Mergermarket M&A Forum - Japan 2022
The premier M&A forum in Japan
The Conrad, Tokyo and online
Agenda
Registration
Opening remarks
Japanese M&A update: the current state of play
The Japanese M&A market has been experiencing an upward trend in M&A deal volume, reaching over $100 billion in 2021 according to Dealogic, and as countries move out of the pandemic it is expected that Japan will be well-positioned for a M&A boom. Cross-border and outbound M&A transactions have been a big driver of this growth, as Japanese corporates continue to sell off their subsidiaries and acquire companies overseas to transform and diversify their portfolios. However, geopolitical issues continue to impact supply chains, and many Japanese corporates are on a wait-and-see mode before making transactions. Our panel of experts will discuss the opportunity set in the year ahead.
- What will be the future themes and trends driving Japanese M&A in the next 12 months?
- Cross-border M&A: will geopolitical issues impact M&A activity in the region, especially from an execution risk point of view?
- Outbound M&A: Where are companies seeking targets, what will be the opportunities in the pipeline, and where will the challenges lie?
- Will domestic and inbound M&A pick up as on-site due diligence and face-to-face meetings become the norm again?
Networking break
The growth of ESG, corporate governance and shareholder activism in Japan
Awareness and interest in ESG, corporate governance issues and shareholder expectations has grown in the past year in Japan. Recent reforms in the Code of Corporate Governance as well as TSE updates have prioritised ESG disclosure, prompting companies to move towards decarbonisation and proactively engage in M&A related to climate change. Other reforms in the Code have also placed emphasis on increased board independence as well as gender diversity, and shareholder activists in the region continue to conduct campaigns against a record number of Japanese companies to hold them accountable. Our panel of advisors discuss how best to manage shareholder expectations in the region as well as how to improve corporate governance internally.
- What are some of the new updates to the TSE and corporate governance code that corporates need to be aware of?
- What are some global ESG and corporate governance trends and best practices, for example in regions such as India and Australia?
- What have been the main drivers of shareholder activism and corporate governance in the region in the past year?
- How are companies reorganising their businesses to move towards decarbonisation and enhanced ESG disclosure?
- What are some examples of high-profile activists’ campaigns in Japan in the past year, and how can corporates be best prepared for the future?
Japan M&A into India: investment trends and opportunities
Despite geopolitical issues, Japanese outbound M&A into India has seen several big-ticket deals in the past year, with US$5.6 billion invested across 73 deals in 2021, across various sectors ranging from financial services to start-ups. As both regions begin to emerge from the pandemic, it is predicted that opportunities will only grow due to Japan Inc’s eagerness to acquire outbound assets and consolidate their holdings in Indian affiliates. However, investing in the region comes with its own set of unique regulatory and geopolitical challenges. Our panel of leading advisors share their views on how best to capture opportunities in India.
- What have been the key investment trends in 2022, and what is the outlook for the rest of the year?
- Which sectors are the most attractive to Japanese acquirers? Will we see more venture capital deals?
- What are some of the challenges Japanese acquirers should expect to face when dealing with outbound M&A in India, particularly on the geopolitical side of things?
- Which best practices can Japanese investors borrow from recent acquisitions in India?
Networking Lunch
Transformative M&A: going outbound for new technologies
Last year, Japanese M&A deals in the technology sector were valued at $23 billion according to Dealogic, several which comprised of large outbound deals aimed at transforming and reshaping corporates’ portfolios. The pursuit of transformative M&A deals comes at a time where Japanese corporates have increasingly seen the need to digitalise and acquire new technologies and products to bolster their core businesses domestically. Against this backdrop, our panel of technology experts and corporate executives discuss dealmaking in this sector, and how companies can future-proof their positions by pursuing transformative M&A.
- What factors have been driving the shift towards transformative M&A in Japan?
- Which countries and sectors are top Japanese corporates looking to make transformative M&A investments?
- What are some examples of recent acquisitions made by large corporates such as Hitachi, and how have these purchases impacted their portfolios?
