24
Jun
Buyouts: Picking your battles
Large-cap deal flow in Japan is notoriously lumpy, but investors are sold on the long-term potential of corporate divestments and take-private transactions. Concerns remain as to whether these opportunities are sufficient in number to satisfy immediate demand – from upwardly mobile domestic GPs as well as global big hitters – and what this means for valuations. Conviction to pursue certain deals depends in part on having the comfort and skillsets to address operational complexity and add value.
- Is increased competition leading to unsustainably high valuations?
- Has large-cap take-private deal flow lived up to expectations?
- What might make a carve-out opportunity too complicated to touch?
- Are noisy activist-related processes fuelling broader negativity in the market?
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SpeakersToru Masuda CEO Sumitomo Mitsui Trust Investment Co., LTD.
Jumpei Ogura Partner and Co-Head Carlyle Japan
Atsushi Akaike Managing Partner, Co-Head of Japan CVC Capital Partners
Tetsuro Onitsuka Partner, Private Capital Asia EQT
Ken Matsumura Managing Director KKR
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He is CEO of Sumitomo Mitsui Trust Investment Co., LTD., and Board of Directors of Sumitomo Mitsui Trust (Hong Kong) Limited. He has over 20 years of experience in the private equity industry and has been deeply involved in all phases of the firm’s business development regarding Private Equity since 2000. Today, He directs the group’s PE/Infrastructure strategy, investment decisions, and client relationships, in addition to overseeing the group’s continued expansion into new product areas in the asset management business. Before he engaged in PE Business, he was a professional at the merger and acquisition advisory team in Tokyo and London. He graduated from Osaka University, Faculty of Economics in 1988 and joined The Sumitomo Trust & Banking Co.
Jumpei Ogura is a Partner and Co-Head of the Carlyle Japan Advisory team. He is based in Tokyo.
Since joining the firm in 2006, Mr. Ogura has led on several Carlyle deals, including ARUHI Corporation, Simplex Inc., Walbro Co., Ltd., Money Square Holdings, Inc., Chimney Co., Ltd. and Tsubaki Nakashima Co., Ltd, contributing to value creation. He currently serves as a board member of KANAMEL Inc. (former AOI TYO Holdings Inc.), Uzabase, Inc., kaonavi, inc. and TRYT Inc.
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 BA from Keio University. He completed Stanford Executive Program at Stanford Graduate School of Business.
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.
Tetsu Onitsuka joined EQT Partners in October 2021 and is a partner in the EQT Private Capital Asia team.
Prior to joining EQT, Tetsu was a founding member and Managing Director of Japan Post Investment Corporation, which managed approximately USD 1 billion in private equity funds. Prior to Japan Post Investment, he worked at TPG Capital for over ten years, ultimately running TPG’s Japan business. He also previously worked as an investment banker at Morgan Stanley in Tokyo.
Tetsu received a Bachelor of Arts with High Distinction from Harvard College, and a Master of Business Administration with High Distinction (Baker Scholar) from Harvard Business School.
Ken Matsumura (Tokyo) joined KKR in 2014 and is a member of the Private Equity team. At KKR, Mr. Matsumura has been involved with investments in PHC Holdings, Marelli Holdings, Seiyu and KJRM Holdings (formerly Mitsubishi Corp.-UBS Realty Inc.). He is currently an Auditor of Marelli Corporation and KJRM Holdings. Prior to joining KKR, he worked at Goldman Sachs & Co.’s Asian special situations group, managing investments into equity, corporate debt, real estate, and energy/infrastructure while leading turnaround operations for clients. He holds a B.S. from the Keio University and a M.S. from the University of Tokyo.