AVCJジャパンフォーラム 2023
日本トップクラスのプライベートエクイティ&ベンチャー・フォーラム
コンラッド東京・オンライン同時開催
受付
プレゼンテーション:マージャーマーケット - M&Aプロフェッショナルに求められる次世代の能力
グローバル市場概観:混乱期を切り抜ける
現在の投資環境は地政学的な不安要素やインフレ圧力、金利上昇が原因となって不透明なものとなってしまった。プライベート市場の投資家はこうした懸念に対処するためのスピード感をもつとともに、より長期的な投資機会を意識し戦略的に対応する必要に迫られている。新たな資金源の発掘や独自案件の創出、慎重を期した案件組成、意義ある価値創造への取り組みからよく練られたエグジット戦略まで、投資活動におけるこうしたイノベーションはその重要性をますます高めている。本パネルディスカッションでは、現在の市場環境に対するPE業界の専門家による対応について議論する。
- ディフェンシブな投資機会の構成要素は何か?
- ファンド運用者は地政学的リスクにどう対応すべきか?
- 今回の景気サイクルは前回のそれとどう違うのか?
- LPとGPの関係はこの2年間でどう進化したか?
ネットワーキン・ブレイク
Sponsored by
Intralinks
https://www.intralinks.comIntralinks, an SS&C company, is a leading financial technology provider for the global dealmaking, alternative investments and capital markets communities. As pioneers of the virtual data room, our technology enables and secures the flow of information, empowering our customers to work more productively and with complete confidence. Intralinks facilitates strategic initiatives such as mergers and acquisitions, corporate lending, debt sales, capital raising and investor reporting. Our solutions enhance these activities by streamlining operations, reducing risk, improving client experiences and increasing visibility. We’ve earned the trust and business of more than 99 percent of the Global Fortune 500 and have executed over $35 trillion in financial transactions on our platform.
ジャパンアップデート:モメンタムを持続させる
景気後退後の日本のプライベート・エクイティ業界が比較的無傷の状態で立ち直ることは可能だろうか?投資家が指摘するポジティブ材料には、日本経済が成熟した予測可能なものであることや様々な投資テーマが試されていること、企業による事業売却が構造的なトレンドとしての健全さを示していること、また、中国など新興市場以外のターゲットを探して資本が安全性への逃避を見せていることなどが挙げられる。とはいえ、ここ何年か苦戦が続いているセクターがあることや、エグジットまでのタイムスパンが延びてきていること、さらには、案件に対する資金調達が難しくなってきていることなどを考慮すると、容易なこととは言えないだろう。
- 市場セグメントごとの投資ペースはどのように変化しているか?
- リスクに配慮しながら日本市場の成長を取り込むにはGPは何をすればいいか?
- エグジットプランの面で十分な創造性はあるか?
- ESG項目の評価・レポーティングはどのような進展しているか?
プレゼンテーション - 2023 年にプライベート・マーケット CIOが考慮すべき5つの事項
日本市場で持ちこたえているセクターは、うま味のあるミドルマーケットか?
日本のミドルマーケットの生命線が、事業承継問題を抱える企業創業者に対して解決策を提供するということに変わりはない。承継プロセスやマネジメントを専門化すればプライベート・エクイティ企業は多くの果実を容易に手にすることができるし、事業のデジタル化もまた比較的新しい手法といえる。ファンド運用者としてはこうした機会を活用するのはもちろん、競争が激化する市場で確実に案件を成立させるためにも、自身のスキルを適切なレベルに保っておくことが求められている。本パネルディスカッションでは、日本のミドルマーケットの展望について議論する。
- バリュエーションと期待値 - 過去2年間で変わったものは何か?
- ミドルマーケットの案件にとって景気後退が意味するものは何か?
- M&Aアドバイザリーを取り巻く状況はどう進化しているか?
- 中堅企業向けファンドの資金調達は厳しくなっているのか?
昼食
バイアウト:より大型な案件の追求
日本市場での大型案件は、企業のカーブアウトや上場企業に対する公開買付案件などが活発なこともあり近年上昇傾向にある。昨年のアジア市場での投資動向は2021年より鈍化したが、それでも日本市場は他のほとんどのアジア市場に比べればよく持ちこたえた。さらに言えば、企業による事業売却が構造的な長期トレンドとして捉えられていることも、日本市場に対する強気姿勢の原因となっている。これにより、事業・資産売却プロセスにおける競争は激しさを増し、バリュエーションは押し上げられ、結果としてGPはより多くの運用手段の開発を迫られることとなっている。
- 競合他社との差別化のためにファンド運用者ができることは何か?
- 案件を成立させるうえで、アクティビストの関与はより一層重要なドライバーになりつつあるのか?
- レバレッジド・ファイナンスはどのような条件でどの程度、利用可能か?
- フィナンシャルスポンサー同士での取引は、案件成立のための主要因となり得るか?
LP側の見方:景気サイクルを通じたコミットメント
世界の機関投資家は現在、上向きだったマーケットやプライベート・エクイティ投資に対するアンダーアロケーション・リスクを考えるこれまでの状況から、ボラティリティの大きな市場とオーバーアロケーションの現実へ向き合う対応を迫られている。国内勢の海外ポートフォリオに関して言えば、通貨安がこれに追い討ちをかけている。オルタナティブ投資への新規参入組は撤退を検討するかもしれないが、ここは景気サイクルを通じたエクスポージャーの維持が賢明だろう。本パネルディスカッションでは、今後の投資戦略や運用会社の選定に関する考察を経験豊富なLPと共有する。
- 超過リターンを最も生みやすい地域はどこか?
- LPは為替ヘッジにどう取り組んでいるか?
- GPは十分に規律あるポートフォリオ・バリュエーションを実施しているか?
- 2023年の分配金の予想は?
ネットワーキング・ブレイク
Sponsored by
Intralinks
https://www.intralinks.comIntralinks, an SS&C company, is a leading financial technology provider for the global dealmaking, alternative investments and capital markets communities. As pioneers of the virtual data room, our technology enables and secures the flow of information, empowering our customers to work more productively and with complete confidence. Intralinks facilitates strategic initiatives such as mergers and acquisitions, corporate lending, debt sales, capital raising and investor reporting. Our solutions enhance these activities by streamlining operations, reducing risk, improving client experiences and increasing visibility. We’ve earned the trust and business of more than 99 percent of the Global Fortune 500 and have executed over $35 trillion in financial transactions on our platform.
