for PE portfolio companies. Activist-owned portfolio companies can outperform slower-moving competition with clear plans, active engagement, and greater speed to action. While doing so, PE in Japan will need to focus on exiting earlier and better, to ensure the strong growth in capital deployment is accompanied by increased distributions to LPs.
Bain Partners will review key market trends and recommendation for investors to succeed in today’s volatile environment.
Investment spotlight: Accessing the global opportunities
Many Japanese LPs have initiated or scaled up private markets investment programmes, making the country an increasingly recognised target on the global fundraising trail. They must assess which strategies, structures and geographies are most appropriate for growing programmes and then find the right partners. This is especially challenging when markets change course and track records become even more detached from expectations of future performance. Our experts consider the best ways to access global private equity.
- North America vs Europe – how do the risk-return dynamics compare?
- What are the key considerations when choosing investment partners?
- How should ESG factor into manager selection?
- Are global GPs doing enough to build relationships with Japanese LPs?
Venture capital: The next level
Japan’s VC managers are being asked the same questions as their global peers on valuation policies, portfolio exposure, and exit timelines. Beneath the surface, however, there remains a sense that the country’s start-up ecosystem is at an inflection point; that the investment opportunity, especially in areas like deep technology, has barely been tapped. Our panellists consider the characteristics that will define the next generation of local start-ups and how quickly they can achieve global scale.
- What makes Japan an attractive market for venture capital?
- Which will deliver the most alpha: deep tech, climate tech, or biotech?
- What has happened to growth-stage funding?
- How are investing thinking through their exit options?
Networking Coffee Break
Sponsored by
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.
Asia opportunities: A changing landscape
Private equity investment in Asia fell sharply in 2022 from the previous year, but still posted the second-highest annual total on record. The declines were most pronounced in emerging markets where much of the recent uplift was driven by growth-stage technology deals. Developed economies didn’t suffer as much. China remains a challenge for many investors, but the overarching question in all markets is whether managers can continue to thrive under very different economic conditions.
- Is sector specialisation becoming more pervasive in Asia?
- Which are the most attractive geographies for VC?
- What are the key due diligence questions when assessing Asian GPs?
- How are the LP bases of country-focused managers evolving?
Private debt: Finding the right strategies
The private debt proposition has always been predicated on filling the gap created by banks withdrawing from traditional lending. This may become even more pertinent in a challenging economic environment, but credit investors are also increasingly selective and mindful of downside protection and jurisdictional risk. An influx of sub-strategies – offered by specialists and multi-asset managers – means LPs have more access points than ever before. Our panellists share their views on how to navigate the market.
- What is top-of-mind for credit investors right now?
- How have credit strategies changed post-COVID-19?
- Are special situations and distress opportunities emerging in greater number?
- Are Japanese investors looking to access private credit in different ways?
Close of conference
Networking Lunch
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Tim Burroughs is managing editor of Asian Venture Capital Journal, having joined the publication in May 2011. He is responsible for all editorial content put out under the AVCJ brand, including Asian Venture Capital Journal, AVCJtv, AVCJ Awards and AVCJ.com. Tim previously spent five years at China Economic Review, serving as editor-in-chief and then editorial director. Located in Greater China since 2003, during which time he has lived in Beijing, Qingdao and Hong Kong, Tim has been a China-based contributor for publications including The Sunday Times, Sunday Telegraph, BBC and China Daily. Prior to moving to China, he trained and worked as a journalist in the UK. He was honored at the Society of Publishers in Asia awards in 2007, 2008 and 2010, and at the State Street Institutional Press Awards - Asia in 2012.
Isamu is a Partner and a member of the Client Service Team. He works closely with clients in the management of their portfolios, including providing assistance in the development and monitoring of their private equity programs. Additionally, he is actively involved in the portfolio construction and ongoing monitoring of the various fund of funds programs and separate accounts. Isamu is also involved in the development of consultant relationships.
Isamu spent 15 years with UBS Global Asset Management as a Managing Director and Head of Pension Funds Marketing. As a senior member of the Tokyo team, he was responsible for business development and relationship management of large institutional clients/consultants in Japan.
From 1990 to 1998, Isamu worked for LTCB, a Japanese bank for FX administration, corporate finance including company due diligence for loan lending, client relationship management and business development.
Isamu is a certificated member of the Securities Analyst Association of Japan (CMA).
Heads Japan Post Bank’s $30B private equity investment program and has been responsible for all aspects of its creation and construction. Prior to joining Japan Post Bank in January 2016, worked at Nippon Life Insurance Company, where he established and lead Nippon Life’s private equity operations in the US, and was also Head of Product Development at Nissay Asset Management Co. the asset management subsidiary of Nippon Life.
He has a Bachelor of Law degree from the University of Tokyo, LL.M. from the University of Michigan Law School, has passed the New York Bar Exam and also is a Chartered Member of the Security Analysts
Association of Japan.
Tadasu Matsuo leads JST’s alternative investment from January, 2022.
Before joining JST, he led HarbourVest Partners Japan as a managing director and co-head from April, 2020. As a head of alternative investment, he oversaw Japan Post Insurance’s alternative investment, ranging from private equity and infrastructure funds to real estate and hedge funds since September 2016. Before joining JP Insurance, he headed Daido Life’s alternative investment.
Served as Senior Managing Director, he also engaged in private equity fund investment and headed a business development of Alternative Investment Capital (AIC), a leading private equity FOF manager and gatekeeper in Japan. Before seconded from Daido Life to AIC, he managed Daido Life's private equity and other alternative investment for five years. Previously he was in charge of group's business development and investor relations at T&D Holdings, a listed holding company of Daido Life.
