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AVCJ Private Equity & Venture Forum Japan 2023
The premier private equity & venture forum in Japan
The Conrad, Tokyo and online
27
Jun
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?
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SpeakersToru Masuda Executive Officer, Alternative Investment SUMITOMO MITSUI TRUST BANK
Atsushi Akaike Managing Partner, Co-Head of Japan CVC CAPITAL PARTNERS
Jumpei Ogura Managing Director CARLYLE
Takanobu Hara Partner BPEA EQT
Eiji Yatagawa Partner, Private Equity KKR
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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 BPEA EQT team. Takanobu worked for BPEA from 2019 until 2022, when the company joined forces with EQT and was renamed BPEA 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.