26
Jun
Mid-market: Into the engine room
Ten years ago, Japan was seeking about 50 private equity buyouts per annum. The total surpassed 80 in 2016 and 120 in 2022. While deals of USD 500m-plus have grown in number – from one handful to two handfuls – the middle market still dominates. The diet of succession planning transactions sprinkled with corporate carve-outs has fuelled robust returns, leading to increased competition as large-cap players intermittently step down in size. Our middle-market experts assess the landscape.
- Does the middle market offer the best value for money in Japan?
- How are managers enhancing deal sourcing and talent development issues?
- Why does the middle market offer a long term investment opportunity for LPs and will sponsor-to-sponsor transactions become a significant part of the market?
- What are ways in which GPs are differentiating themselves and will there be more spin-out GPs as the local industry matures?
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SpeakersHideyuki Ishii Partner KPMG FAS CO., LTD.
Yuki Kashiyama Partner, Investment Committee Member J-STAR CO., LTD.
Toshitaka (Taka) Shimizu Partner L CATTERTON
Shohei Akiyama Partner, Managing Director, Chief Administrative Officer NSSK
Takayuki Ohgishi Partner T CAPITAL
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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
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.
Toshitaka (Taka) Shimizu is a Partner in the Asia fund of L Catterton, leading buyout and growth investments in Japan since opening its Tokyo office in 2018. He has around 15 years of private equity experience. Prior to joining L Catterton in 2017, Mr. Shimizu worked at CLSA Capital Partners Sunrise Capital and Rising Japan Equity, focusing on consumer-oriented investments. He holds the Chartered Accountant qualification and graduated with a Bachelor of Engineering (Hons) / Commerce dual degree from the University of Queensland.
Shohei Akiyama is Partner, a member of NSSK’s five-person Management Committee and is Chief Administrative Officer (“CAO”) at NSSK and is responsible for all the operation functions in NSSK’s Business Support Team (including accounting, tax, legal and compliance functions). Prior to assuming his role as CAO, Shohei was a Director on the Investment Team and has been with NSSK since its founding. Before joining NSSK, Shohei was at JPMorgan Securities Japan Co., Ltd. in their Investment Banking Division. At J.P. Morgan, he was responsible for a number of major transactions for Japanese companies including cross-border M&A and global IPOs. He is a graduate of the University of Tokyo (B.A.).
Takayuki Ohgishi is a Partner of T Capital Partners. He joined T Capital (previous Tokio Marine Capital) in 2007. He has 16 years of private equity experience and extensive investment experience, mainly in consumer retail and the construction / rental business. He also oversees deal sourcing.
Prior to joining T Capital, he worked at A.T. KEARNEY, where he developed entry strategies and corporate restructuring for financial institutions and general trade firms. He also worked at Sumitomo Mitsui Trust Bank, where he developed financial products and planned corporate strategies. He received a BA in Law from the University of Kobe.