Prior to joining Daido Life, Mr. Matsuo held such posts as Director and Managing Director and served as an M&A advisor to various insurers' transactions at PwC Financial Advisory Services Japan from 1999 to 2002. Earlier in his career, he worked for Nippon Life Insurance Company for 13 years, where he managed overseas sovereign credit loans and investments.
Mr. Matsuo received his MBA from Duke University and BA in Economics from The University of Tokyo. He passed the US CPA exams.
Tim Burroughs is managing editor of Asian Venture Capital Journal, having joined the publication in May 2011. He is responsible for all editorial content put out under the AVCJ brand, including Asian Venture Capital Journal, AVCJtv, AVCJ Awards and AVCJ.com. Tim previously spent five years at China Economic Review, serving as editor-in-chief and then editorial director. Located in Greater China since 2003, during which time he has lived in Beijing, Qingdao and Hong Kong, Tim has been a China-based contributor for publications including The Sunday Times, Sunday Telegraph, BBC and China Daily. Prior to moving to China, he trained and worked as a journalist in the UK. He was honored at the Society of Publishers in Asia awards in 2007, 2008 and 2010, and at the State Street Institutional Press Awards - Asia in 2012.
John Lee is a Partner responsible for the Asia business of Lexington Partners. Based in Hong Kong, he is primarily engaged in the origination and evaluation of secondary purchases of private equity investments in Asia.
Prior to joining Lexington in 2014, Mr. Lee was a member of the Mergers and Acquisitions team at Morgan Stanley.
Mr. Lee graduated from Princeton University with an A.B. in Economics.
David is a managing director within Goldman Sachs Asset Management, leading the Australia and New Zealand alternative equity strategies, including growth capital and corporate private equity investing. He joined Goldman Sachs as a managing director in 2022.
Prior to joining the firm, David was a managing director at Pacific Equity Partners in Sydney and before that, he worked at Bain Capital in Boston.
David earned a Bachelors of Economics in 1993 and a Bachelors of Law in 1995 from the University of New South Wales and a Master's of Business Administration in 2001 from Stanford University.
Matthew Michelini is Partner, CEO of Asia-Pacific at Apollo and a member of the Firm’s Leadership Team. Matt joined Apollo in 2006 in Private Equity and has played a pivotal role in the creation and success of many of Apollo’s largest growth initiatives, including Athene, Hybrid Value, Apollo Dedicated Insurance Program, Natural Resources, and the development of the Financials Group. Matt serves as Investment Chair for Apollo’s Hybrid Value business and on the board of directors of Athene Holding Ltd. and Venerable Holdings, and previously served on the boards of Aleris Corporation, Metals USA, Noranda Aluminum, One Main Financial, and Warrior Met Coal. Previously, Matt was a member of the Mergers & Acquisitions group at Lazard Frères & Co.
David is a Managing Director at Top Tier and is a member of the Firm’s Investment Committee. He also leads the corporate development team and is responsible for the management, development and growth of Top Tier’s offerings. His thirty plus years of industry knowledge and networking uniquely equips him to be a liaison and international ambassador not only for Top Tier’s brand, but also the broader venture community. In 2000, David joined Phil Paul to lead the fund of funds team at Paul Capital which spun out in 2011 to form Top Tier. Over the past three decades in Silicon Valley and during his tenure on different trading desks on Wall Street, including posts at Chase H&Q, Volpe Welty & Co., Drexel Burnham Lambert and Paine Webber, David has developed an extensive network among private equity managers, particularly venture capitalists. David graduated from the University of Southern California with a B.S. in industrial and systems engineering.
Nobuyuki joined Nomura in 2018 and has been responsible for strategic planning for alternative investment business and marketing. He is currently engaged in promotion of Japan private equity and venture capital investing, and planning and implementing ESG integration in Nomura's alternative investments.
He started his alternative investment career in 1992 when he joined Japan Asia Investment Co., Ltd. (JAIC) as a venture capitalist. His responsibilities at JAIC included fund planning and setup, investment management, client reporting, and management of its Singapore and Thailand local operations. Subsequently he joined Nikko Cordial Securities (now called SMBC Nikko Securities), where he took charge of intermediary business on alternative investment funds, before moving to Nomura.
Graduated from Waseda University (Japan), BA in Commerce.
Mr. Kita joined Advantage Partners in 2003 and leads all activities for the Japan Buyout team. Mr. Kita has also directly led many investments including CommunityOne, Katitas, Net Protections, Yaruki Switch Group and Cosmolife. He currently serves as a Director on several investments including Material Group, Energywith, NFC Holdings, Net Japan and Daiho Industrial.
Prior to joining Advantage Partners, Mr. Kita was at Bain & Company Japan and focused on projects in the auto, finance, telecommunications, food products, trading houses, and healthcare sectors. Mr. Kita holds an undergraduate degree from the Faculty of Economics, the University of Tokyo, and an MBA from University of California, Berkeley.
T.J. Kono joined Unison Capital in 2002. He has managed a number of investments in Japan since Unison’s first fund, then led Unison’s expansion to Korea as its founding member. Today, he serves as a member of both Japan and Korea Investment Committee. He has been involved in Unison’s investments in Drug Eleven (Japan), Mine-Mart (Japan), UCOM (Japan), Nexcon Technology (Korea), Gong cha (Korea)/Royal Tea Taiwan (Taiwan), and Forbes (Japan). In addition to investment role, he oversees Unison Group’s investor relations functions. Prior to Unison Capital, he worked at Merrill Lynch Japan.
