25
Jun
Japan mid-market: Flying high
Returns in Japan’s middle-market is built on low entry multiples and an established playbook for businesses acquired from ageing founders and strained conglomerates. But success is not guaranteed. Competition for deals is increasing, partly because larger-cap players are stepping down in size, while middle-market managers have stepped up, raising bigger funds. Even as the addressable universe expands with take-privates added to the mix, investments are becoming more complex and the route to returns more hazardous.
- How big is too big for a Japanese mid-market fund?
- What can GPs do to differentiate themselves from other suitors?
- Will sponsor-to-sponsor transactions come to dominate Japan exits?
- Are international GPs competitors, partners, or portfolio company acquirors?
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SpeakersAiko Adachi Managing Director, Investor Relations HarbourVest Partners
Makiko Hayase Partner Integral
Sho Namatame Principal L Catterton
Takayuki Ishihara Executive Director Sunrise Capital
Yizhe Chen Principal The Longreach Group
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Aiko Adachi joined HarbourVest in 2013 and plays a key role in business development and client relations in Japan.
Prior to HarbourVest, Aiko was with Advent International in Tokyo, where she oversaw investor relations initiatives for the Limited Partner Support team. She started her career at ITOCHU Corporation. Aiko has about 20 years of experience in alternative investment area.
Aiko holds a Bachelor’s degree in English Literature from Sophia University in Japan. During her studies, she completed a semester abroad at Royal Holloway, University of London.
Mr. Namatame is a Principal at L Catterton based in Tokyo. Before joining L Catterton, he was a Principal at J-STAR, a Japan-focused mid-cap fund, and served as an Investment Director at CVC Asia Pacific Japan. His career began in the investment banking division of Nomura.
Mr. Namatame holds an MBA from the London Business School and a bachelor's degree of Arts in Economics from Keio University.
Mr. Ishihara currently serves as the deal leader for Kensetsu-Park Co., Ltd and a deal member for HOKUTO Co., Ltd. in Sunrise IV. Previously, he also served as the deal leader (previously also interim representative director) for Uni-Mate, Inc. in Sunrise III. Prior to joining the Sunrise team in March 2017, he was most recently with Lincoln International Inc. as a Managing Director, where he led the origination and execution of various domestic and cross-border M&A transactions, engaged in extensive due diligence activities as well as prepared legal/IR documentations. Prior to that, he was an Associate at Citigroup Global Markets Japan Inc., Daiwa Securities SMBC Co. Ltd., and Okasan Securities Ltd., respectively. Mr. Ishihara holds a B.A. in Economics from Yokohama National University and a M.S. in Administrative Studies from Boston University.
Yizhe Chen is a Principal based in Tokyo. He has been involved in investments including Primo Japan, Wendy’s First Kitchen, C-United (formed through the merger of Kohikan, Chat Noir, and Café de CRIE), Wellness Communications, Asproad Holdings (ex-J-CEP), and Shin Nihon Jusetsu Group, particularly focusing on developing growth strategies, accelerating digital transformation, and leading acquisitions and global expansion. Prior to joining Longreach, Yizhe was a Manager at A.T. Kearney. Yizhe has a Master of Engineering from the University of Tokyo and an MBA from the London Business School.