26
Jun
LP viewpoint: Identifying sources of alpha
Portfolio maturity, strategic objectives, the denominator effect, the impact of a weak yen on US dollar-denominated budgets – all these factors influence how Japanese institutional investors approach alternatives in the current market environment. Finding the right balance is difficult. A natural bias towards defensive and diversified portfolios might be unsettled by notions that accessing outperformance amid uncertainty requires a degree of opportunism across different asset classes. Our experienced LP panel discusses approaches to asset allocation.
- How are reduced distributions impacting allocation decisions?
- What role are secondaries and co-investment playing in portfolios?
- Which geographies are most likely to generate the best returns?
- How are LPs approaching currency hedging?
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SpeakersIsamu Sai Partner ADAMS STREET PARTNERS
Noriko Hayashi Managing Director, Head of Private Equity ORIX LIFE INSURANCE CORPORATION
Hideaki Miyajima Executive Vice President for Financial Affairs, WASEDA UNIVERSITY Professor of Japanese Economy, Graduate School of Commerce, WASEDA UNIVERSITY
Tad (Takeshi) Fukushima Chief Investment Officer THE UNIVERSITY OF TOKYO
Kenichi Endo Investment Managing Director HITACHI HIGH-TECH PENSION FUND
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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).
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.
Hideaki Miyajima (PhD, Waseda University) is professor at Faculty of Commerce, Waseda University. He is currently Executive Vice President (Financial Affairs) at Waseda University, Faculty Fellow at Research Institute of Economy, Trade & Industry (RIETI), and Advisor at Waseda Institute for Advanced Study (WIAS). He has participated in numerous committee and research groups in Japanese government (Ministry of Finance, Ministry of Economy, Trade and Industry). He has also consulted to various institutions including Financial Service Agency, Cabinet Office, Tokyo Stock Exchange, the World Bank. His research covers the analysis of Japanese economy, corporate finance, corporate governance, M&A, and business-government relationship. His work appeared in Review of Financial Studies, Journal of banking and Finance, Corporate Governance: International Journal, Journal of Internal and Japanese Economies, Benchmarking: International Journal, among others. He also published several edited volumes such as Corporate Governance in Japan, Oxford University Press, Changes and Continuity in Japan, Routledge Curzon Press, Policies for Competitiveness, Oxford University Press.
Tad (Takeshi) Fukushima, CFA, CAIA, is Chief Investment Officer of The University of Tokyo. Prior to joining UTokyo in 2023, he was CIO/Managing Director of BlackRock Japan. He previously served as CIO/Managing Director of leading asset management companies including Meiji Yasuda Asset Management and Deutsche Trust Bank after his career as a senior fund manager at Nikko Investment Trust. Tad earned an MBA in finance and international business from Columbia Business School in New York, and a BA degree in Journalism from Sophia University.
April 2019 - present: Investment Managing Director, concurrently serving as Managing Director and Chief Investment Officer.
January 2011: Chief Investment Officer, responsible for portfolio construction including asset allocation policy. Has led to build current portfolio which focuses on alternative investments including hedge funds and private assets.
November 2001: joined Hitachi High-Technologies Corporation and involved in the transfer of the substitutional portion of the employees' pension fund and the introduction of the Cash Balance Plan as Administrative Director.
April 1998: joined Merrill Lynch Japan Securities Co., Ltd., engaged in sales divisions.
April 1987: joined Yamaichi Securities Co., Ltd., started carrier in the financial industry and engaged in sales divisions.