Mr. Kono has a B.S/B.A. from Washington University in St. Louis.
Mr. Nakano is Senior Managing Director and Chairman of Trustar Capital Partners Japan. He joined the firm in 2007 and served as the head of Japan Private Equity business for 16 years until he assumed office as Chairman in 2023.
Prior to joining the Firm, he was a Managing Director at the Industrial Revitalization Corporation of Japan (IRCJ), where he oversaw the revitalization of a number of companies across a range of industries. Previously, Mr. Nakano was a founding member of Advantage Partners, one of the leading Japanese private equity firms. Mr. Nakano has also worked in management consulting at Corporate Decisions Inc. and started his career at the Toyota Motor Corporation.
He received an MBA from the Wharton School at the University of Pennsylvania and a Bachelor of Engineering from the University of Tokyo.
Makoto Iwami is a Director of NSSK’s Investment Team.
Prior to joining a NSSK in 2016, he worked at PricewaterhouseCoopers and mainly served M&A advisory services for global and domestic private equity funds.
Japanese CPA
Chris is Global Head of Capital Solutions and a member of the Executive Committee at General Atlantic. He leads the firm’s global client franchise, overseeing capital partnering, client solutions, strategic partnerships, new business development, and capital formation activities across General Atlantic’s investment strategies that today span global growth equity, private credit, climate transition, and infrastructure solutions.
Previously, Chris was a Partner of Goldman Sachs, where he worked for over 28 years. He founded or led many of the firm's businesses in alternative investments, including its external-manager investing strategies in private equity, secondaries, private credit, real assets, GP stakes, and hedge funds. Most recently, Chris led the global client franchise and capital formation activities for Goldman Sachs Asset & Wealth Management, across firm’s alternative investments and public market investing platforms. He served on many of Goldman Sachs’ firm-wide commercial, people, or investment committees, including its Partnership Committee, Global Inclusion & Diversity Committee, and Firmwide Client Franchise Committee.
Chris is a member of the Council on Foreign Relations, has served as Adjunct Professor at Columbia Business School, and is a frequent commentator and writer on alternative investments and asset management. Actively engaged in education and the arts, Chris also serves on the boards of Cambridge in America, The Juilliard School, Collegiate School, and the Leadership Council of Harvard Law School. Originally from the Canadian midwest, he today lives with his family in New York City.
Hideyuki has broad experience of corporate finance practices, mainly M&As and leads M&A deal originations and execution at KPMG. So far He has led major Japanese companies‘ overseas acquisitions, multinational companies‘ investments into Japan, business divestitures for PE funds, industry consolidation transactions as well as tailor-made solutions for important corporate matters. His broad industry experiences range from technologies, consumer products, industrials, business services, autoparts, renewable energy, real estate, financial services, etc.
Before joining KPMG in 2016, being a senior member at a boutique M&A firm based in Japan, he built and led an Asia-Japan cross border M&A team and created overseas partner networks.
From 2002 to 2013, he was an investment banker at UBS in Tokyo and New York, mainly covering major financial institution clients as well as multinational clients.
Before 2002, he was a senior sell-side research analyst at Goldman Sachs in Japan after he started a professional career at Mizuho Bank.
LLM and Wharton Certificate, University of Pennsylvania Law School, US
Bachelor of Laws, Keio University, Japan
Masa Yoshizawa is Representative Director and Partner of The Longreach Group, Inc. (“LGI”) which he co-founded in 2003. LGI is a Tokyo based consulting firm that provides investment consulting services in Japan with a focus on the mature industrial and technology, business services, consumer related sectors, and financial services.
Mr. Yoshizawa’s lead responsibilities include investment strategy, advisory on business development, research, and execution of opportunities in Japan. Mr. Yoshizawa has had key origination and advisory roles in conglomerate divestitures such as the acquisition and exit of OCC Corporation, SANYO Electric Logistics, Hitachi Via Mechanics, Sol-Plus Group, Primo Japan, Nippon Outsourcing Corporation, C-United, Fujitsu Component and Japan Systems. He is involved in management of the businesses he advises and is a member of the board.
Before founding LGI, Mr. Yoshizawa was Managing Director and Head of Technology and Healthcare Investment Banking at Morgan Stanley in Japan, where he focused on advising large Japanese conglomerates on execution of major carve-outs of non-core businesses in the semiconductor, computer industrial technology and other healthcare related areas. Before joining Morgan Stanley, he spent seven years at Robertson, Stephens & Company as Managing Director and Head of the Tokyo office where he established its start-up operations in Tokyo including investment banking, equity sales and asset management business. Mr. Yoshizawa started his banking career at The
Sumitomo Bank, Tokyo.
Mr. Yoshizawa holds a Bachelor of Laws from Hokkaido University and was Valedictorian of his class of 1984. He served as Chairman of the Japan Private Equity Association in 2015-2017, and is an active member of Japan Association of Corporate Executives.
Mr. Yamazaki has engaged in private equity investment since the early 2000s consistently.
In addition to investment analysis and execution, he has a wealth of experience in participating in the management of portfolio companies for value-creation on hands-on basis and in fund-raising from institutional investors.
He joined Integral Corporation in 2009, and has been mainly responsible for investments in Yohji Yamamoto, FiBest, Aderans, Toyo Engineering, Sanden Retail Systems, JRC, Primo Global Holdings, and Toppan Photomask.
Prior to joining Integral Corporation, he worked at Industrial Revitalization Corporation of Japan (IRCJ) from 2004 and was mainly involved in corporate revitalization project of small and middle-sized manufacturing company.