- Which sub-sectors are seeing the most interest, such as IoT, supply chain management solutions and other digital solutions?
Networking break
Japanese private equity’s growing importance in the M&A market
As Japanese corporates continue to sell their non-core assets and subsidiaries in a bid to restructure their portfolios, private equity firms have become an important player in the M&A space as ready buyers of divested assets, with Japanese buyout funds particularly active in this area. With funds sitting on substantial amounts of dry powder and small to mid-sized company divestitures on the rise, the outlook for the market looks promising. Our panel of leading global and regional GPs share their views on the opportunities and challenges in the market.
- What have been some notable deals in the past 12 months, and what is the outlook for the rest of 2022?
- Which sectors and transaction sizes have GPs been focusing on?
- How has the PE industry cemented its reputation as an eager buyer of business restructurings, and will their significance in the Japanese M&A market only grow with time?
- Is the private equity market in Japan in danger of overheating?
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Masahiro Murakami
President and Representative Director, Nisshinbo Holdings Inc.
Murakami joined Nisshin Spinning Co., Ltd. (currently Nisshinbo Holdings Inc.) in 1982. He started his career in human resources and labor affairs, and in 2002 was involved in the launch of a new business in the research and development department. Thereafter, he was responsible for corporate functions such as secretarial, legal, and financial affairs, before serving as Managing Officer in 2008, Director in 2010, Executive Managing Officer in 2012, Senior Managing Officer in 2015, and Vice President and Managing Officer in 2018. During that time, he has planned and promoted M&A/carve-outs based on the concept of a public entity that contributes to society through its business, with a view to the future of the Nisshinbo Group, and has significantly reconfigured its business portfolio. The stock industry classification of Nisshinbo Holdings Inc. was changed from textiles to electrical equipment in 2015. In 2019, he was appointed President and Representative Director, where he remains to this day.
Takeshi is a head of M&A group, in a management consulting unit of NTT Data, where he leads consulting projects on M&A/PMI（post-merger integration）, strategic alliances, open innovation, and digital transformation.
He has more than 20 years of “hands-on” consulting, advisory and business side experience in the entire cycle of M&A, from strategy formulation, deal execution and PMI (post-merger integration).
Prior to joining NTT Data group, Takeshi worked at Panasonic Automotive, where he led the joint venture project with the global leading car manufacturer on automotive battery businesses. Further at Roland Berger, EY and Frontier Management, he supported various M&A/PMI projects, for Japanese companies, in Automotive, Technology, IT, Consumer Products & Retail, Pharmaceuticals, Chemicals, Financial Services and other industries.
He has an MBA from Temple University Fox School of Management, a bachelor’s degree from Keio University, a USCPA（Washington State） and an author of “Why M&A Deals Fail” (Diamond, 2021).
Yoshinobu Agu is the Head of M&A at Citigroup Global Markets Japan Inc. He also has senior coverage responsibilities for clients including financial sponsors, real estate companies, public sector clients, etc. He has worked on various M&A advisory roles in various sectors/industries, including both cross-border transactions in various geographies, as well as domestic transactions and restructuring deals. He joined Citi in 1998 after working for Nikko Securities. He holds a BA from the School of Commerce at Waseda University and MBA from Boston University.
Yoshikazu Hayashi
Senior Vice President
Corporate Development Department
Mitsubishi Chemical Group Corporation
Joined Mitsubishi Chemical Group (MCG) in 2021, leading strategy development and turnaround execution of businesses under MCG umbrella. Prior to MCG, served as Head of M&A, PMI and corporate level restructuring / divestitures at Renesas Electronics and Rohm Semiconductor. Earned B.A. in Law from Keio University, and MBA from Cornell University, graduated with distinction.
Joined Fujitsu in 2020, and since then, leading the M&A team of the group. Before joining Fujitsu, engaged in audit at Chuo Aoyama PricewaterhouseCoopers, then in M&A advisory / Investment Banking business at Nomura and Morgan Stanley
BA in Economics, Hitotsubashi University
Yoichiro Shimizu is responsible for Datasite’s business development strategies and growth in Japan, as well as management of the local team.