運用面での課題:不確実性が増す中で下す適切な決断
世界のプライベート・エクイティ市場の投資家はこれまで10年以上にわたり波乱要因の少ない穏やかな経済状況やバリュエーションの高騰、さらには、割安な債権といった恩恵を受けてきた。だが新型コロナウイルスの拡大が予期せぬ転換点となりその影響はいまだに尾を引いている。投資家はこれまで経験したことのない規模でマクロ経済の問題と地政学的な課題の双方に直面している。そうした環境の下でGP側は、投資先企業の強化や新しいビジネスモデルへの転換、エグジット時のダメージコントロールなど、プレッシャーのかかる中での決断を迫られる状況となっている。
- 本におけるサプライチェーンの逼迫や労働力不足に対しGPはどう対処できるか?
- 経営陣との効果的なコミュニケーションに欠かせない要素は何か?
- 日本市場における運用面での改善モデルは現在の投資環境の下で成果を出せるだろうか?
- 景気後退からの力強い回復を目指す企業は現在、どのような状態にあるのか?
1日目終了
懇親会
日本プライベート・エクイティ市場2023: 混乱の中における機会
日本のプライベート・エクイティ(PE)市場は、2022年の取引額が約2.8兆円となり、2021年の過去最高水準である3.2兆円に迫る高水準を記録しました。2023年のプライベート・エクイティ市場も好況なスタートを切っており、世界が混乱の中にある今、中国以外の国々にも投資家の関心が高まる中で、円安による新たな機会も創出されています。このような重要な成長ドライバーが引き続き市場の追い風となっており、他の先進国と同様に、プライベート・エクイティが関与するM&Aの割合が日本でも拡大しています。
景気後退時にディールを実行している企業は平均して高いパフォーマンスを達成しており、PEポートフォリオ企業にとって、混乱は好機だとも捉えることができます。特に物言う株主の投資先企業は、明確な計画を策定した上で、M&Aを積極的かつスピーディーに実行しているため、そうでない企業よりも高い成果を生み出しています。このことから、できるだけ早い段階で優れたアプローチによりイグジットを実行し、リミテッド・パートナー(LP)への配分を増加させ、資本投入を拡大させることが日本のプライベート・エクイティ・ファンドに求められています。
本セッションでは、先の見通しが立ちにくい状況であっても成功を収めるために取るべき4つのアクションについてベインのパートナーが解説します。
インベストメント・スポットライト:グローバルな投資機会へのアクセス方法
多くの日本のLPはプライベート市場での投資を既に立ち上げているか、あるいは規模を拡大しており、世界レベルでの資金調達の場として日本市場はますます認知されてきている。拡大する投資プランに対してLP側は、どのような戦略・ストラクチャー、または投資地域が最適かを見極め、それに適したパートナーの選択が求められる。市場が変化し、実績値と将来的な期待値がかけ離れるような投資環境でそうした要求に応えるのは、なおさら容易なことではない。本パネルディスカッションでは、世界のプライベート・エクイティ市場への最適なアクセス方法を議論する。
- 北米市場と欧州市場ではリスク・リターン分析はどう比較されるか?
- 投資パートナー選定において重要視すべき項目は何か?
- ファンド運用会社を選定する際、選定基準にESGはどう反映されるべきか?
- 日本のLPとの関係構築に関してグローバルGPは十分な努力をしているか?
ベンチャー・キャピタル:ネクストステージ
日本のベンチャー・キャピタル運用者も世界の同業者も投資家から受ける質問は同じで、すなわち、バリュエーション・スタンス、ポートフォリオ・エクスポージャー、エグジットまでのタイムラインなどである。水面下ではしかし、日本のスタートアップ環境は現在、大転換期にあるという見方は根強く、とりわけディープ・テクノロジーなどの分野への投資チャンスにはまだほとんど手がつけられていないとされている。本パネルディスカッションでは、ローカルスタートアップを定義づける特徴と、迅速なグローバル展開をいかに可能とするかについて、議論する。
- ベンチャー・キャピタルが日本市場に魅かれる理由は何か?
- ディープ・テクノロジー、クライメート・テクノロジーテック、バイオ・テクノロジーのうち、どれが最も高い超過リターンをもたらすか?
- グロース・ステージ企業の資金調達の現状はどうなっているのか?
- 投資家はエグジットオプションをどう考えているか?
ネットワーキング・ブレイク
Sponsored by
Intralinks
https://www.intralinks.comIntralinks, an SS&C company, is a leading financial technology provider for the global dealmaking, alternative investments and capital markets communities. As pioneers of the virtual data room, our technology enables and secures the flow of information, empowering our customers to work more productively and with complete confidence. Intralinks facilitates strategic initiatives such as mergers and acquisitions, corporate lending, debt sales, capital raising and investor reporting. Our solutions enhance these activities by streamlining operations, reducing risk, improving client experiences and increasing visibility. We’ve earned the trust and business of more than 99 percent of the Global Fortune 500 and have executed over $35 trillion in financial transactions on our platform.
アジア市場での投資機会:変化する投資環境
昨年のアジア市場でのプライベート・エクイティ投資は2021年から大幅に減少したが、それでも年間の案件総額は過去2番目の高さを記録した。最も顕著な減少幅だったのは新興市場で、グロース・ステージのテクノロジー企業への投資案件が牽引役となったそれまでの活況に対する反動が響いた。先進国市場はさほど影響を受けていないが、中国市場は多くの投資家にとり依然として難題のままとなっている。ただ、あらゆる市場に共通して言える問題は、ファンド運用者はこの先、これまでとは全く違う経済状況においても成功し続けることができるかどうかである。
- ある特定のセクターに特化した案件がアジア市場では浸透しつつあるのか?
- ベンチャー・キャピタルが最も魅かれるアジア市場はどこか?
- アジア地域のGPを評価する際、重要なデューデリジェンス項目は何か?
- ある特定の国に特化したファンド運用会社のLPの基盤はどう進化しているか?
プライベート・デット:適切な投資戦略の選択
プライベート・デット案件が提示されてきた背景には、従来の資金調達方法であった銀行融資による資金が引き上げられ、これにより生じたギャップを埋めるためという前提がこれまでは常にあった。この傾向は今後の厳しい経済環境の下でさらに強まるかもしれないが、クレジット市場の投資家は同時に、ダウンサイド・プロテクションや法規制がらみのリスクに留意しながら投資対象の選別を進めるようになっている。プライベート・デット投資の専門家やマルチアセット運用会社が提供する第二・第三の投資戦略は、LPにとってはかつてないほど多くのアクセスポイントが提供されているということを意味する。本パネルディスカッションでは、そうした状況下でのプライベート・デット市場での舵取りを議論する。
- クレジット市場の投資家が今、一番留意していることは何か?