Before joining IRCJ, he worked at Strategic Business Transformation division of Deloitte Tohmatsu Consulting (now known as Abeam Consulting) and was involved in several business process transformation projects.
Personal history
BA Economics, the University of Tokyo, MBA, Harvard Business School
2001 Deloitte Tohmatsu Consulting(now known as Abeam Consulting)
2004 Industrial Revitalization Corporation of Japan
2009 Integral corporation
2020 Promoted to Partner at Integral Corporation
Ray is a Principal at L Catterton who is based in Tokyo, where he leads deal sourcing and execution activities in Japan for the firm’s Asia fund. He has extensive investment and portfolio management experience, and is currently an external director of the fund’s portfolio company Ci FLAVORS co, ltd.
Before joining L Catterton, Ray was a Director at Sunrise Capital, a Japan-focused mid-cap fund under CLSA Capital Partners, where he spent over 10 years conducting leveraged buyout deals in the consumer lifestyle and e-commerce space. Prior to that, he was with Citigroup Global Markets’ Merger & Acquisition Group.
Ray graduated with a Bachelor of Science from Warwick University.
Yuki Kashiyama's responsibilities include aki-japan, Genex, Shirayuki, Nakai Industrial, MWT Holdings, Sun Smile, Kugami Seiki, Tokai Trim and Primagest. Prior to joining J-STAR, Mr. Kashiyama exited from his business as founder of a biotechnology company in the U.S. and Chile, He has extensive experience in strategy, innovation management, business development and international operations. He began his career at Boston Consulting Group (“BCG”), where he worked on projects for business strategy, business development, marketing, business process re-engineering and post-merger integration in various industries such as technology, pharmaceutical and consumer goods. He received the “Consultant of the Year award” from BCG Japan. Mr. Kashiyama received an MBA from Haas School of Business at the University of California, Berkeley, and a Bachelor of Engineering degree from the University of Tokyo.
Apr. 1988 Joined The Sumitomo Trust and Banking Co., Ltd. (“STB”)
Oct. 1996 London Branch, STB
Oct. 2000 Credit Investment Management Department, STB
Apr. 2007 Credit Products and Investment Department, STB
Apr. 2012 Credit Products and Investment Department, SMTB (“SMTB”, formerly STB)
Apr. 2013 General Manager, Investment Products Development Department, SMTB
Oct. 2015 Corporate Officer and General Manager,
Investment Products Development Department, SMTB
April 2017 Corporate Officer, Alternative Investment, SMTB
General Manager, Investment Products Development Department, SMTB
General Manager, Wholesale Asset Management Business Planning Department, SMTB
April 2018 Executive Manager, Alternative Investment, SMTB
General Manager, Investment Products Development Department, SMTB
General Manager, Wholesale Asset Management Business Planning Department, SMTB
April 2021 Executive Officer, Alternative Investment, SMTB
Managing Partner, Co-Head of Japan, joined CVC in 2015. Atsushi is based in Tokyo and leads our private equity activities in Japan. He is a member of the Asia Private Equity Board and the Asia Executive Committee, a sub-committee of the APEB that oversees and drives our investment activity in the region. Prior to joining CVC, he spent over eleven years at Advantage Partners as a Senior Partner, he led Management and Leveraged BuyOut transactions. Prior to this, he worked for McKinsey & Co., Tokyo, and PricewaterhouseCoopers. Atsushi holds a Doctor of Philosophy from Colorado School of Mines, a Master of Science and a Bachelor of Engineering degree from The University of Tokyo.
Jumpei Ogura is a Managing Director of Carlyle’s Japan Buyout team, and leads the team’s investments in the Technology, Media, and Telecommunications (TMT) sectors. He is based in Tokyo.
Prior to joining Carlyle in 2006, Mr. Ogura was an Associate Director at UBS Investment Bank Tokyo in the Financial Institutions Group. During his career, he spent two years in the New York office focusing on bank and asset manager transactions.
Mr. Ogura received his B.A. from Keio University.
Mr. Ogura serves on the Board of Directors of Money Square Holdings, Inc., and AOI TYO Holdings Inc.
He previously served as a board member for ARUHI Corporation, Simplex Inc., Walbro Co., Ltd., and a Corporate Auditor for Chimney Co., Ltd. and Tsubaki Nakashima Co., Ltd.
Takanobu Hara is a Partner in the EQT Private Capital Asia team. Takanobu worked for BPEA from 2019 until 2022, when the company joined forces with EQT and was renamed BPEA EQT (now EQT).
Prior to joining BPEA, Takanobu worked at Morgan Stanley in Tokyo. He brings wealth of experience in both investment banking and private equity in Japan which includes his tenure at Advent International and Ripplewood Japan.
Takanobu began his career at the Industrial Bank of Japan (currently Mizuho Bank).
Takanobu holds a Bachelor of Arts in Political Science from Keio University.
Eiji Yatagawa (Tokyo) joined KKR in 2006 and is a Partner on the Private Equity team. He is on the Board of Directors of PHC Holdings (formerly Panasonic Healthcare), Koki Holdings (formerly Hitachi Koki), Seiyu Holdings, dataX (formerly From Scratch), NETSTARS, Transphorm, and Yayoi. Mr. Yatagawa was also previously involved with KKR’s investments in Unisteel (Singapore), Intelligence, AlphaTheta (formerly Pioneer DJ), Marelli Holdings (formerly Calsonic Kansei), and Kokusai Electric (formerly Hitachi Kokusai Electric). From 2010 to 2012, he worked in KKR's Hong Kong office. Prior to joining KKR, Mr. Yatagawa was with Goldman Sachs & Co.'s investment banking team, based in New York and Tokyo, where he focused on the telecommunications, media, and technology sector and was involved in a number of mergers and acquisitions as well as financing projects. He holds a B.S. and an M.S. from the University of Tokyo.
