27
Jun
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？
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SpeakersToru Masuda Executive Officer, Alternative Investment SUMITOMO MITSUI TRUST BANK
赤池 敦史 代表取締役 日本共同代表 パートナー シーヴィーシー・ アジア・パシフィック・ジャパン株式会社
Jumpei Ogura Managing Director CARLYLE
原 敬信 Partner EQT
Eiji Yatagawa Partner, Private Equity KKR
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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.