- クレジット投資戦略はパンデミック以降、どう変わったか?
- スペシャル・シチュエーション案件やディストレス市場での投資チャンスは、件数として増えてきているか?
- 日本の投資家は様々な方法でのプライベート・クレジット市場へのアクセスを模索しているのか?
閉会
昼食
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Close崔は、投資家とのリレーションシップマネジメントを担当し、プライベート・エクイティーのポートフォリオの管理、プライベート・エクイティ・プログラムのモニタリング等を担当する。また、顧客ポートフォリオの構築、様々なファンド・オブ・ファンズ・プログラムやセパレート・アカウントのモニタリング等に従事する。運用コンサルタントとの窓口として、関係構築等に従事する。
ASPに入社する以前は、UBSグローバル・アセット・マネジメント(その前身を含む)に15年超在籍し、マネージング・ディレクター、機関投資家営業本部共同本部長 執行役員年金営業部長等を務めた。シニア・メンバーとして年金をはじめとする機関投資家、運用コンサルタントとの関係構築や営業推進を担当した。
1990年から1998年まで日本長期信用銀行に属し、外為、コーポレート・ファイナンス、ファイナンス対象企業の調査・デューデリジェンス、顧客との関係構築等を担当した。
公益社団法人日本証券アナリスト協会検定会員
Heads Japan Post Bank’s $30B private equity investment program and has been responsible for all aspects of its creation and construction. Prior to joining Japan Post Bank in January 2016, worked at Nippon Life Insurance Company, where he established and lead Nippon Life’s private equity operations in the US, and was also Head of Product Development at Nissay Asset Management Co. the asset management subsidiary of Nippon Life.
He has a Bachelor of Law degree from the University of Tokyo, LL.M. from the University of Michigan Law School, has passed the New York Bar Exam and also is a Chartered Member of the Security Analysts
Association of Japan.
Tadasu Matsuo leads JST’s alternative investment from January, 2022.
Before joining JST, he led HarbourVest Partners Japan as a managing director and co-head from April, 2020. As a head of alternative investment, he oversaw Japan Post Insurance’s alternative investment, ranging from private equity and infrastructure funds to real estate and hedge funds since September 2016. Before joining JP Insurance, he headed Daido Life’s alternative investment.
Served as Senior Managing Director, he also engaged in private equity fund investment and headed a business development of Alternative Investment Capital (AIC), a leading private equity FOF manager and gatekeeper in Japan. Before seconded from Daido Life to AIC, he managed Daido Life's private equity and other alternative investment for five years. Previously he was in charge of group's business development and investor relations at T&D Holdings, a listed holding company of Daido Life.
Prior to joining Daido Life, Mr. Matsuo held such posts as Director and Managing Director and served as an M&A advisor to various insurers' transactions at PwC Financial Advisory Services Japan from 1999 to 2002. Earlier in his career, he worked for Nippon Life Insurance Company for 13 years, where he managed overseas sovereign credit loans and investments.
Mr. Matsuo received his MBA from Duke University and BA in Economics from The University of Tokyo. He passed the US CPA exams.
Tim Burroughs is managing editor of Asian Venture Capital Journal, having joined the publication in May 2011. He is responsible for all editorial content put out under the AVCJ brand, including Asian Venture Capital Journal, AVCJtv, AVCJ Awards and AVCJ.com. Tim previously spent five years at China Economic Review, serving as editor-in-chief and then editorial director. Located in Greater China since 2003, during which time he has lived in Beijing, Qingdao and Hong Kong, Tim has been a China-based contributor for publications including The Sunday Times, Sunday Telegraph, BBC and China Daily. Prior to moving to China, he trained and worked as a journalist in the UK. He was honored at the Society of Publishers in Asia awards in 2007, 2008 and 2010, and at the State Street Institutional Press Awards - Asia in 2012.
John Yong Suk Lee is a Partner responsible for the Asia business of Lexington Partners. Based in Hong Kong, he is primarily engaged in the origination and evaluation of secondary purchases of private equity investments in Asia.
Prior to joining Lexington in 2014, Mr. Lee was a Vice President in Investment Banking at Morgan Stanley, where he executed numerous transactions for Asian corporate and financial sponsor clients as a member of the Mergers & Acquisitions team.
Mr. Lee graduated from Princeton University with an A.B. in Economics.
David is a managing director within Goldman Sachs Asset Management, leading the Australia and New Zealand alternative equity strategies, including growth capital and corporate private equity investing. He joined Goldman Sachs as a managing director in 2022.
Prior to joining the firm, David was a managing director at Pacific Equity Partners in Sydney and before that, he worked at Bain Capital in Boston.
David earned a Bachelors of Economics in 1993 and a Bachelors of Law in 1995 from the University of New South Wales and a Master's of Business Administration in 2001 from Stanford University.
Matthew Michelini is Partner, Head of Asia-Pacific at Apollo and a member of the Firm’s Leadership Team. Matt joined Apollo in 2006 in Private Equity and has played a pivotal role in the creation and success of many of Apollo’s largest growth initiatives, including Athene, Hybrid Value, Apollo Dedicated Insurance Program, Natural Resources, and the development of the Financials Group. Matt serves as Investment Chair for Apollo’s Hybrid Value business and on the board of directors of Athene Holding Ltd. and Venerable Holdings, and previously served on the boards of Aleris Corporation, Metals USA, Noranda Aluminum, One Main Financial, and Warrior Met Coal. Previously, Matt was a member of the Mergers & Acquisitions group at Lazard Frères & Co.
David is a Managing Director at Top Tier and is a member of the Firm’s Investment Committee. He also leads the corporate development team and is responsible for the management, development and growth of Top Tier’s offerings. His thirty plus years of industry knowledge and networking uniquely equips him to be a liaison and international ambassador not only for Top Tier’s brand, but also the broader venture community. In 2000, David joined Phil Paul to lead the fund of funds team at Paul Capital which spun out in 2011 to form Top Tier. Over the past three decades in Silicon Valley and during his tenure on different trading desks on Wall Street, including posts at Chase H&Q, Volpe Welty & Co., Drexel Burnham Lambert and Paine Webber, David has developed an extensive network among private equity managers, particularly venture capitalists. David graduated from the University of Southern California with a B.S. in industrial and systems engineering.
Nobuyuki joined Nomura in 2018 and has been responsible for strategic planning for alternative investment business and marketing. He is currently engaged in promotion of Japan private equity and venture capital investing, and planning and implementing ESG integration in Nomura's alternative investments.
