24
Jun
LPの視点：より深く踏み込む
戦略目標、ポートフォリオの成熟度、公開市場ベンチマークに対するパフォーマンスの低迷、そして分配金の減少―これらはすべて、日本のLPがPEへの投資配分を検討する際に重くのしかかる要因となっている。リスクとリターンの適切なバランスを見極めることは、これまでになく難しくなっている。防御的かつ分散的なエクスポージャーを好む傾向は、ミドルマーケットの価値創出型ファンドが最も高いリターンをもたらす可能性、Jカーブの緩和ニーズ、そしてオープンエンド型ストラクチャーへの関心の高まりによって、その前提が揺さぶられている。
- 分配金の減少は、どの程度予算を圧迫しているか
- マクロ経済要因は、地域・セクターの投資選好にどのような影響を与えているか
- LPは直接投資のスキルセットをどのように構築しているか
- エバーグリーン型ビークルは、日本の機関投資家に適した投資手法なのか
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SpeakersIsamu Sai Partner Adams Street Partners
啓一 阿部 Managing Executive Director, Deputy Head of Fund Management Division Daiwa Asset Management Co., Ltd
毅 黒澤 運用執行理事 DIC企業年金基金
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).
現在は大和アセットマネジメント取締役常務執行役員 運用副本部長としてファンドマネジメント業務に従事する。
また2023年から国立大学法人東北大学の資金運用基盤の高度化の支援にも従事し、東北大学特任教授（客員）兼参与（投資戦略顧問）を兼職。
2024年10月大和アセットマネジメント入社以前は、かんぽ生命保険にてオルタナティブとクレジット投資の統括に従事。それ以前は、三井住友アセットマネジメント（現：三井住友DSアセットマネジメント）にてオルタナティブやクレジット投資に関する海外の運用機関・ファンドのソーシングやプロダクトマネジメントに従事、またシンガポール現地法人の立ち上げにCOOとして携わる。またキャリア初期は第一生命保険相互会社にてクレジット投資、アセットアロケーション、オルタナティブを含むファンド投資業務等に従事。
1989年一橋大学経済学部卒
1987年第一生命保険相互会社（現第一ライフグループ）入社
1990年より一般勘定の株式運用（アジア株、日本株、欧米株）に従事。アジア株では香港、シンガポールの現地法人で運用を行なう。
2006年より特別勘定のポートフォリオマネジャーを経て年金顧客向けの運用コンサルティング業務に携わる。
2014年DIC企業年金基金に入社
2019年より現職
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