He has more than 20 years’ experience in IT solution sales with major IT consulting firms and system integrators (SI). Shimizu began his career as a sales and marketing executive in New York to develop new opportunities for finance, high tech, automotive, manufacturing, and other verticals where he built strong and long-term relationships with channel accounts, SI partners, and C-level executives.
With extensive knowledge of country risk management and macroeconomics, Shimizu has worked with German, UK and US companies based in Japan. He also managed a startup company as CEO for more than 9 years and lead it to profitability.
About Datasite
Datasite, formerly known as Merrill Corporation, is a leading SaaS provider for the M&A industry, empowering dealmakers around the world with the tools they need to succeed across the entire deal lifecycle. For more information, visit www.datasite.com
- Atsushi Tatsuguchi is a Managing Director and Head of the Mergers & Acquisitions Advisory Group in Japan since March 2022
- Since he joined Morgan Stanley in January 2006, Atsushi Tatsuguchi has been engaged in M&A advisory services and capital markets transactions in the Investment Banking Business Unit
- Graduated from the Faculty of Environment and Information Studies, Keio University in March 1998
Representative Transactions Include
- M&A Advisory
- MBK Partners' Sale of Accordia Next Golf to Fortress (2021)
- Bain Capital-Led Consortium’s Acquisition of Hitachi Metals Through a Tender Offer and Share Repurchase (2021) (Ongoing)
- Blackstone’s Acquisition of Takeda Consumer Healthcare Company (2020)
- Merger between Z Holdings and LINE (2019)
- Bain Capital’s Acquisition of HR Management Software Business from Works Applications (2019)
- TMC Holdings‘s Issuance of JPY300.0Bn Non-Convertible Preferred Shares to Development Bank of Japan through a third-party allotment (2019)
- PHCHD's Acquisition of LSI Medience in Stock-for-stock Transaction (2019)
- Yahoo Japan’s Issuance of New Shares Through a TPA to SBKK and Acquisition of its Shares by Self-Tender Offer (2019)
- Yahoo Japan’s repurchase of its 10.7% shares from SoftBank Group Japan (a wholly owned subsidiary of SoftBank Group) through a self-tender offer and SoftBank Corporation’s acquisition of 10.8% shares in Yahoo Japan from Altaba through a tender offer (2018)
- Bain Capital’s acquisition of Asatsu-DK (2017)
- Bain Capital and SK hynix Consortium’s acquisition of Toshiba Memory (2017)
- KKR’s acquisition of Hitachi Koki (2017)
- Mitsubishi UFJ Trust and Banking Corporation’s acquisition of UBS Global Asset Management alternative fund services business (2015)
- Advisor of Deposit Insurance Corporation of Japan on Resona’s formulation of Public Funds Full Repayment Plan (2013)
- ORIX’s acquisition of 90.01% stake in Robeco Groep N.V (EUR1,935 MM) (February 2013)
- BTMU and MUS Holdings’ buy-out of 49% stakes in Mitsubishi UFJ Merrill Lynch PB Securities (USD478 MM) (2012)
- Merger between Tokyo Stock Exchange Group and Osaka Securities Exchange (2011)
- Establishment of Mitsubishi UFJ Morgan Stanley Securities and Morgan Stanley MUFG (2010)
- MUFG’s USD9.0 Bn investment in Morgan Stanley (MS side) (2008)
- Transaction by BTMU to make UnionBanCal Corp its wholly-owned subsidiary (2008)
- Transaction by Mitsubishi UFJ Financial Group to make Mitsubishi UFJ Securities a wholly-owned subsidiary (2007)
- Capital Markets
• Joint bookrunner for Mitsubishi UFJ Trust Bank’s senior debt offering (USD1.25 Bn) (October 2015)
• Joint bookrunner for Mitsubishi UFJ Trust Bank’s senior debt offering (USD1.5 Bn) (October 2014)
• Issuance of Series 1 Class A / B Specified Bonds by Meiji Yasuda Life 2012 Fund Special Purpose Company (JPY100 Bn) (2012)
• Meiji Yasuda Life’s issuance of JPY50.0 Bn of Series 1 specified bonds (secured) for Meiji Yasuda Life 2011 Fund Special Purpose Company (2011)
• MUFG’s global offering of common stock (JPY417.0 Bn) (2009)
• IPO by Seven Bank (2008)
• Sumitomo Mitsui Financial Group’s global offering of USD / GBP-denominated preferred securities (approx. JPY300.0 Bn) (2006)
• Principal investment in convertible preferred stock issued by Bank of the Ryukyus (JPY3.0 Bn) (2006)
He Joined Tokai Bank (currently known as Mitsubishi UFJ Bank in 1999.