He started his alternative investment career in 1992 when he joined Japan Asia Investment Co., Ltd. (JAIC) as a venture capitalist. His responsibilities at JAIC included fund planning and setup, investment management, client reporting, and management of its Singapore and Thailand local operations. Subsequently he joined Nikko Cordial Securities (now called SMBC Nikko Securities), where he took charge of intermediary business on alternative investment funds, before moving to Nomura.
Graduated from Waseda University (Japan), BA in Commerce.
アドバンテッジパートナーズの日本バイアウトチームを統括。2003年にアドバンテッジパートナーズに参加後、コミュニティワン株式会社、株式会社カチタス、株式会社ネットプロテクションズ、株式会社やる気スイッチグループホールディングス、株式会社コスモライフ等への投資、経営支援を手掛けている。現在、マテリアルグループ株式会社、エナジーウィズ株式会社、株式会社NFCホールディングス、株式会社ネットジャパン、大宝工業株式会社等の非常勤取締役を務める。
AP参加前は、ベイン・アンド・カンパニー・ジャパンにて、自動車、金融、通信、食品、商社、ヘルスケアの経営戦略立案プロジェクトなどを担当。東京大学経済学部卒業。UCバークレービジネススクール修了(MBA経営学修士号取得)。
T.J. Kono joined Unison Capital in 2002. He has managed a number of investments in Japan since Unison’s first fund, then led Unison’s expansion to Korea as its founding member. Today, he serves as a member of both Japan and Korea Investment Committee. He has been involved in Unison’s investments in Drug Eleven (Japan), Mine-Mart (Japan), UCOM (Japan), Nexcon Technology (Korea), Gong cha (Korea)/Royal Tea Taiwan (Taiwan), and Forbes (Japan). In addition to investment role, he oversees Unison Group’s investor relations functions. Prior to Unison Capital, he worked at Merrill Lynch Japan.
Mr. Kono has a B.S/B.A. from Washington University in St. Louis.
Mr. Nakano is Senior Managing Director and Chairman of Trustar Capital Partners Japan. He joined the firm in 2007 and served as the head of Japan Private Equity business for 16 years until he assumed office as Chairman in 2023.
Prior to joining the Firm, he was a Managing Director at the Industrial Revitalization Corporation of Japan (IRCJ), where he oversaw the revitalization of a number of companies across a range of industries. Previously, Mr. Nakano was a founding member of Advantage Partners, one of the leading Japanese private equity firms. Mr. Nakano has also worked in management consulting at Corporate Decisions Inc. and started his career at the Toyota Motor Corporation.
He received an MBA from the Wharton School at the University of Pennsylvania and a Bachelor of Engineering from the University of Tokyo.
Makoto Iwami is a Director of NSSK’s Investment Team.
Prior to joining a NSSK in 2016, he worked at PricewaterhouseCoopers and mainly served M&A advisory services for global and domestic private equity funds.
Japanese CPA
Chris is Global Head of Capital Solutions and a member of the Executive Committee at General Atlantic. He leads the firm’s global client franchise, overseeing capital partnering, client solutions, strategic partnerships, new business development, and capital formation activities across General Atlantic’s investment strategies that today span global growth equity, private credit, climate transition, and infrastructure solutions.
Previously, Chris was a Partner of Goldman Sachs, where he worked for over 28 years. He founded or led many of the firm's businesses in alternative investments, including its external-manager investing strategies in private equity, secondaries, private credit, real assets, GP stakes, and hedge funds. Most recently, Chris led the global client franchise and capital formation activities for Goldman Sachs Asset & Wealth Management, across firm’s alternative investments and public market investing platforms. He served on many of Goldman Sachs’ firm-wide commercial, people, or investment committees, including its Partnership Committee, Global Inclusion & Diversity Committee, and Firmwide Client Franchise Committee.
Chris is a member of the Council on Foreign Relations, has served as Adjunct Professor at Columbia Business School, and is a frequent commentator and writer on alternative investments and asset management. Actively engaged in education and the arts, Chris also serves on the boards of Cambridge in America, The Juilliard School, Collegiate School, and the Leadership Council of Harvard Law School. Originally from the Canadian midwest, he today lives with his family in New York City.
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.
LLM and Wharton Certificate, University of Pennsylvania Law School, US
Bachelor of Laws, Keio University, Japan
2003年10月、株式会社ロングリーチグループを設立し代表取締役に就任。投資戦略の策定を担当すると共に、主に日本における投資案件の発掘、調査、実行に関するアドバイスを行っている。これまで関与した案件としては、株式会社オーシーシー、三洋電機ロジスティクス株式会社、日立ビアメカ二クス株式会社、株式会社ソルプラス、プリモ・ジャパン株式会社、NOC日本アウトソーシング株式会社、
C-United株式会社、富士通コンポーネント株式会社、ジャパンシステム株式会社等が有り、これらポートフォリオ企業の社外取締役としても、企業価値向上にむけた経営活動に参画。
ロングリーチグループ設立以前は、モルガン・スタンレー証券会社の投資銀行本部マネージング・ディレクターとして日本のテクノロジー産業及びヘルスケア産業向バンキング業務を統括。深い業界知識と日本的な企業文化の理解を基礎に最先端の金融手法を駆使し、産業テクノロジーおよびヘルスケア産業分野を中心に会社分割、スピンオフIPO等の複雑な案件を手掛けた。大学卒業後住友銀行に入行、その後1991年にサンフランシスコに本拠をおくロバートソン・スティーブンス証券の東京事務所を開設、1997年まで在日代表を務めた。
日本プライベートエクイティ協会会員(2015-2017年協会長)、経済同友会会員
Mr. Yamazaki has engaged in private equity investment since the early 2000s consistently.
In addition to investment analysis and execution, he has a wealth of experience in participating in the management of portfolio companies for value-creation on hands-on basis and in fund-raising from institutional investors.
He joined Integral Corporation in 2009, and has been mainly responsible for investments in Yohji Yamamoto, FiBest, Aderans, Toyo Engineering, Sanden Retail Systems, JRC, Primo Global Holdings, and Toppan Photomask.
Prior to joining Integral Corporation, he worked at Industrial Revitalization Corporation of Japan (IRCJ) from 2004 and was mainly involved in corporate revitalization project of small and middle-sized manufacturing company.
Before joining IRCJ, he worked at Strategic Business Transformation division of Deloitte Tohmatsu Consulting (now known as Abeam Consulting) and was involved in several business process transformation projects.
