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Agenda09.00 - 09.45JST
2025年、日本のプライベートエクイティ市場の成長は続くか？
日本のPE市場は2023年に記録的な取引件数を達成し、2024年も取引総額で3兆円と堅調な記録となりました。
「2023年と比べると減少しており、日本への熱気はやや落ち着いてきた」という見立てもある一方、
「2024年の取引額は市場が10年前の水準の4-5倍に定着したことを示しており、案件のパイプラインも堅調で、2025年も好調なスタートを切っている」と評価することもできます。
本プレゼンテーションでは、市場の現状とその可能性を探りつつ、直近の制度変更（例：M&Aコードの変更）が実際にどのような影響を与えているのかに注目します。
さらに、既存のPEファンドがファンド規模を拡大し、新規参入ファンドがチームを構築する中で、競争が依然として激しい日本市場において、PEファンドにどのような意味合いや示唆があるのかについても考察します。
09.45 - 10.30JSTアジアの展望：リスクとリターンの問題
マクロ経済、地政学、流動性を巡るさまざまな懸念から、投資家はアジアでの優先順位を変更し、一部の国際的なプレーヤーはアジアへの投資配分を減らしています。最も支持されているのはアジアの先進国（ある程度はインドも）とみられますが、すべての準地域およびカントリーマネージャーはそれらの国がグローバル・ポートフォリオに含まれるべき理由を説明しなければなりません。あらゆるリスクを踏まえても、アジアの成長特性は依然として大きなリターンをもたらす可能性を秘めています。
- GPは2025年のアジアの投資機会をどのように伝えるべきか？
- 特定の地域で売られ過ぎの危険性はあるか？
- アジアの新興経済国はどの程度バイアウトを受け入れつつあるか？
- アジア全域でエグジット手段はどのように進化しているか？
10.30 - 10.55JSTネットワーキング休憩
10.55 - 11.40JST日本のミドルマーケット：進化する環境
ミドルマーケットのバイアウトは日本のPEの定番であり、創業者の後継者問題、低いエントリーマルチプル、競争の少なさ、そして経営を専門化することで向上できる余地が十分にあることを特徴としています。多くの場合非公開のオークションプロセスへの参加者が増えることや、価値創造プランにテクノロジーが浸透していくことに伴い変化が起こっています。中国などのGPは多くの場合、現地マネージャーのパートナーとして過小評価され資本不足の市場に参加しようとするため、今や国際的な関心も加わっています。
- 他の買収者と差別化するためにGPは何ができるか？
- バリュエーションの上昇は魅力的なリターンの提供を難しくしているか？
- ミドルマーケットマネージャーにとって株式非公開化のオポチュニティはどれほど大きいか？
- 国際的GPは競争相手か、パートナーか、またはポートフォリオ企業の買収者か？
11.40 - 12.25JST資金調達：プライベート・ウェルスの台頭
ファミリーオフィスや個人富裕層を幅広く取り込む日本のホールセール投資家層はPEにとって魅力的なターゲットです。こうした投資家層は洗練度、教養、リスク選好度、文化的弊害、経済的目的、流動性要件などの点で機関投資家とは著しく異なる場合があります。しかし早期の参入者からは適切な商品に対する需要があることが示されています。ブレイクスルーを達成するためには的確なマーケティングと現地ディストリビューターとの関係構築が不可欠です。
- 日本のプライベート・ウェルスをターゲットにする場合、エバーグリーンが最良の選択肢か？
- GPは現地のディストリビューションパートナーにどのように働きかけるべきか？
- 手数料、キャピタルコール、レポーティングなどの分野でカスタマイズの余地はあるか？
- 教育や期待値管理の面でさらにできることは？
12.25 - 13.20JSTアクティビスト投資家：ゲームを変える
国内企業の資本効率とコーポレート・ガバナンスの向上を推進する政府の政策を受け、日本ではアクティビスト投資家の動きが引き続き活発です。アクティビストによる提案が他の株主によって支持されるケースも増えており、取締役会レベルでのブレイクスルーを後押ししています。これはPEにとってプラスであり、カーブアウトや株式非公開化によるディールフローは増加しています。しかし株式非公開化のアクティビズムは世間の注目を集め、その性質上価格の上昇や熾烈な競争を招く可能性があります。
- 最近のアクティビストの事例の成功と失敗の両方から学べることは？
- PEファームはアクティビズムにどのように関わっているか？
- アクティビストのアジェンダはどの程度のニュアンスを持ち、またはターゲットを絞ったものになっているか？
- アクティビズムの機会という点で、日本は他の国々と比べてどうか？
13.20 - 14.20JST閉会
スポンサ
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SpeakersTim Burroughs Managing Editor Global Private Funds, and Managing Editor, AVCJ Mergermarket
Sueann Yeo Head of APAC Private Wealth EQT Partners
Junji Yokokura Managing Director / Head of Private Equity Financial Sponsor Coverage KPMG FAS
Toby Rodes Co-Founder Kaname Capital
Shimpei Kanzaki Managing Director, Head of Japan Global Wealth Apollo Management Japan Limited
Saurabh Chatterjee Managing Director ChrysCapital
Jim Verbeeten Partner Bain & Company
Azusa Owa Partner Bain & Company
Pongpat Tantivashinchai Partner Navis Capital Partners
Paul Ford Partner, Deal Advisory, Head of Private Equity KPMG FAS Co., Ltd
Nicholas Smith Japan Strategist CLSA
Samon Suwannarat Co-Founder / Managing Partner 10 Bridge Capital
Vincent Ng Managing Director and Co-Head of Asia Partners Group
Ray Yamaguchi Managing Director L Catterton
Shohei Akiyama Partner, Managing Director, Head of NVP and Business Support Team, Management Committee Member NSSK
Makiko Hayase Partner Integral
Tatsuya Kubo Managing Director HarbourVest Partners (Japan) Limited
Jesper Koll Senior Adviser Monex Group - Japan Catalyst Fund
Vincent Churk Principal, Morgan Stanley Private Equity Solutions Morgan Stanley Investment Management
Maki Mitsui Managing Director – Partner Carlyle Japan Equity Management LLC