In 2001, he joined IR Japan. He became a Board Member in 2013 as Head of IR/SR Consulting Division. He provided advisory services related to IR and shareholder meetings to major listed companies.
Since 2015, he has been engaged in advisory on areas related to CFO x ESG at KPMG such as endorsement of capital efficiency indicators (ROIC, etc.), evaluation of business portfolio, formulation of optimal capital structure policy, building ESG strategy, supporting ESG rating improvement and sustainable finance, etc. He also engages on ESG due diligence and ESG value up to Private Equities during their investment and exit phases. Author of "ROIC Management" (Nihon Keizai Shimbun Publishing, 2017). He is a member of KPMG Japan Sustainable Value Japan. He was a working group member of the Committee of Optimizing Capital Efficiency at Japan Association of Corporate Executives（2016～2017）
Kunal Chandra is a Partner in Trilegal’s Mumbai office and is a part of the firm’s Corporate practice group. Kunal is primarily engaged in the areas of mergers and acquisitions, joint ventures, corporate restructuring, private equity and fund formation. He has worked with several domestic companies and multinational corporations in the context of inbound acquisitions, investments and exits. Kunal has wide-ranging experience in transactions across various sectors in India and advises clients on all aspects of a transaction, including structuring advice from a legal and regulatory perspective impacting entry and exit strategies, due diligence, documentation and negotiations. Kunal regularly advises on various complex legal and regulatory issues. He has varied experience in areas such as competition advisory, commercial dispute resolution and strategising on enforcement. This experience is valuable in providing big-picture advice to clients. Kunal regularly works with private equity investors, hedge funds and financial institutions, assisting clients in strategic cross-border and domestic joint ventures and partnerships.
Imamura is the Head of Responsible Investment Department of NAM. Imamura has over 25 years of investment experience, and his appointments prior to the current position in 2016 include the Head of the Investment Planning Department (2013), and the London office head for the Nomura's investment fund research and consulting arm (2008). Imamura spent 12 years in global equity portfolio management after joining NAM in 1994, during which he spent three years at NAM's New York office since 2003.
Jana advises listed company boards and management teams on all aspects of Environmental, Social and Governance (ESG) practices and disclosures. Jana is one of Asia Pacific's leading experts in corporate governance and proxy research and has advised many large domestic and institutional investors. Jana was previously Director of Research, Australia for leading global proxy advisor, CGI Glass Lewis, and has deep expertise in engaging with ASX300 Boards of directors and executives. Jana is passionate about helping companies optimise their governance disclosures and enhance their investor relationships by applying best practice ESG. Jana maintains deep relationships with asset owners and managers that informs Morrow Sodali's advisory and engagement work.
Master of Professional Accounting - University of New South Wales; Master of Commerce, Funds Management - University of New South Wales; Graduate Degree in Finance, Banking and Investments - Technical University Kosice, Slovakia;GRI Certified; Member of the ICGN Human Capital Committee.