Tatsuya Kubo joined the Firm in 2010 as a managing director. He focuses on enhancing and building relationships with institutional investors and general partners in Japan. Mr. Kubo joined the Firm from Fortress Investment Group Japan, where he served as Managing Director and Head of Business Development after launching the Japan-based business. Prior to that, he spent over 20 years as a senior manager at Norinchukin Bank, one of the largest financial institutions in Japan, where he built and managed an alternative investment portfolio. He received a BA in Economics from Waseda University in 1988 and an MBA from Duke University in 1994. Mr. Kubo speaks fluent Japanese and English.
Noriko Hayashi is Managing Director, Head of Private Equity at ORIX Life Insurance Corporation.
She has been involved in framework building, implementing, portfolio construction and management of a global private markets program for institutional investors with primary focus on Private Equity; currently at ORIX Life Insurance Corporation, previously at Government Pension Investment Fund (GPIF) and firstly at Sony Life Insurance Co., Ltd., since 2000. She started her career at Mitsubishi Bank, Ltd. (MUFG Bank, Ltd.) where she covered Corporate Finance and Operational Improvement in commercial banking business.
She received a B.A. in Law from Kyoto University.
Masashige Ueno joined MUTB in 2016. He is responsible for private fund investments, such as private equity, private debt, infrastructure and real estate, in its asset management business unit. Before joining MUTB, he spent more than 20 years at Sumitomo Mitsui Banking Corporation and SMBC Nikko Securities where he was engaged in various banking and securities businesses, including principal investments in private funds and investment product development for institutional investors. Bachelor of Engineering and Master of Engineering from Kyoto University. MBA, Fisher College of Business at the Ohio State University.
■事業変革の専門家として、事業会社、PEファンド、金融機関をクライアントに、事業再生・再編・再成長の各種案件に従事。
■事業計画の策定、事業変革シナリオの策定から実行支援、M&Aにおける事業・オペレーションのデューデリジェンス、買収後のバリューアップ・シナジー創出、および再生ステージにおける企業のターンアラウンド支援まで様々な経験を有し、ハンズオンでのオペレーションの立て直し実績も多数。
■コンサルティング業界で35年の経験を有し、経営陣直轄のグローバル大規模案件から現場での業務改善まで、多岐にわたる経験を有する。
■製造業、小売流通業を中心に、戦略策定からオペレーション(業務・組織・IT)の構築、運用までの一気通貫での改革を数多く主導。 また在庫削減、原価低減、調達強化、物流再編、開発強化等のテーマでの現場支援・短期テコ入れ支援の経験も多数。
■金融・サービス業も含め幅広い業界で、経営管理強化、組織再編・スリム化、業務効率化・集約化の経験を有し、持株会社やシェアドサービス設立支援の経験も有する。
■クロスボーダーの再編案件も主導。 法人・拠点の統廃合、統括会社の設立、シェアドサービス・サポートの設立、税効率の向上等の多岐に渡るテーマに対して、あずさ監査法人、KPMG税理士法人、KPMGコンサルティングと協働でOne KPMGグループでのサービスを提供。
■「強い調達(東洋経済新報社)」共著、ほかに寄稿、講演など多数。
■青山学院大学、東京理科大学、神戸大学、立命館大学の各大学院、及び上智大学での教鞭経験を有する。
Megumi Kiyozuka currently serves as the President & Representative Director of CLSA Capital Partners Japan. In this capacity, he is responsible for the overall investment activities of the firm and serves on the board of numerous portfolio companies. Prior to joining the firm in 2006, Mr. Kiyozuka was a Director focused on Japanese buyout opportunities in the consumer, healthcare, and industrial sectors with The Carlyle Group in Tokyo. He spent 6 years at Carlyle and was one of the founding members of Carlyle Japan. Prior to his tenure at The Carlyle Group, he was a Senior Manager at the MUFG Bank, Ltd., where he accumulated over 10 years of experience in M&A and syndicated loans across various countries in Asia. Mr. Kiyozuka received a B.A. in Economics from Shiga University and an M.B.A. from the Haas School of Business, University of California at Berkeley.
Executive Officer, Head of Buyout Investments. Naoki joined JPIC from Revamp Corporation, where he was Chief Investment Officer. He was previously with Unison Capital and an Attorney with Nishimura & Asahi. He has been involved in numerous Private Equity deals through the entire deal lifecycle from sourcing to exit, and also has been involved in numerous M&A transaction as a lawyer. He holds a Law degree from Chuo University and is an Attorney at Law.
Takahisa has experience in corporate finance at Yamaichi Securities, M&A advisory at RECOF, and turnarounds and LBO loans at GE Capital. Building on his experience in both equity and debt he moved on to a Japanese buyout firm I-Sigma Capital where he participated in the launch and operation of their inaugural mid-cap buyout fund. Later he also acquired managerial experience as the CEO of a portfolio company. He established Phronesis Partners in March 2013 to comprehensively support small & mid cap companies’ growth.
Bachelor of Economics, Keio University
University of Virginia, Colgate Darden School of Business, MBA
Keitaro “KT” Tsuda is a Partner based in Tokyo. He has been involved in investments including FCL Components (ex-Fujitsu Component), Japan Systems, Wellness Communications, Blueship, and nobitel (Dr.stretch).
