AVCJ Private Equity Forum Japan 2024

The Conrad, Tokyo and online

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?