Yumiko is the former head of the OECD Tokyo Centre. Prior to the OECD, she worked for 20 years in the global financial industry, mostly as a Managing Director at Goldman Sachs in New York, London and Tokyo. She is a leading authority on a wide range of economic policy issues such as corporate governance, tax guidelines, diversity, education, trade and innovation. She sits on several Government advisory panels, including Prime Minister Kishida’s panel on “the New Form of Capitalism”. Yumiko has an MBA from Harvard Business School, MA from Stanford University and BA from Sophia University.
Alicia Ogawa is the director of the Project on Japanese Corporate Governance and Stewardship at Columbia Business School’s Center on Japanese Economy and Business, and an assistant adjunct Professor at Columbia’s School of International and Public Affairs. Since 2008, she has been a consultant on Japan to one of the largest U.S.-based activist hedge funds. Until 2006, she was managing director at Lehman Brothers, where she was responsible for managing the firm’s global equity research product. Prior to joining Lehman Brothers, Professor Ogawa spent 15 years in Tokyo, where she was a top-rated bank analyst and director of research for Nikko Citigroup. Ogawa has been inducted into the Academy of Women Achievers. She is a non-executive director at Tokyo-based Misaki Capital funds as well as at the London-based Nippon Active Value Fund, and at Questhub, a Tokyo-based governance advisory firm. In addition, she is currently a member of the board of directors of the Maureen and Mike Mansfield Foundation; a member of the board of directors of Pure Earth; and a member of the President’s Circle of the AllStars Project, a development program for inner city young people. She is a member of the International Corporate Governance Network as well as the European Corporate Governance Institute. She graduated from Barnard College and earned a master’s degree in international affairs at Columbia University School of International and Public Affairs.
Charandeep Kaur is a senior member and Partner of the corporate practice group at Trilegal. Charandeep heads the National Capital Region offices at the Firm and serves as a member on the Board of Trilegal. She specialises in mergers and acquisitions, joint ventures, private equity investments, entry strategies and foreign direct investment. She has experience in various cross border transactions across sectors including energy, IT & ITES, automotives, education, healthcare, hospitality, foods and logistics. She is a trusted legal advisor to leading Fortune 500 companies.
Charandeepis engaged in diverse corporate practice advising clients on labour issues and enforcement issues, regulatory policy and requirements, prevailing government policies and regulations, statutory registrations, exchange control issues, investment structuring and corporate compliance.
She also serves as a Director on the boards of Mytrah Energy (India) Private Limited and Uniqlo India.
Charandeep has been recognised as one of India’s 100 leading women leaders by the Indian National Bar Association in support with United Nations.
Charandeep is the Co-Chair of the International Bar Association (IBA) Women’s Interest Group, Incoming Co-Chair of the Inter Pacific Bar Association (IPBA)Cross-Border Investment Committee and Incoming member of the SPPI Advisory Council of IBA.
Anjani has a multidisciplinary experience across investing in emerging markets, technology development, building organizations, and government policy and regulations while operating in India and Africa. He is a Partner at Global Brain Corporation VC Fund and leads investments in India and Bangladesh. Prior to this he led private sector investments for the Bill and Melinda Gates Foundation in India with focus on Healthcare, Financial Services, E-commerce and Agriculture Technology and held multiple leadership roles in both Seattle and India office investing in Africa and India. Prior to that he worked at Dell Foundation to invest in education technologies to improve learning levels at large scale. He founded and managed an angel investment fund which invested in technology startups in robotics, plant-based proteins, agritech, and space technology. He studied mechanical engineering and computer science with specialization in distributed computing, and developed banking technology products at Fidelity and Morgan Stanley in New York. He also has MBA with specialization in finance and strategy.
- 18 years of experience - M&A (Buy-side & Sell-side), LBO financing, PMI and operational roles (C-suite) level
- Advised multiple Japanese companies seeking to enter/expand India market
- Prior to XIB, Gaurav was a Director/Head of M&A at US$4 billion automotive components group in India.