Yasunori Maeda Managing Director Sunrise Capital
Nikhil Srivastava Partner and Co-Head of Private Equity PAG
Brian Heywood Founding Partner and CEO Taiyo Pacific Partners
James Smith Founder & CIO Palliser Capital
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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.
Vincent Churk is a Vice President with the Morgan Stanley Private Equity Solutions team. Prior to joining the firm in 2021, Vincent worked in the Investment Banking Division at J.P. Morgan, where he advised companies on mergers and acquisitions and capital raising activities. Vincent graduated with a B.B.A. in finance from The Hong Kong University of Science and Technology.
Nikhil Srivastava is a Partner and Co-Head of Private Equity at PAG, responsible for supervising the operations and management of PAG’s Private Equity strategy. He is a member of the firm’s Management Committee.
Nikhil joined PAG in 2019 after working across India, Singapore, and the United States markets with KKR for nearly a decade. Prior to that, he worked at Goldman Sachs and Inphi Corporation (NYSE: IPHI). Nikhil holds an MBA from Harvard Business School, a master’s in electrical engineering from Stanford, and a bachelor’s in electrical and electronics engineering from BITS Pilani. Nikhil is also the author of several patents.
Shohei Akiyama is Partner, a member of NSSK’s five-person Management Committee and is Head of NVP (NSSK Value-Up Program) and Business Support Team at NSSK. Shohei is responsible for value creation initiatives of NSSK’s portfolio companies and all the operation functions in NSSK’s Business Support Team (including accounting, tax, legal and compliance functions). Prior to assuming his current role, Shohei was a Director on the Investment Team and has been with NSSK since its founding. Before joining NSSK, Shohei was at JPMorgan Securities Japan Co., Ltd. in their Investment Banking Division. At J.P. Morgan, he was responsible for a number of major transactions for Japanese companies including cross-border M&A and global IPOs. He is a graduate of the University of Tokyo (B.A.).
Ray is a Managing Director 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 several portfolio companies.
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.
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.
Maki Mitsui is a Managing Director and Partner responsible for overseeing Investor Relations in Japan.
Ms. Mitsui joined Carlyle in 2002 and leads the Investor Relations team in Japan, which is responsible for introducing a broad range of products, including private equity, infrastructure, real estate, private credit, and aviation finance. She also serves as the Japan Representative of Carlyle Japan Equity Management LLC.
With over 25 years of experience in private assets, Ms. Mitsui previously established the alternative assets placement business within the Investment Banking division at Merrill Lynch Japan Securities, which she joined in 1997. In this role, she introduced leading global managers to Japanese institutional investors. Prior to that, she worked in international equity sales at CS First Boston, based in both the Tokyo and New York offices.
Ms. Mitsui is a Director of the Japan Private Equity Association and a Chair of its ESG Committee. She also serves as an Advisor to the Social Innovation Partners.
Ms. Mitsui received a B.A. in Political Science from Keio University.