Prior to joining Longreach, KT was a Director at Unison Capital, Inc., where he played key roles in the sourcing, value creation and exit of multiple portfolio companies. Prior to Unison Capital, KT was a Director at ITOCHU International Inc. based in New York, where he co-founded the Principal Investments Group, an in-house private equity unit with US$200 million of internal capital focusing on middle market leveraged buyouts in North America. He was also responsible for M&A and strategic investments for ITOCHU’s Financial Division and Machinery Division in North America. KT started his career at Cantor Fitzgerald, LLC in Tokyo where he was a foreign exchange options broker.
KT holds an MBA from the University of Illinois at Urbana-Champaign and BA in Social Sciences from Waseda University.
Jesper Koll has been researching and investing in Japan since becoming a resident in 1986.Over the past two decades, Jesper has been recognized as one of the top Japan strategists/economists, having worked as Chief Strategist and Head of Research for U.S. investment banks J.P. Morgan and Merrill Lynch. He currently serves as Expert Director for the Monex Group and the Japan Catalyst Fund (Japan’s 1stretail investor based corporate engagement/activist fund). His analysis and insights have earned him a position on several Japanese government and corporate advisory committees, including Governor Yuriko Koike’s Advisory Board. Jesper serves as Board Director of OIST, the Okinawa Institute for Science and Technology and is a Founder of the Asia Society Japan and heads their Policy Committee. He is one of the few non-Japanese members of the Keizai Doyukai, the Japan Association of Corporate Executives. He has written three books in Japanese and, in 2021, created the video/pod-cast series “Japan - Capitalism that works”.
Jesper is an economist, angel-investor, patron; and yes, a Japan Optimist.
Azusa Owa is an expert in Private Equity and Financial Investor practice. She has extensive consulting experience across a range of industries and business topics in Japan, the United States and Australia, focusing on supporting private equity clients on commercial due diligence assignments and post-acquisition value creation in a variety of industries in. Azusa graduated with a master's degree in international education policy from Harvard University and a bachelor's degree in education from International Christian University. She earned her MBA from the Wharton School of the University of Pennsylvania, double majoring to earn a master of international studies (in Mandarin Chinese) from the university's Lauder Institute.
Jim Verbeeten leads Bain & Company’s Private Equity and Financial Investor practice in Tokyo. He has more than 20 years of management consulting experience. Jim advises private equity clients on commercial due diligence assignments in a variety of industries and has supported clients with fund strategy and performance improvement of their portfolio companies. Jim also leads the development of Bain’s annual Japan Private Equity report. He first joined Bain's Amsterdam office in 1999 and has worked in Europe, North America and Asia. He has been based out of the Tokyo office since 2007.
Edwin Chan joined iCapital in 2021 as Head of Asia and Head of Client Solutions APAC. He has more than 25 years of experience in the financial services industry, including a strong track record in private markets in the Asia Pacific region.
Before joining iCapital, Edwin successfully founded and spent a decade building the Probitas Partners business in Asia. He has worked with many private market firms across different alternative investment strategies as well as with institutional and family office investors in the Asia Pacific region. Previously, Edwin worked with AIG Global Investments, Citi, and HSBC based out of Hong Kong in various regional roles covering clients across the broad Asian geography.
He holds a MBA and a BA from the University of South Australia and is a Certified Practicing Accountant of CPA Australia.
Maxence Radix is Managing Partner at CAPZA, the leading pan-European private investment platform specialized in small and mid cap companies. Maxence joined CAPZA at the inception and played an instrumental part in building the Flex Equity franchise.
CAPZA’s Flex Equity strategy offers flexible financing solutions to support small and mid cap companies' developments. CAPZA has performed more than 90 transactions through its Flex Equity strategies and more than 60 exits since 2004. Maxence has extensive relationship and experience in the small and mid-cap market, particularly in France and a deep expertise in tech (software and services). Since 2021, he has been a member of the Management Board, Supervisory Board and Executive Committee of CAPZA.
Maxence holds an International Bachelor of Business Administration with a major in Market Finance from EDHEC BBA (EDHEC Group, France).
Mr. Walton is a Partner and Head of Private Equity in the Ares Secondaries Group. Mr. Walton serves as a member of the Ares Private Equity Group's Energy Opportunities and Extended Value Investment Committees, the Ares Infrastructure Group's Climate Infrastructure Partners Investment Committee, the Ares Secondaries Group's Private Equity Investment Committee and the Ares Sports, Media and Entertainment Investment Committee. He joined the Firm in 2006. Mr. Walton holds a B.A. from Princeton University in Politics and an M.B.A. from the Stanford Graduate School of Business.
Bruce is a Managing Partner of GroveStreet and a member of the firm’s Investment Committee. He is responsible for a number of the firm’s client relationships and leads fund and direct investments across all segments of private equity and venture capital.
Prior to joining GroveStreet, Bruce was with the Monitor Group, a leading strategy consulting firm, where he focused on M&A, due diligence, corporate finance and strategy engagements for both corporate and private equity clients in carve-outs, investment diligence, growth initiatives, balance sheet optimization and strategic turnarounds. His engagements spanned the US/Canada, China, the UK, and Israel.