- Led one of the biggest inbound acquisition from Indian company into Japan i.e. Acquisition of the iron casting and steel forging business of Asahi Tec Limited with presence in Japan, Thailand & China (Revenues of JPY 45bn)
- Moved to Tokyo in 2015 to serve as CFO responsible for Post Merger Integration
- Began his career at Grant Thornton India and spent 10 years focusing on M&A advisory and Fund raising
With an overall experience of 25 years in Finance and IT R&D services, Mayur is an expert in India-Japan business relations. Having native-level command over the Japanese language in all three forms, he has facilitated the entry and expansion of hundreds of Japanese companies in India. Alongside incubating many new initiatives for growth in India, he led the think-tank division at Japanese Mega bank for over 12 years where he spearheaded active investment and collaboration between Japanese Corporates and Indian Open Innovation Companies. He aided a number of Japanese Corporate houses in forming opinions on investment opportunities in start-ups through qualitative and quantitate research analysis.
At Beyond Next Ventures, Mayur is heading Business Development activities in India, looking for increased cooperation among Japanese Corporates and other stakeholders with Indian Open Innovation Ventures.
He pursued his Masters in International Economics from the Yokohama City University, Japan. Besides Japanese and English, he is fluent in Hindi and Gujarati.
Kenji specializes in providing mergers and acquisitions (M&A) advisory services for Japanese companies. With nearly 15 years of M&A experience, Kenji has been engaged in a wide range of transactions, including buy-side and sell-side M&A, carve-out divestitures, leveraged buyouts and restructurings.
Kenji has significant experience in originating and executing India-Japan deals from his three-year secondment in Mumbai where he headed the India-Japan M&A advisory business for Deloitte. While Kenji has execution experience in multiple sectors, he has extensive experience in the industrials space with a focus on metals and logistics.
Prior to joining Lincoln, Kenji was a Director in Barclays’ M&A group. Previously, he was at Deloitte Tohmatsu Financial Advisory and Morgan Stanley Japan.
Kenji earned a Bachelor of Arts in economics from Macalester College. He is fluent in Japanese and English.
Kentaro has extensive experience in analysing Japanese companies. Prior to joining Morrow Sodali, Kentaro was Director and Senior Research Analyst at Allianz Global Investors in charge of financial, property, transportation, construction and service industries. Kentaro was also a financial sector analyst at Citigroup Capital Markets, HSBC Securities Japan and Macquarie Securities Japan. Thorough his career as a buy-side and sell-side analyst, Kentaro has strong understanding on institutional investors’ investment strategy, process and decision-making. Kentaro is a practitioner of ESG integration and has rich experience in proxy voting and company engagement.
Kentaro has a Bachelor of Policy Studies at Chuo University and Master of International Political Economy at London School of Economics.
- Former CFO of Sendyou Inc., a start-up company engaged in smartphone application
- Former Manager of Corporate Strategy and Business Development at Yahoo Japan Corporation
- Former Associate at JPMorgan Securities Japan and J.P.Morgan Limited (UK)
- Tokyo Institute of Technology Graduate School of Innovation Management
Masato Inuzuka
Marsh Japan, Inc.
Private Equity and M&A Services, Vice President
- Since he joined Marsh in January 2022, Masato has been engaged in risk advisory work, including arranging warranties and indemnity insurance for private equity and corporate clientele.
- Prior to joining Marsh, Masato has 11 years of sales experience for Tokio Marine Nichido Fire, including 2 years of experience in sales planning of both cross-border and domestic M&A insurance.
Senior Vice President
Marsh Japan, Inc.
Hiroshi Shishikura joined Nisshin Fire and Marine Insurance in 1986 and has built his career in the insurance/risk management business since then. He was previously a division director at one of Japan's foreign insurance agencies, responsible for providing first-class services to large-sized global clients, which include large non-Japanese multinational companies operating in Japan. His responsibilities also involved the growth of overseas local, real estate, and private equity clients.
Kazushige has approx. 30 years’ experience in private equity (PE) business. Kazushige is handling a couple of PE related business in parallel, including running a fund of funds program of Tokyo Metropolitan Government at MCP Asset Management and advisory roles as an independent consultant for global GPs.