Sueann Yeo is a Managing Director and Head of Asia-Pacific Private Wealth Client Relations and Capital Raising, based in Singapore. Prior to joining EQT, Sueann was an Executive Director and Head of Alternative Investments (Southeast Asia) at J.P. Morgan Private Bank. Sueann received a BBM with a major in Finance from Singapore Management University. She is also a Chartered Alternative Investment Analyst (CAIA) charter holder.
Brian is a founding partner and the CEO of Taiyo Pacific Partners, a friendly activist investment fund focused on Japanese Public companies. Over the past 20 years, he has been an advisor and strategist to the CEO’s of well over a hundred portfolio companies invested in by the fund. He speaks Japanese fluently and has a deep working knowledge of the culture and business practices of Japan. In 2014, he led a friendly management buyout of the electronic music instrument company Roland as Taiyo expanded its efforts into private equity. He believes that a critical mission for any private equity investment is to ensure the underlying company and employees are better off after the MBO than they were before. That means making the company more competitive, ensuring it has a strong management structure and balance sheet , and improving the incentives and compensation to properly reward the hard-working and dedicated employees.
Due to his work at Roland, he was asked to join the board of several other publicly traded Japanese companies. Sitting in the board room gives him a unique insight into the structure and function of corporate Japan, an ability to influence decisions, and a bird’s eye view of the opportunities and challenges that exist in one of the most fascinating markets in the world.
Toby Rodes co-founded Kaname Capital in 2018 to bring deep fundamental analysis and engaged ownership to Japanese small caps, a deep pool of operationally capable companies with strong product focus that too frequently suffer a material valuation discount because of substandard governance practices. Passive and conflicted ""allegiant"" shareholders have simply refused to hold boards accountable across the market cap spectrum for delivering on their potential ROE, a core reason for Japan's multi decade economic malaise. Kaname aspires to be a thoughtful, involved, and long-term ""principal"" owner of quality businesses with substantial valuation rerating potential. Prior to co-founding Kaname, Toby spent 12 years at Boston based institutional manager GMO in the Fundamental Active Team, where he managed roughly $4bn in both large and small cap equities in Japan. His greatest professional interest has always been in the small cap discipline where his Japanese language skills and ability to create relationships with management teams led to an informational advantage. His professional career started in the “Think Tank” trenches of Washington DC before moving to Japan from 1993 to 2004, first as a Rotary Japan Ambassadorial Scholar and later for graduate work at Keio University, Tokyo. His investment career started in equity research at Dresdner Kleinwort Benson and Nikko Salomon Smith Barney in Tokyo where he led some high-profile IPOs but determined his calling was the buyside. After ten years of living in Japan, he attended the Harvard Kennedy School in 2003 which served as an intellectual bridge to GMO. He is presently spending half the year in Japan as well as serving on the Japan Society of Boston’s Board of Directors.
Prior to founding Palliser Capital in 2021, James was the head of Elliott’s Hong Kong office. James joined Elliott UK as an Analyst in 2001 where he focused on European investments before moving to Hong Kong and advancing to the roles of Portfolio Manager and Head of Office. Prior to joining Elliott, James gained a variety of experience at financial and start-up firms. He holds a BA (Hons) and MA in Natural Sciences from Cambridge University.
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.
Sueann Yeo is a Managing Director and Head of Asia-Pacific Private Wealth Client Relations and Capital Raising, based in Singapore. Prior to joining EQT, Sueann was an Executive Director and Head of Alternative Investments (Southeast Asia) at J.P. Morgan Private Bank. Sueann received a BBM with a major in Finance from Singapore Management University. She is also a Chartered Alternative Investment Analyst (CAIA) charter holder.
Toby Rodes co-founded Kaname Capital in 2018 to bring deep fundamental analysis and engaged ownership to Japanese small caps, a deep pool of operationally capable companies with strong product focus that too frequently suffer a material valuation discount because of substandard governance practices. Passive and conflicted ""allegiant"" shareholders have simply refused to hold boards accountable across the market cap spectrum for delivering on their potential ROE, a core reason for Japan's multi decade economic malaise. Kaname aspires to be a thoughtful, involved, and long-term ""principal"" owner of quality businesses with substantial valuation rerating potential. Prior to co-founding Kaname, Toby spent 12 years at Boston based institutional manager GMO in the Fundamental Active Team, where he managed roughly $4bn in both large and small cap equities in Japan. His greatest professional interest has always been in the small cap discipline where his Japanese language skills and ability to create relationships with management teams led to an informational advantage. His professional career started in the “Think Tank” trenches of Washington DC before moving to Japan from 1993 to 2004, first as a Rotary Japan Ambassadorial Scholar and later for graduate work at Keio University, Tokyo. His investment career started in equity research at Dresdner Kleinwort Benson and Nikko Salomon Smith Barney in Tokyo where he led some high-profile IPOs but determined his calling was the buyside. After ten years of living in Japan, he attended the Harvard Kennedy School in 2003 which served as an intellectual bridge to GMO. He is presently spending half the year in Japan as well as serving on the Japan Society of Boston’s Board of Directors.