Personal history
BA Economics, the University of Tokyo, MBA, Harvard Business School
2001 Deloitte Tohmatsu Consulting(now known as Abeam Consulting)
2004 Industrial Revitalization Corporation of Japan
2009 Integral corporation
2020 Promoted to Partner at Integral Corporation
Ray is a Principal at L Catterton who is based in Tokyo, where he leads deal sourcing and execution activities in Japan for the firm’s Asia fund. He has extensive investment and portfolio management experience, and is currently an external director of the fund’s portfolio company Ci FLAVORS co, ltd.
Before joining L Catterton, Ray was a Director at Sunrise Capital, a Japan-focused mid-cap fund under CLSA Capital Partners, where he spent over 10 years conducting leveraged buyout deals in the consumer lifestyle and e-commerce space. Prior to that, he was with Citigroup Global Markets’ Merger & Acquisition Group.
Ray graduated with a Bachelor of Science from Warwick University.
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.
Apr. 1988 Joined The Sumitomo Trust and Banking Co., Ltd. (“STB”)
Oct. 1996 London Branch, STB
Oct. 2000 Credit Investment Management Department, STB
Apr. 2007 Credit Products and Investment Department, STB
Apr. 2012 Credit Products and Investment Department, SMTB (“SMTB”, formerly STB)
Apr. 2013 General Manager, Investment Products Development Department, SMTB
Oct. 2015 Corporate Officer and General Manager,
Investment Products Development Department, SMTB
April 2017 Corporate Officer, Alternative Investment, SMTB
General Manager, Investment Products Development Department, SMTB
General Manager, Wholesale Asset Management Business Planning Department, SMTB
April 2018 Executive Manager, Alternative Investment, SMTB
General Manager, Investment Products Development Department, SMTB
General Manager, Wholesale Asset Management Business Planning Department, SMTB
April 2021 Executive Officer, Alternative Investment, SMTB
2015 年 CVC に入社、東京オフィス共同代表として国内におけるプライベート・エクイティ投資事業を率いる。CVC キャピタル・パートナーズのアジア投資役員会およびボードメンバーも務める。CVC 入社以前は、アドバンテッジパートナーズにおいて 11 年以上にわたりシニア・パートナーを勤め、テレコム・メディア・テクノロジー領域を含む幅広い分野での投資案件を主導。それ以前は、マッキンゼー・アンド・カンパニーおよびプライスウォーターハウスクーパースにて勤務。東京大学工学部にて学士課程、修士課程修了、コロラド・スクール・オブ・マインズ鉱山工学博士課程修了。
Jumpei Ogura is a Managing Director of Carlyle’s Japan Buyout team, and leads the team’s investments in the Technology, Media, and Telecommunications (TMT) sectors. He is based in Tokyo.
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 B.A. from Keio University.
Mr. Ogura serves on the Board of Directors of Money Square Holdings, Inc., and AOI TYO Holdings Inc.
He previously served as a board member for ARUHI Corporation, Simplex Inc., Walbro Co., Ltd., and a Corporate Auditor for Chimney Co., Ltd. and Tsubaki Nakashima Co., Ltd.
Takanobu Hara is a Partner in the EQT Private Capital Asia team. Takanobu worked for BPEA from 2019 until 2022, when the company joined forces with EQT and was renamed BPEA EQT (now EQT).
Prior to joining BPEA, Takanobu worked at Morgan Stanley in Tokyo. He brings wealth of experience in both investment banking and private equity in Japan which includes his tenure at Advent International and Ripplewood Japan.
Takanobu began his career at the Industrial Bank of Japan (currently Mizuho Bank).
Takanobu holds a Bachelor of Arts in Political Science from Keio University.
Eiji Yatagawa (Tokyo) joined KKR in 2006 and is a Partner on the Private Equity team. He is on the Board of Directors of PHC Holdings (formerly Panasonic Healthcare), Koki Holdings (formerly Hitachi Koki), Seiyu Holdings, dataX (formerly From Scratch), NETSTARS, Transphorm, and Yayoi. Mr. Yatagawa was also previously involved with KKR’s investments in Unisteel (Singapore), Intelligence, AlphaTheta (formerly Pioneer DJ), Marelli Holdings (formerly Calsonic Kansei), and Kokusai Electric (formerly Hitachi Kokusai Electric). From 2010 to 2012, he worked in KKR's Hong Kong office. Prior to joining KKR, Mr. Yatagawa was with Goldman Sachs & Co.'s investment banking team, based in New York and Tokyo, where he focused on the telecommunications, media, and technology sector and was involved in a number of mergers and acquisitions as well as financing projects. He holds a B.S. and an M.S. from the University of Tokyo.
Tatsuya Kubo joined the Firm in 2010 as a managing director. He focuses on enhancing and building relationships with institutional investors and general partners in Japan. Mr. Kubo joined the Firm from Fortress Investment Group Japan, where he served as Managing Director and Head of Business Development after launching the Japan-based business. Prior to that, he spent over 20 years as a senior manager at Norinchukin Bank, one of the largest financial institutions in Japan, where he built and managed an alternative investment portfolio. He received a BA in Economics from Waseda University in 1988 and an MBA from Duke University in 1994. Mr. Kubo speaks fluent Japanese and English.
Noriko Hayashi is Managing Director, Head of Private Equity at ORIX Life Insurance Corporation.
She has been involved in framework building, implementing, portfolio construction and management of a global private markets program for institutional investors with primary focus on Private Equity; currently at ORIX Life Insurance Corporation, previously at Government Pension Investment Fund (GPIF) and firstly at Sony Life Insurance Co., Ltd., since 2000. She started her career at Mitsubishi Bank, Ltd. (MUFG Bank, Ltd.) where she covered Corporate Finance and Operational Improvement in commercial banking business.
She received a B.A. in Law from Kyoto University.
Masashige Ueno joined MUTB in 2016. He is responsible for private fund investments, such as private equity, private debt, infrastructure and real estate, in its asset management business unit. Before joining MUTB, he spent more than 20 years at Sumitomo Mitsui Banking Corporation and SMBC Nikko Securities where he was engaged in various banking and securities businesses, including principal investments in private funds and investment product development for institutional investors. Bachelor of Engineering and Master of Engineering from Kyoto University. MBA, Fisher College of Business at the Ohio State University.