Until 2020, he was Managing Director – Head of Primary Investments at Capital Dynamics (CD), a global private asset management company. He oversaw CD’s PE investments in Asia and also served as a member of Global PE Investment Committee and Executive Committee.
Prior to joining CD in 2010, he was President and CEO of Alternative Investment Capital (AIC), a private equity advisory firm in Tokyo. He joined AIC when it was established in 2002 and has grown AIC as globally recognized PE investor. Before AIC, he worked for Mitsubishi Corporation and handled various types of PE related business in Tokyo and London.
In addition, he is a board member of Social Investment Partners, the manager of Japan Venture Philanthropy Fund (JVPF), the first venture philanthropy fund in Japan.
He holds a bachelor’s degree in Economics from Hitotsubashi University.
Kyohei (Kay) Hosono graduated from the Faculty of Letters of The University of Tokyo. He studied abroad at St. Petersburg State University in Russia and holds a Master of Public Administration from the University of Michigan in the United States. Prior to joining DI, he worked for the Japan Bank for International Cooperation (JBIC) and oversaw the projects for infrastructure development in the former Soviet Union Republics. Since joining DI, he has been involved in management consulting for many Japanese companies. He spent 7 years in Vietnam, where he was involved in the management of a PE fund for Vietnam and experienced turnaround of Vietnamese companies he invested in, and is deeply familiar with Asian business. Currently, he is leading DI's global venture investments and global strategic consulting projects with a focus on India.
Hidetaka Kojima started his career as a financial advisor at Daiwa Securities Co. Ltd. and then moved to GCA (Houlihan Lokey). After that, he joined Mitsubishi Corporation in 2011 upon the establishment of the Food Sciences Division and then SHIFT Inc. in 2020. He was also involved in the establishment of SHIFT Growth Capital Inc. and then appointed as a director of this company in March of 2022.
He has been responsible for the planning and execution of M&A/PMI strategy at these companies. Thus, he has over 15 years’ hands-on M&A/PMI experience both in industry and as an advisor. He is also a regular speaker at M&A conferences/seminars and frequently contribute to M&A journals.
Hidetaka Kojima completed PLD course (PLDA) at Harvard Business School. He also received an MBA from Hitotsubashi University and earned a BA from Tokyo University of Foreign Studies. He is a certified accountant.
Name:
Rei Kyogoku
Current Position:
Executive Officer, Head of Investment Banking
Date of Birth:
August 30, 1969
Education:
Graduated from Faculty of Law, Keio University, March 1992
Professional Career
April 1992
Joined The Sakura Bank, Limited
September 1997
Sakura Finance International Limited (London)
June 2001
Deputy Manager, Corporate Clients Group Strategy Department, Daiwa Securities SMBC Co., Ltd.
September 2001
Deputy Manager, Principal Finance Department
July 2002
Vice President, Corporate Planning Department, Sumitomo Mitsui Banking Corporation
December 2002
Vice President, Corporate Planning Department, Sumitomo Mitsui Financial Group
July 2006
Senior Vice President, Corporate Planning Department
April 2007
Senior Vice President, Financial Institutions Group, Investment Banking Division, Lehman Brothers Japan Inc.
November 2008
Head of FIG, Investment Banking Division, Barclays Capital Japan Ltd.
June 2011
Director, FIG, Investment Banking Division, SMBC Nikko Securities Inc.
July 2013
Managing Director, FIG / Public Corporations and Head of Governmental PT, Investment Banking Division
September 2014
Managing Director and Head of Global FIG and Public Corporations,
Investment Banking Division
March 2019
Executive Officer, Head of Investment Banking (Telecom Media
Technology and Heavy Industries, Industrial, Global FIG and Public Corporations)
September 2019
Executive Officer, Head of Investment Banking (Technologies & General Industries Group, Telecom Media & Information Technology, In
Gen Tsuchikawa is the Chairman of Sony Ventures Corporation, where he supports the venture investment arm of Sony Group Corporation known as the Sony Innovation Fund. In this role, he is responsible for strengthening external relationships on behalf of the organization within the venture capital industry and globally through collaborative initiatives with prominent industry associations, corporate venture funds, and venture capitalists. Gen established Sony Innovation Fund on behalf of Sony in 2016. Under his leadership, Sony Innovation Fund greatly expanded its focus on early- to growth-stage emerging technology startups in the entertainment, healthtech, fintech, deeptech and environmental sectors. He also helped to increase the fund’s assets under management to more than $600 million in 2023.