BA, Economics and Asian Studies, Williams College (Phi Beta Kappa, Magna Cum Laude)
MBA, The Tuck School of Business at Dartmouth (Tuck Scholar with High Distinction)
Masashi Kataoka is General Manager of Alternative Investment Department at Dai-ichi Life Insurance Company. Prior to his current role, he had led various teams since 2014; hedge fund investment, PE fund investment, infrastructure fund investment, venture fund and direct investment team. He worked 4 years until 2014 at Dai-ichi Life’s NY office and led the manager selection / due diligence practice as well as strategic activities with US asset managers. Since joining Dai-ichi Life in 1997, he has about 20-year-experience in investment related sections including Investment Planning Department where he engaged in the asset allocation of entire Dai-ichi Life’s general account asset. He also has an experience working at an US based hedge fund as a trainee in 2007. He earned Bachelor of Economics in Keio University.
Kazushige has over 30 years of experience in the private equity (PE) business. Kazushige is handling a couple of PE-related businesses in parallel.
He joined MCP Asset Management in 2020 and manages 2 fund of funds programs of the Tokyo Metropolitan Government including a climate tech VC program.
In addition, he serves as an advisor for a couple of GPs including Rhone, a global mid-market PE fund, as an independent consultant.
Until 2020, he was Managing Director – Head of Primary Investments at Capital Dynamics (CD), a global private asset management company. He oversaw CD’s PE investments in Asia and also served as a member of the Global PE Investment Committee and Executive Committee.
Before joining CD in 2010, he worked for Mitsubishi Corporation, and as a part of that, he served as President and CEO of Alternative Investment Capital (AIC), a private equity advisory firm in Tokyo. AIC was established in 2002 and has grown AIC as a globally recognized PE investor.
He holds a bachelor’s degree in Economics from Hitotsubashi University.
Yuka Hata is a Senior Managing Director and heads Fund Investment Team at Japan Investment Corporation (“JIC”).
Ms. Hata joined JIC in July 2020 in order to build and support Japan’ private equity / venture capital ecosystem as well as to provide the risk capital with the investment funds which bring Japan’s industry to the next stage. Prior to joining JIC, as a co-head of private equity, Ms. Hata worked for Nissay Asset Management where she was mainly responsible for European small-mid buyout, GP stake investments, secondary and Japan’s VC funds. She also worked for Nomura Asset Management (or Nomura Private Equity Capital) and managed fund of funds focused on Asia market as a member of Investment Committee.
Ms. Hata is a Chartered Member of the Security Analysts Association of Japan., and received a B.A. in Environmental Information from Keio University and an M.B.A. from Ecole des Hautes Etudes Commerciales-HEC in Paris.
Satoshi Fukushima is Partner at Globis Capital Partners (GCP). He leads investments in problem-solving startups with a focus on healthcare and life-style sector as well as fund-raising of GCP 7th fund (JPY 73B). His track record includes Medley (4480) and acting as a board member of AI Medical Services (Endoscopy AI), Kakehashi (SaaS for pharmacies), SDP (Clinic group specializing in surgery), justInCase (Mobile&AI based insurance), White Plus (Online dry cleaning) and Yoriso (Online platform for seniors). Prior to joining GCP in 2014, he worked at Deutsche Securities Inc. where he was acting as FA for SoftBank and other tech-companies’ fundraising and cross-border M&A transactions. He received a B.A. in Economics from the University of Tokyo in 2007.
Kiichiro is a venture capitalist at WERU Investment, the oldest university affiliated venture capital firm in Japan. He leads investment research at the firm, covering a broad range of technology and industry domains. He serves on the board of multiple portfolio companies including LeoLabs and Confidencial, leading startups in the space and cybersecurity domains.
Prior to joining WERU Investment, Kiichiro led technology-focused business development efforts at startups in the US and Japan. He began his career as an aerospace engineer working on spacecraft development at NASA/JPL and industry. Kiichiro holds a B.S. in Aerospace Engineering with Highest Honors from Georgia Tech
BT Slingsby is Founder and Managing Director with Catalys Pacific.
He founded Catalys Pacific to transform life-sciences innovation in Japan using transpacific bioventure. He is a physician-scientist and biotechnology entrepreneur leading the company creation efforts for the firm. Prior to Catalys Pacific, he founded the Global Health Innovative Technology (GHIT) Fund – the world’s first public-private fund focused on the development of new medicines for low- and middle-income countries. In his role as CEO and Executive Director at the GHIT Fund, he deployed over 100 investments and grew the fund to $350M in capital. Previously, he was global head of access strategy at Eisai Co., Ltd. where he led market access strategy for global products and managed a portfolio of anti-infective clinical programs.
He graduated from Brown University with honors, earned his M.P.H. and Ph.D. from Kyoto University and the University of Tokyo, and received his M.D. with honors from the George Washington University. In recognition of his contributions to global health, he has been awarded a Foreign Ministry Commendation from the Government of Japan. He has authored over 50 peer-reviewed articles on medicine and public health and currently lectures at the Graduate School of Medicine at the University of Tokyo and Kyoto University.
Soichi Sam Takata has been with Tokio Marine Asset Management since the creation of the private equity investment team in 2002. Before that, Mr Takata was at Tokio Marine & Nichido Fire Insurance (Tokio Marine) working in their alternative investment team from 1997 to 1998, and again from 2001 onwards, managing a global portfolio of private equity, hedge funds, infrastructure funds, CDOs/CLOs and other alternative assets.
Mr. Takata spent three years at Tokio Marine Capital, Tokio Marine's private equity investment arm, working on management buyout and development capital transactions in Japan. During this period, he also spent time at private equity houses in the US and the UK. Prior to that, he spent over two years on secondment to the Export-Import Bank of Japan (now the Japan Bank for International Cooperation) working on project finance transactions around the world.
Mr Takata began his career in the international investment department of Tokio Marine overseeing an international portfolio of managed assets. He has a BA in economics from Harvard College.