■事業変革の専門家として、事業会社、PEファンド、金融機関をクライアントに、事業再生・再編・再成長の各種案件に従事。
■事業計画の策定、事業変革シナリオの策定から実行支援、M&Aにおける事業・オペレーションのデューデリジェンス、買収後のバリューアップ・シナジー創出、および再生ステージにおける企業のターンアラウンド支援まで様々な経験を有し、ハンズオンでのオペレーションの立て直し実績も多数。
■コンサルティング業界で35年の経験を有し、経営陣直轄のグローバル大規模案件から現場での業務改善まで、多岐にわたる経験を有する。
■製造業、小売流通業を中心に、戦略策定からオペレーション(業務・組織・IT)の構築、運用までの一気通貫での改革を数多く主導。 また在庫削減、原価低減、調達強化、物流再編、開発強化等のテーマでの現場支援・短期テコ入れ支援の経験も多数。
■金融・サービス業も含め幅広い業界で、経営管理強化、組織再編・スリム化、業務効率化・集約化の経験を有し、持株会社やシェアドサービス設立支援の経験も有する。
■クロスボーダーの再編案件も主導。 法人・拠点の統廃合、統括会社の設立、シェアドサービス・サポートの設立、税効率の向上等の多岐に渡るテーマに対して、あずさ監査法人、KPMG税理士法人、KPMGコンサルティングと協働でOne KPMGグループでのサービスを提供。
■「強い調達(東洋経済新報社)」共著、ほかに寄稿、講演など多数。
■青山学院大学、東京理科大学、神戸大学、立命館大学の各大学院、及び上智大学での教鞭経験を有する。
Executive Officer, Head of Buyout Investments. Naoki joined JPIC from Revamp Corporation, where he was Chief Investment Officer. He was previously with Unison Capital and an Attorney with Nishimura & Asahi. He has been involved in numerous Private Equity deals through the entire deal lifecycle from sourcing to exit, and also has been involved in numerous M&A transaction as a lawyer. He holds a Law degree from Chuo University and is an Attorney at Law.
山一證券において日本企業を顧客とした資金調達、レコフにおいてM&A仲介、そしてGE Capitalにおいて企業再生の業務にそれぞれ従事した後、アイ・シグマ・キャピタルにおいて中堅・中小企業支援ファンドの創設・運営に参画。投資先の代表取締役として現場の経験も積み、包括的な視点で中小企業の成長を支援するフロネシス・パートナーズ(株)を創業するに至る。
慶應義塾大学経済学部
バージニア大学コルゲート・ダーデン経営大学院 経営学修士(MBA)
東京オフィスを拠点に、コンシューマー、製造業・産業テクノロジー、ビジネスサービス関連分野など幅広い分野での投資活動全般に従事。これまでにFCLコンポーネント(旧 富士通コンポーネント)、ジャパンシステム、ウェルネス・コミュニケーションズ、Blueship、nobitel(Dr.stretch)等への投資案件を担当。
ロングリーチグループ参画前は、ユニゾン・キャピタルのディレクターとしてソーシングから企業価値向上、エグジットまで様々な投資案件に従事。ユニゾン参画前は、10年間に渡りニューヨークを拠点に伊藤忠商事の北米本社である伊藤忠インターナショナルのディレクター等を務め、北米市場でバイアウトを行う200億円規模の社内プライベートエクイティ投資ユニットPrincipal Investments Groupの創設及び運営に従事、また北米金融部門及び機械部門のM&Aや戦略投資も担当。渡米前は米証券会社キャンター・フィッツジェラルド東京支店にて通貨オプション取引に従事。
早稲田大学社会科学部卒業、イリノイ大学アーバナ‧シャンペーン本校MBA修了
Jesper Koll has been researching and investing in Japan since becoming a resident in 1986.Over the past two decades, Jesper has been recognized as one of the top Japan strategists/economists, having worked as Chief Strategist and Head of Research for U.S. investment banks J.P. Morgan and Merrill Lynch. He currently serves as Expert Director for the Monex Group and the Japan Catalyst Fund (Japan’s 1stretail investor based corporate engagement/activist fund). His analysis and insights have earned him a position on several Japanese government and corporate advisory committees, including Governor Yuriko Koike’s Advisory Board. Jesper serves as Board Director of OIST, the Okinawa Institute for Science and Technology and is a Founder of the Asia Society Japan and heads their Policy Committee. He is one of the few non-Japanese members of the Keizai Doyukai, the Japan Association of Corporate Executives. He has written three books in Japanese and, in 2021, created the video/pod-cast series “Japan - Capitalism that works”.
Jesper is an economist, angel-investor, patron; and yes, a Japan Optimist.
Azusa Owa is an expert in Private Equity and Financial Investor practice. She has extensive consulting experience across a range of industries and business topics in Japan, the United States and Australia, focusing on supporting private equity clients on commercial due diligence assignments and post-acquisition value creation in a variety of industries in. Azusa graduated with a master's degree in international education policy from Harvard University and a bachelor's degree in education from International Christian University. She earned her MBA from the Wharton School of the University of Pennsylvania, double majoring to earn a master of international studies (in Mandarin Chinese) from the university's Lauder Institute.
Jim Verbeeten leads Bain & Company’s Private Equity and Financial Investor practice in Tokyo. He has more than 20 years of management consulting experience. Jim advises private equity clients on commercial due diligence assignments in a variety of industries and has supported clients with fund strategy and performance improvement of their portfolio companies. Jim also leads the development of Bain’s annual Japan Private Equity report. He first joined Bain's Amsterdam office in 1999 and has worked in Europe, North America and Asia. He has been based out of the Tokyo office since 2007.
Edwin Chan joined iCapital in 2021 as Head of Asia and Head of Client Solutions APAC. He has more than 25 years of experience in the financial services industry, including a strong track record in private markets in the Asia Pacific region.
Before joining iCapital, Edwin successfully founded and spent a decade building the Probitas Partners business in Asia. He has worked with many private market firms across different alternative investment strategies as well as with institutional and family office investors in the Asia Pacific region. Previously, Edwin worked with AIG Global Investments, Citi, and HSBC based out of Hong Kong in various regional roles covering clients across the broad Asian geography.
He holds a MBA and a BA from the University of South Australia and is a Certified Practicing Accountant of CPA Australia.
Maxence Radix is Managing Partner at CAPZA, the leading pan-European private investment platform specialized in small and mid cap companies. Maxence joined CAPZA at the inception and played an instrumental part in building the Flex Equity franchise.
CAPZA’s Flex Equity strategy offers flexible financing solutions to support small and mid cap companies' developments. CAPZA has performed more than 90 transactions through its Flex Equity strategies and more than 60 exits since 2004. Maxence has extensive relationship and experience in the small and mid-cap market, particularly in France and a deep expertise in tech (software and services). Since 2021, he has been a member of the Management Board, Supervisory Board and Executive Committee of CAPZA.
