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AVCJ Private Equity & Venture Forum Japan 2023

The premier private equity & venture forum in Japan

The Conrad, Tokyo and online

  • 09:00

    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

  • 09:45

    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?


  • 10:30

    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?
  • 11:15

    Networking Coffee Break

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  • 11:40

    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?
  • 12:25

    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?
  • 13:10

    Close of conference