Gen has spent nearly 20 years at Sony, where he also currently serves as a Corporate Vice President. Gen previously served in other various executive roles at Sony, leading Corporate Development, M&A, Business Development, and Investors Relations.
Prior to joining Sony, Gen spent 20 years in the finance industry at Merril Lynch and the Industrial Bank of Japan.
Gen holds a B.A. from Hitotsubashi University in Japan and an M.B.A. from Stanford Graduate School of Business.
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
Megumi Kiyozuka currently serves as the President & Representative Director of CLSA Capital Partners Japan. In this capacity, he is responsible for the overall investment activities of the firm and serves on the board of numerous portfolio companies. Prior to joining the firm in 2006, Mr. Kiyozuka was a Director focused on Japanese buyout opportunities in the consumer, healthcare, and industrial sectors with The Carlyle Group in Tokyo. He spent 6 years at Carlyle and was one of the founding members of Carlyle Japan. Prior to his tenure at The Carlyle Group, he was a Senior Manager at the MUFG Bank, Ltd., where he accumulated over 10 years of experience in M&A and syndicated loans across various countries in Asia. Mr. Kiyozuka received a B.A. in Economics from Shiga University and an M.B.A. from the Haas School of Business, University of California at Berkeley.
Hideo Nagatsuyu - Senior Partner
Hideo Nagatsuyu joined Advantage Partners in March 1998. Responsible for 20 investments including POKKA Corporation, REX Holdings(REINS International Inc, SEIJO ISHII), Visionary Holdings (Megane super), Kaji Corporation, Saint Marc Holdings, and Visasq.
Prior to joining Advantage Partners in 1998, engaged in management consulting for more than five years at McKinsey & Company and supported planning and execution of new market entry strategies, channel strategies, partnership strategies, new product development, cost reduction and organizational reform. B.A. in Economics from The University of Tokyo.
Contributed articles and lectures include “Arrival of an public-to-private MBO era aimed for corporate value improvement”, “Role of buyout funds for the development of the senior management market for MBO/MBI deals in Japan ”, “Implications and key issues of using buyout as measure to grow retail and service business”, and “Case study of Business Revitalization without Delisting at Megane super ”.
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.
Experience Prior to joining Bain Capital, Yuji was COO and head of investment Division at Japan Industrial Solutions where he led many investments and post-acquisition processes in various industries in Japan. Previously, he was a senior partner at Advantage Partners where he led management and leveraged buyout deals, and he spent several years as a partner at A.T. Kearney and a manager at McKinsey on developing growth strategies, operational improvement, and M&A/alliance execution in industrial goods, consumer goods, retail and financial industries. Education Mr. Takei received an MBA from Harvard Business School. He received a BA in Law from University in Tokyo.
Yoichi Tamagawa joins PAG as co-head of Japan private equity. Before joining PAG, he was managing director and a member of the investment committee at Marunouchi Capital, where he has worked since 2012 on secondment from Mitsubishi Corporation. Over the course of his career at Mitsubishi, Mr. Tamagawa served in several senior roles including as general manager for investment and business development at Mitsubishi International Corporation and deputy general manager of the merchant banking department at Mitsubishi Corporation. He began his career in Mitsubishi’s crude oil import business before being seconded to Ripplewood Holdings as one of the firm’s original seven employees. Mr. Tamagawa holds a bachelor’s degree in economics from Waseda University and an M.B.A. from Harvard Business School.