24
Jun
LP viewpoint: Going deeper
Strategic objectives, portfolio maturity, underperformance versus public benchmarks, and weak distributions – all are factors weighing on Japanese LPs as they consider private equity allocations. Striking the right balance in terms of risk and reward has arguably never been harder. A natural preference for defensive and diversified exposure is being tested by a recognition that mid-market value creators might deliver the best returns, a need to mitigate the j-curve, and a growing interest in open-ended structures.
- To what extent are reduced distributions still straining budgets?
- How are macro factors impacting geographical and sectoral preferences?
- What are LPs doing to develop skillsets for direct investment?
- Are evergreen vehicles a good fit for Japanese institutional investors?
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SpeakersIsamu Sai Partner Adams Street Partners
Keiichi Abe Managing Executive Director, Deputy Head of Fund Management Division Daiwa Asset Management Co., Ltd
Takeshi Kurosawa Asset Management Director DIC Pension Fund
Yayoi Ariga Director, Head of Alternative Investments MetLife Japan
Akiko Imafuku Head of Advisory Service, Alternative Research Solution Department Nissay Asset Management
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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).
Keiichi Abe is an investment professional specializing in credit and alternative investments. He currently serves as Managing Executive Director, Deputy Head of Fund Management Division at Daiwa Asset Management Co., Ltd., where he oversees fund management activities.
Prior to joining Daiwa Asset Management, he held senior investment roles at Japan Post Insurance Co., Ltd., where he led credit and alternative investment strategies.
Earlier in his career, Mr. Abe was with Sumitomo Mitsui Asset Management Co., Ltd. (now Sumitomo Mitsui DS Asset Management), focusing on the sourcing of global asset managers and product development in alternative and credit investments. He also played a key role in establishing the firm’s Singapore subsidiary, serving as Chief Operating Officer and contributing to its business and operational build-out.
He began his career at The Dai-ichi Life Insurance Company, where he gained broad experience in fixed income investment, asset allocation, and fund investments, including overseas assignments in the United States.
In addition to his professional career, since 2023 Mr. Abe has supported the enhancement of asset management frameworks at Tohoku University, where he currently serves as Visiting Professor and Advisor for the President (Investment Strategy Advisor).
He holds a Bachelor of Economics from Hitotsubashi University.
Takeshi Kurosawa is Asset Management Director at DIC Pension Fund. He joined DIC Pension Fund in 2014 and has held his current position since 2019.
Prior to that, he started his career at Daiichi Life Group in 1987. Beginning in 1990, he was responsible for equity investment management in the general account, covering Asian, Japanese, U.S., and European equities. He also managed Asian equity portfolios at local subsidiaries in Hong Kong and Singapore. In 2006, he became a portfolio manager for a separate account before moving into investment consulting for pension clients.
Yayoi Ariga has over 25 years of alternative investment experience for both balance sheet and 3rd party accounts. Since 2010, she has been leading Alternatives Investment platform at MetLife Insurance K.K. Japan where responsible for its principal investments in Private Equity, Real Estate and Credit space. Prior, she was a Vice President at AIG Japan, led distress investments on behalf of its underlying insurance companies, Alico Japan (current: MetLife Japan) and AIG Star/AIG Edison (current: Prudential). Prior, she was a Portfolio Manager at Resona Bank's Pension Fund Management Division, whose responsibility included Manager selection, execution and monitoring for Private Equity, Real Estate and Hedge Funds on behalf of her pension plan clients. She started her career at Resona Bank (former Daiwa Bank)'s International Treasury Division where engaged in FX trading, back/ middle office operation, risk management as well as Int’l business development at its Tokyo, Osaka and London office. She is also a Public Accountant of US, certified in Illinois.
Akiko leads the Advisory Service team, overseeing investment analysis and strategic consultation for Japanese asset owners. In addition, she actively conducts alternative investment research herself. She is involved in the firm's alternative fund planning.
Akiko joined Nissay Asset Management (NAM) in 2025. She specializes in advising institutional clients on alternative asset portfolio construction and delivering deep insights into the evolving global investment landscape.
Prior to NAM, she spent 18 years at Daiwa Fund Consulting, where she served as Head of Research and senior fund analyst, establishing a strong track record in institutional research. Her extensive career in financial analysis includes key roles as a fund analyst at S&P, an economic researcher at a major Japanese securities firm, and an equity analyst at a leading asset management company.Currently, she is focusing on expanding NAM's comprehensive solutions in alternative investments across market cycles.
Certified Member Analyst (CMA), Securities Analysts Association of Japan. Bachelor of Economics, Waseda University, Tokyo