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.
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.
Ray is a Managing Director 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 several portfolio companies.
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.
Shohei Akiyama is Partner, a member of NSSK’s five-person Management Committee and is Head of NVP (NSSK Value-Up Program) and Business Support Team at NSSK. Shohei is responsible for value creation initiatives of NSSK’s portfolio companies and all the operation functions in NSSK’s Business Support Team (including accounting, tax, legal and compliance functions). Prior to assuming his current role, Shohei was a Director on the Investment Team and has been with NSSK since its founding. Before joining NSSK, Shohei was at JPMorgan Securities Japan Co., Ltd. in their Investment Banking Division. At J.P. Morgan, he was responsible for a number of major transactions for Japanese companies including cross-border M&A and global IPOs. He is a graduate of the University of Tokyo (B.A.).
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.
Vincent Churk is a Vice President with the Morgan Stanley Private Equity Solutions team. Prior to joining the firm in 2021, Vincent worked in the Investment Banking Division at J.P. Morgan, where he advised companies on mergers and acquisitions and capital raising activities. Vincent graduated with a B.B.A. in finance from The Hong Kong University of Science and Technology.
Maki Mitsui is a Managing Director and Partner responsible for overseeing Investor Relations in Japan.
Ms. Mitsui joined Carlyle in 2002 and leads the Investor Relations team in Japan, which is responsible for introducing a broad range of products, including private equity, infrastructure, real estate, private credit, and aviation finance. She also serves as the Japan Representative of Carlyle Japan Equity Management LLC.
With over 25 years of experience in private assets, Ms. Mitsui previously established the alternative assets placement business within the Investment Banking division at Merrill Lynch Japan Securities, which she joined in 1997. In this role, she introduced leading global managers to Japanese institutional investors. Prior to that, she worked in international equity sales at CS First Boston, based in both the Tokyo and New York offices.
Ms. Mitsui is a Director of the Japan Private Equity Association and a Chair of its ESG Committee. She also serves as an Advisor to the Social Innovation Partners.
Ms. Mitsui received a B.A. in Political Science from Keio University.
Nikhil Srivastava is a Partner and Co-Head of Private Equity at PAG, responsible for supervising the operations and management of PAG’s Private Equity strategy. He is a member of the firm’s Management Committee.
Nikhil joined PAG in 2019 after working across India, Singapore, and the United States markets with KKR for nearly a decade. Prior to that, he worked at Goldman Sachs and Inphi Corporation (NYSE: IPHI). Nikhil holds an MBA from Harvard Business School, a master’s in electrical engineering from Stanford, and a bachelor’s in electrical and electronics engineering from BITS Pilani. Nikhil is also the author of several patents.
Brian is a founding partner and the CEO of Taiyo Pacific Partners, a friendly activist investment fund focused on Japanese Public companies. Over the past 20 years, he has been an advisor and strategist to the CEO’s of well over a hundred portfolio companies invested in by the fund. He speaks Japanese fluently and has a deep working knowledge of the culture and business practices of Japan. In 2014, he led a friendly management buyout of the electronic music instrument company Roland as Taiyo expanded its efforts into private equity. He believes that a critical mission for any private equity investment is to ensure the underlying company and employees are better off after the MBO than they were before. That means making the company more competitive, ensuring it has a strong management structure and balance sheet , and improving the incentives and compensation to properly reward the hard-working and dedicated employees.
Due to his work at Roland, he was asked to join the board of several other publicly traded Japanese companies. Sitting in the board room gives him a unique insight into the structure and function of corporate Japan, an ability to influence decisions, and a bird’s eye view of the opportunities and challenges that exist in one of the most fascinating markets in the world.
Prior to founding Palliser Capital in 2021, James was the head of Elliott’s Hong Kong office. James joined Elliott UK as an Analyst in 2001 where he focused on European investments before moving to Hong Kong and advancing to the roles of Portfolio Manager and Head of Office. Prior to joining Elliott, James gained a variety of experience at financial and start-up firms. He holds a BA (Hons) and MA in Natural Sciences from Cambridge University.