Maxence holds an International Bachelor of Business Administration with a major in Market Finance from EDHEC BBA (EDHEC Group, France).
Mr. Walton is a Partner and Head of Private Equity in the Ares Secondaries Group. Mr. Walton serves as a member of the Ares Private Equity Group's Energy Opportunities and Extended Value Investment Committees, the Ares Infrastructure Group's Climate Infrastructure Partners Investment Committee, the Ares Secondaries Group's Private Equity Investment Committee and the Ares Sports, Media and Entertainment Investment Committee. He joined the Firm in 2006. Mr. Walton holds a B.A. from Princeton University in Politics and an M.B.A. from the Stanford Graduate School of Business.
Bruce is a Managing Partner of GroveStreet and a member of the firm’s Investment Committee. He is responsible for a number of the firm’s client relationships and leads fund and direct investments across all segments of private equity and venture capital.
Prior to joining GroveStreet, Bruce was with the Monitor Group, a leading strategy consulting firm, where he focused on M&A, due diligence, corporate finance and strategy engagements for both corporate and private equity clients in carve-outs, investment diligence, growth initiatives, balance sheet optimization and strategic turnarounds. His engagements spanned the US/Canada, China, the UK, and Israel.
BA, Economics and Asian Studies, Williams College (Phi Beta Kappa, Magna Cum Laude)
MBA, The Tuck School of Business at Dartmouth (Tuck Scholar with High Distinction)
Masashi Kataoka is General Manager of Alternative Investment Department at Dai-ichi Life Insurance Company. Prior to his current role, he had led various teams since 2014; hedge fund investment, PE fund investment, infrastructure fund investment, venture fund and direct investment team. He worked 4 years until 2014 at Dai-ichi Life’s NY office and led the manager selection / due diligence practice as well as strategic activities with US asset managers. Since joining Dai-ichi Life in 1997, he has about 20-year-experience in investment related sections including Investment Planning Department where he engaged in the asset allocation of entire Dai-ichi Life’s general account asset. He also has an experience working at an US based hedge fund as a trainee in 2007. He earned Bachelor of Economics in Keio University.
1984年三菱商事株式会社入社。東京及びロンドンにおいて、20年に亘りプライベート・エクイティ(PE)関連業務に従事。2002年にPEのFOF運営・アドバイザリー会社であるエー・アイ・キャピタル株式会社を三菱商事の子会社として立ち上げ、取締役副社長、代表取締役社長を歴任。
2010年にグローバルなプライベート・アセット投資会社であるキャピタル・ダイナミックス社に入社。東京・香港のチームを束ねアジアのプライマリー・ファンド投資を統括、グローバルPE投資委員会、エグゼクティブ・コミッティのメンバーを兼ねる。
2020年にMCPアセット・マネジメント株式会社に入社。東京都の事業承継ファンド・オブ・ファン及び脱炭素化VCファンド・オブ・ファンズを運用。
またMCPでの業務と並行してPE・VCに関する様々なアドバイスを提供する活動を開始。欧米のバイアウト・ファンドのRhoneを含め国内外のファンド及び中小企業基盤整備機構などに対してアドバイザーとして関与。
ビジネス以外にベンチャー・フィランソロピー活動を行う一般社団法人ソーシャル・インベストメント・パートナーの理事として社会起業家やNPOの支援活動を行う。
一橋大学経済学部卒業
リスクキャピタルの供給を通じた日本の産業競争力の強化、およびPE・VC投資のエコシステムへの醸成に貢献することを志し、2020年7月、産業革新投資機構に入社。それ以前は、ニッセイアセットマネジメントにて、プライベート・エクイティ投資の共同ヘッドとして、欧州中小型バイアウト、GPマイノリティー出資、セカンダリー、国内VC投資を主に担当。また、野村アセットマネジメント及び野村プライベート・エクイティ・キャピタル(NPEC)に9年間在籍し、投資委員会メンバーとして、NPECが運用するファンド及び口座のグローバル投資案件の評価・意思決定に携わると共に、アジアのチームヘッドとしてアジア地域のプライベート・エクイティ・ファンドの発掘・分析・関係構築を担当した。
証券アナリスト協会検定会員。
慶応義塾大学環境情報学部卒、HEC経営大学院(フランス)にてMBA取得。
2014年4月グロービス・キャピタル・パートナーズ(GCP)入社。2022年より同社パートナー。
ヘルスケア領域を含む産業変革領域への投資・支援に取り組む。また2022年のグロービス7号ファンド(合計727億円)の資金調達を主導。
主な投資先に、メドレー社(4480)、カケハシ、AIメディカルサービス等。
GCP入社前は、ドイツ証券株式会社投資銀行統括本部にて、M&Aアドバイザリー並びに資金調達業務に従事。東京大学経済学部卒。
Kiichiro is a venture capitalist at WERU Investment, the oldest university affiliated venture capital firm in Japan. He leads investment research at the firm, covering a broad range of technology and industry domains. He serves on the board of multiple portfolio companies including LeoLabs and Confidencial, leading startups in the space and cybersecurity domains.
Prior to joining WERU Investment, Kiichiro led technology-focused business development efforts at startups in the US and Japan. He began his career as an aerospace engineer working on spacecraft development at NASA/JPL and industry. Kiichiro holds a B.S. in Aerospace Engineering with Highest Honors from Georgia Tech
BT Slingsby is Founder and Managing Director with Catalys Pacific.
He founded Catalys Pacific to transform life-sciences innovation in Japan using transpacific bioventure. He is a physician-scientist and biotechnology entrepreneur leading the company creation efforts for the firm. Prior to Catalys Pacific, he founded the Global Health Innovative Technology (GHIT) Fund – the world’s first public-private fund focused on the development of new medicines for low- and middle-income countries. In his role as CEO and Executive Director at the GHIT Fund, he deployed over 100 investments and grew the fund to $350M in capital. Previously, he was global head of access strategy at Eisai Co., Ltd. where he led market access strategy for global products and managed a portfolio of anti-infective clinical programs.
He graduated from Brown University with honors, earned his M.P.H. and Ph.D. from Kyoto University and the University of Tokyo, and received his M.D. with honors from the George Washington University. In recognition of his contributions to global health, he has been awarded a Foreign Ministry Commendation from the Government of Japan. He has authored over 50 peer-reviewed articles on medicine and public health and currently lectures at the Graduate School of Medicine at the University of Tokyo and Kyoto University.