Edmond is an operating partner of iGlobe Partners. He has over 26 years of venture capital experience investing in early-stage startups, venture funds, and funds of funds in Silicon Valley, the northeastern corridor of United States, Israel, and in Asia. Prior to joining iGlobe, Edmond was the executive vice president of Juniper Capital Ventures, the CVC arm of a Singapore listed company, and in Accenture Asia. Having been through multiple business cycles, Edmond brings a unique blend of venture investing, M&A transactions, and operating experience.
Pamela is a partner and investment committee member for the Morgan Stanley Private Equity Solutions Team and has 18 years of industry experience. Prior to joining the firm, Pamela was a management consultant with McKinsey & Company's corporate finance practice in Hong Kong, responsible for investment opportunity identification, deal advisory, merger management and strategy development. Previously, she was a management consultant with Monitor Group, specializing in marketing strategy for clients across Asia, and a member of the corporate finance team with Lehman Brothers in Hong Kong. Pamela has a Law degree (first class honors) from the University of Hong Kong and an M.B.A. with honors in finance and management from the Wharton School of the University of Pennsylvania.
Joined Advantage Partners in December 2022 as Co-Head of Asia.
Prior to joining Advantage Partners , he spent over 2 years as Head of Southeast Asia at ADV Partners, and 5 years as a Director at KKR & Co. He has invested across multiple verticals in the alternative investments space including buyouts, growth minority investing and special situations. Rahul started his career at Henderson Global Investors as a founding member of the pan-Asian equity team, where he spent 12 years, with his last role being head of the Singapore office. Rahul is a CFA Charterholder, earned his MBA from the AGSM at the University of New South Wales and graduated from the University of Calcutta with a BSc in Economics. He is an Indian national and a permanent resident of Singapore.
- Hiroaki Wakashita (“Hiro Wakashita”) is Partner of Orchestra Private Equity and manages Orchestra’s Tokyo Office.
- Hiro was one of the initial members of Riverside Asia Fund, established in 2007.
- 19 years of working experience. 15 years in private equity where he was involved in buyout deals at The Riverside Company and Oak Capital. Also 4 years as a management consultant at Accenture.
- Prior to joining Orchestra Private Equity, Hiro was the first hire for The Riverside Company’s Asia operations, starting off in San Francisco Office in 2006 to help transition the culture and processes to Asia.
- While with Accenture’s Strategy & Business Architecture Unit, he focused on the telecommunications & high-tech sector, conducted projects including CRM strategy and new business strategies for mobile carriers.
- Received his Bachelor’s degree from Keio University in Japan and is fluent in English and Japanese.
Chaim Estulin has been covering APAC for more than two decades, including since 2007 at Debtwire, where he is now the regional co-Managing Editor based in Hong Kong. He jointly oversees more than two dozen reporters and analysts focused on corporate distress and restructurings as well as the primary issuance of high-yield bonds, bank loans and private credit. Before joining Debtwire, Chaim was a business editor at the South China Morning Post and a Hong Kong-based reporter at Time magazine covering politics, culture and business.
Karen Simeone joined HarbourVest in 2018 and focuses on investments in senior and junior private credit transactions.
Throughout her career, Karen has managed all aspects of the private credit investment process including sourcing, evaluating, structuring, underwriting and managing secured debt securities of middle market companies. Prior to joining the Firm, Karen was a managing director at TCW in the Direct Lending Group (formerly Regiment Capital’s direct lending team). Karen previously worked at Stairway Capital and HVB Group. Karen began her career at J.P. Morgan as part of the leveraged finance group and later became a member of the high yield research team.
Karen received a BS from Georgetown University in 1998 and studied at the London School of Economics.
Hiroaki Saito is a Head of Private Investments and Chief Investment Officer at Asset Management One Alternative Investments, Ltd. (“AMOAI”). He has more than 20 years of private investments and banking experience. Prior to joining AMOAI in 2013, he was a Vice President in Investment Management at Capital Dynamics where he managed Asian private equity investments and developed an investment platform in Japan. Earlier in his career, he also worked at Mitsubishi UFJ Trust and Banking Corporation, one of the largest trust bank in Japan, and Alternative Investment Capital Ltd, an investment advisory firm in private equity investments. Hiroaki holds a Bachelor's degree in Economics from The University of Tokyo.
Mr. Ferrier is a Managing Partner of Navis Private Credit. Mr. Ferrier has more than 30 years of experience, which includes more than 20 years as a credit investor, portfolio manager and business leader.
Previously he was a Managing Director at BlackRock where he played a pivotal role in building BlackRock’s Asian-Pacific Private Credit business, growing AUM to $700m and developing a successful regional strategy focusing on Southeast Asia and Australia.
Prior to BlackRock, he was the Founder and Chief Executive Officer of Myo Capital. The fund delivered 14% gross returns. Prior to Myo Capital he was a Director / Investment Committee Member with ADM Capital and a Corporate Finance Executive with Peregrine Capital and SG Warburg Group.
Mr. Ferrier holds an MBA, majoring in Finance and Accounting from Monash University and a Bachelor in Science from the University of South Australia.
Mr. Lyons joined Bain Capital in 2006. He is a Partner and Global Co-Head of Bain Capital Special Situations as well as the Head of Bain Capital Credit in Asia.
Prior to his current role, Mr. Lyons was based in Bain Capital’s London office covering European Special Situations opportunities. Previously, Mr. Lyons was a consultant at Bain & Company.
Mr. Lyons received an A.B. Phi Beta Kappa from Princeton University.