25
Jun
日本のプライベート・エクイティ：アジアの光明
マージャーマーケットのデータによると、2023年の日本のPE案件額はアジアの他の地域を上回る442億USドルとなり、過去最高水準を記録しました。コングロマリットの再編と変革が強力に進み、買い手と売り手のバリュエーションギャップが縮まるなど、資金を投資する必要のあるPEプレーヤーにとって魅力的なディール環境が生まれました。
逆境のなかにあってもPE投資家がアジア投資の主要市場として日本に注目する中、日本に向けられる資金量に見合う機会があるか、不況に対して市場はどのように反応するかなど、あらゆる問いに対する答えが求められています。このセッションではPEマネージャーの第一人者であるパネリストが、市場における機会と課題について意見を交わします。
● 日本企業の成長パターンとイグジット手段
● 大規模な非上場化案件の機会をどのように見つけるか
● GPはポートフォリオのバリュエーションに十分な規律を持っているか
● 金利上昇や景気後退は今後、投資環境にどのような影響を与えるか
● 市場はより多くのGPと大型ファンドを受け入れられるのか、それにより価値提案を歪めることにならないか
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Speakers寺見 興生 シニアクライアント・リレーションズ・マネジャー IFCアセットマネジメント
市川 雄介 パートナー アドバンテッジパートナーズ
秋山 翔平 チーフ・アドミニストレイティブ・オフィサー 日本産業推進機構（NSSK）
Reijiro Yamamoto Founding Partner INTEGRAL
Yasunori Maeda Managing Director SUNRISE CAPITAL
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Kosei joined the International Finance Corporation (IFC), a member of the World Bank Group, in 2005. Before joining the current team in Singapore, he was Deputy Representative in Tokyo and Investment Officer at Private Equity and Investment Funds Department in Washington DC. Previously, Kosei worked at the United Nations Development Program (UNDP) in Vientiane, Lao People’s Democratic Republic, and the Sumitomo Bank (currently Sumitomo Mitsui Banking Corporation) in New York, Osaka, and Tokyo. He holds an MBA from Yale School of Management and an LLB from Kyoto University.
Shohei Akiyama is Partner, a member of NSSK’s five-person Management Committee and is Chief Administrative Officer (“CAO”) at NSSK and is responsible for all the operation functions in NSSK’s Business Support Team (including accounting, tax, legal and compliance functions). Prior to assuming his role as CAO, 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.).
Reijiro (Ray) Yamamoto, a founding Partner of Integral has over 20 years of experience in investment banking activities including domestic and cross-border M&A, MBOs, LBOs, going-private transactions, debt-restructuring, workouts of multi-national insolvent companies and sales of non-performing loans in Japan, Europe and the US. He is extremely knowledgeable on deal financing issues, having arranged, structured, negotiated financing for numerous transactions.
Mr. Yamamoto began his career with Mitsui Bank (the current Sumitomo Mitsui Banking Corporation (SMBC)) in 1984. In 1990, he joined AT Kearney as a management consultant in Chicago and subsequently, he moved to London in 1991, where he engaged in Sakura Bank’s (currently SMBC’s) structured finance. After 7+ years in London, he returned to Japan in 1998 and joined Sakura Bank’s Mergers and Acquisitions Department (currently SMBC’s M&A firm) where he was in charge of the cross-border M&A group. In 2000, he joined Unison Capital, one of the first buyout funds in Japan. When he was with Unison Capital, he played a key role in the success of Unison’s first fund. He provided advisory services to his portfolio companies often taking on the director role at the companies in which the fund invested.
While at GCA, he structured and closed the MBO of World Co., Ltd., the largest MBO in Japan and also led a lot of landmark M&A deals of Japan such as a US$19 billion worth merger between Hankyu and Hanshin railway companies. He was also an investment committee of Fund I of Mezzanine Corporation, a 100% subsidiary of GCA and the first independent Mezzanine investment firm in Japan.
Mr. Maeda currently serves as a deal leader and director for BE FORWARD CO., LTD. in Sunrise IV as well as Worldplus Inc. in Sunrise III. In addition, he serves as the deal leader and director for Lcode Ltd. in Sunrise II. Previously, he served as a deal leader and director for WORLD PARTY CO., Ltd. in Sunrise III and WORLDTOOL Co., Ltd in Sunrise II. In addition, he was a deal member and director/auditor for MIRIVE Co., Ltd. in Sunrise II as well as a deal member and director for Everlife Co., Ltd. in Sunrise I. Prior to joining the Sunrise team in April 2011, he was an Associate on the Japan private equity team at Kohlberg Kravis Roberts & Co. for 2 years. Mr. Maeda began his career at the Investment Banking Division of Nikko Citigroup Limited ("Nikko Citigroup") where he worked on various M&A and capital markets transactions mainly in the Japanese financial services industry. During his tenure at Nikko Citigroup, he also worked on the financial services M&A team at Citigroup Global Markets Inc. (NY). Mr. Maeda holds both B.S. and M.S. degrees in Engineering from Kyoto University.