1991年に東京海上火災保険株式会社(現東京海上日動火災保険株式会社)入社。国際投資部にてユーロ円債、海外融資担当を経て海外企画、海外委託資産のマネージャー選定・管理に従事。1995年より日本輸出入銀行(現国際協力銀行)へ出向し海外プロジェクトファイナンスに従事。1997年より東京海上火災保険投資部にて、プライベートエクイティ、ヘッジファンド、インフラファンド、新興国カントリーファンド、CDO/CLO等のオルタナティブ投資に従事。1998年より東京海上キャピタル株式会社にて国内のバイアウト・ベンチャー投資に従事、欧米のPEファンドでの実務経験も積む。2001年より東京海上火災保険金融開発部にてオルタナティブ投資に従事。2002年より東京海上アセットマネジメント投信株式会社にて内外プライベートエクイティファンド投資のアドバイザリー業務に従事。内外のPEファンドのアドバイザーを務める。
ハーバード大学経済学部卒業。LP研究会運営委員。
Edmond is an operating partner of iGlobe Partners. He has over 26 years of venture capital experience investing in early-stage startups, venture funds, and funds of funds in Silicon Valley, the northeastern corridor of United States, Israel, and in Asia. Prior to joining iGlobe, Edmond was the executive vice president of Juniper Capital Ventures, the CVC arm of a Singapore listed company, and in Accenture Asia. Having been through multiple business cycles, Edmond brings a unique blend of venture investing, M&A transactions, and operating experience.
Pamela is a partner and investment committee member for the Morgan Stanley Private Equity Solutions Team and has 18 years of industry experience. Prior to joining the firm, Pamela was a management consultant with McKinsey & Company's corporate finance practice in Hong Kong, responsible for investment opportunity identification, deal advisory, merger management and strategy development. Previously, she was a management consultant with Monitor Group, specializing in marketing strategy for clients across Asia, and a member of the corporate finance team with Lehman Brothers in Hong Kong. Pamela has a Law degree (first class honors) from the University of Hong Kong and an M.B.A. with honors in finance and management from the Wharton School of the University of Pennsylvania.
Joined Advantage Partners in December 2022 as Co-Head of Asia.
Prior to joining Advantage Partners , he spent over 2 years as Head of Southeast Asia at ADV Partners, and 5 years as a Director at KKR & Co. He has invested across multiple verticals in the alternative investments space including buyouts, growth minority investing and special situations. Rahul started his career at Henderson Global Investors as a founding member of the pan-Asian equity team, where he spent 12 years, with his last role being head of the Singapore office. Rahul is a CFA Charterholder, earned his MBA from the AGSM at the University of New South Wales and graduated from the University of Calcutta with a BSc in Economics. He is an Indian national and a permanent resident of Singapore.
- Hiroaki Wakashita (“Hiro Wakashita”) is Partner of Orchestra Private Equity and manages Orchestra’s Tokyo Office.
- Hiro was one of the initial members of Riverside Asia Fund, established in 2007.
- 19 years of working experience. 15 years in private equity where he was involved in buyout deals at The Riverside Company and Oak Capital. Also 4 years as a management consultant at Accenture.
- Prior to joining Orchestra Private Equity, Hiro was the first hire for The Riverside Company’s Asia operations, starting off in San Francisco Office in 2006 to help transition the culture and processes to Asia.
- While with Accenture’s Strategy & Business Architecture Unit, he focused on the telecommunications & high-tech sector, conducted projects including CRM strategy and new business strategies for mobile carriers.
- Received his Bachelor’s degree from Keio University in Japan and is fluent in English and Japanese.
Chaim Estulin has been covering APAC for more than two decades, including since 2007 at Debtwire, where he is now the regional co-Managing Editor based in Hong Kong. He jointly oversees more than two dozen reporters and analysts focused on corporate distress and restructurings as well as the primary issuance of high-yield bonds, bank loans and private credit. Before joining Debtwire, Chaim was a business editor at the South China Morning Post and a Hong Kong-based reporter at Time magazine covering politics, culture and business.
Karen Simeone joined HarbourVest in 2018 and focuses on investments in senior and junior private credit transactions.
Throughout her career, Karen has managed all aspects of the private credit investment process including sourcing, evaluating, structuring, underwriting and managing secured debt securities of middle market companies. Prior to joining the Firm, Karen was a managing director at TCW in the Direct Lending Group (formerly Regiment Capital’s direct lending team). Karen previously worked at Stairway Capital and HVB Group. Karen began her career at J.P. Morgan as part of the leveraged finance group and later became a member of the high yield research team.
Karen received a BS from Georgetown University in 1998 and studied at the London School of Economics.
2013年11月の入社以来、みずほFG傘下の各エンティティと協働してプライベート投資ビジネス立上げに主導的な役割を果たし、現在はAMOAIプライベート投資部長・投資責任者としてプライベート投資チームのヘッドを務める。
当社入社以前は、スイス本拠のPEファンド・オブ・ファンズ運営会社Capital Dynamics社にて日本及びアジア地域でのPEファンド投資活動に従事。それ以前は、三菱UFJ信託銀行にて7年に亘りPEファンド投資業務に従事。信託銀行在籍中にはPE特化の運用会社エー・アイ・キャピタルへの出向派遣も経験。
1998年、東京大学 経済学部卒業。
Mr. Ferrier is a Managing Partner of Navis Private Credit. Mr. Ferrier has more than 30 years of experience, which includes more than 20 years as a credit investor, portfolio manager and business leader.
Previously he was a Managing Director at BlackRock where he played a pivotal role in building BlackRock’s Asian-Pacific Private Credit business, growing AUM to $700m and developing a successful regional strategy focusing on Southeast Asia and Australia.
Prior to BlackRock, he was the Founder and Chief Executive Officer of Myo Capital. The fund delivered 14% gross returns. Prior to Myo Capital he was a Director / Investment Committee Member with ADM Capital and a Corporate Finance Executive with Peregrine Capital and SG Warburg Group.
Mr. Ferrier holds an MBA, majoring in Finance and Accounting from Monash University and a Bachelor in Science from the University of South Australia.
Mr. Lyons joined Bain Capital in 2006. He is a Partner and Global Co-Head of Bain Capital Special Situations as well as the Head of Bain Capital Credit in Asia.
Prior to his current role, Mr. Lyons was based in Bain Capital’s London office covering European Special Situations opportunities. Previously, Mr. Lyons was a consultant at Bain & Company.
Mr. Lyons received an A.B. Phi Beta Kappa from Princeton University.