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Reiji Yoshida is a Tokyo-based reporter covering M&A deals and growth strategies of Japanese companies, mainly those in the industrials sector. He also regularly writes top executive interview stories of Japan-based startups.
Prior to joining Mergermarket in May 2021, he served as Senior Writer / Deputy Manager of the Domestic News Division of The Japan Times, the oldest and largest English-language newspaper of the country. Started his journalistic career in 1993, he has extensive experience of covering Japan-related topics as writer /editor.
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.
Hirofumi Hirano (Tokyo) joined KKR in 2013 and is a Partner, Deputy Executive Chairman of KKR Asia Pacific, and CEO of KKR Japan. Prior to his current position, he served as Co-Head of Private Equity for KKR Asia Pacific from 2019 to 2023. He serves on the KKR Asia Private Equity Investment Committee and the KKR Asia Portfolio Management Committee. At KKR, he has been involved with investments including PHC Holdings (formerly Panasonic Healthcare), AlphaTheta (formerly Pioneer DJ), Marelli Holdings (formerly Calsonic Kansei), Koki Holdings (formerly Hitachi Koki), Kokusai Electric (formerly Hitachi Kokusai Electric), Seiyu Holdings, and LOGISTEED (formerly Hitachi Transport System). Prior to joining KKR, Mr. Hirano worked at AlixPartners as the Japan representative and head of financial services in Asia. From 1999 to 2006, Mr. Hirano led the principal investment arm of Nikko Cordial Group (now known as SMBC Nikko Securities) and became chairman of Nikko Principal Investments. Mr. Hirano graduated from Keio University and holds an M.B.A. from the University of Chicago’s Booth School of Business.
Masahiko (“Masa”) Ishida is a Country Managing Partner and head of the Japan corporate group in DLA Piper’s Tokyo office. Masa has a wide range of M&A and Private Equity experience in the Japanese market and abroad over his 20 year career. Masa has led many notable large acquisitions on behalf of his clients across various sectors including consumer goods, technology, finance and life sciences. He has also worked on behalf of governmental agencies and multinational trading companies in Japan.
Masa has been recognized as a leading M&A lawyer by many legal publications and ranking institutions such as Chambers Global and Legal 500. Masa was also recently recognized as one of the “Dealmakers in Asia” for 2020 by Asian Legal Business. Prior to joining DLA Piper, Masa practiced at Mori Hamada & Matsumoto and thereafter at a multinational boutique investment bank in New York.
Masa is a graduate of the University of Tokyo Graduate Schools of Law and Politics and of Columbia Law School where he was a Fulbright Scholar. Masa was also a visiting scholar at the Center on Japanese Economy and Business (CJEB) at Columbia Business School. Masa is admitted to practice law in Japan and NewYork State.
Yoshinobu Agu is the Head of M&A at Citigroup Global Markets Japan Inc. He also has senior coverage responsibilities for some sectors and clients. 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. He also teaches part-time at Hitotsubashi University Business School.
- Since he joined Marsh in January 2022, Masato has been engaged in risk advisory work, including arrange of warranties and indemnity insurance, for private equity and corporate clientele.
- Prior to joining Marsh, Masato has 13-year sales experience for Tokio Marine Nichido Fire, including the experience in sales planning of both cross-border and domestic M&A insurance.
Yasuhiro Kawasugi is experienced management backed by strong financial skills and management capability developed by international experiences in European HQ in Germany for 8 years and Director positions in U.K. companies for 3 years covering Europe and the U.S, executing SCM project, strategy development, M&A and PMI, restructuring, management as CFO.
After coming back to Tokyo HQ, he is focusing on improving corporate value through engagement and discussion with institutional investors for 6 years as Investor Relations Officer, taking the role of corporate strategic project (esp. divestment) to achieve portfolio transformation, and Board of Directors office to contribute on corporate governance. Now I’m responsible for corporate strategy, sustainability, and strategic business development as Director Corporate Strategic Planning to develop mid-long term corporate values.
1991: The Long-Term Credit Bank of Japan (now SBI Shinsei Bank) Corporate Banking and M&A Advisory, Manager 2000-2002: New York University, Stern School of Business, Full-Time MBA 2002-2008: Lehman Brothers Japan, Investment Banking Division M&A Advisory and Equity Capital Markets, Vice President 2008-2009: Sumitomo Mitsui Banking Corporation, International Planning Department M&A (non-Japanese banks), Senior Vice President 2009-2014: Ernst & Young, LLP, Transaction Advisory Services, Valuation & Business Modeling M&A advisory (Japanese Clients, American Targets) 2014-2018: The Bank of Yokohama, Corporate Advisory Group M&A advisory, Deputy General Manager 2018-2022: Corporate Planning function of Japanese companies 2023: European Infrastructure Services company, Head of Corporate Development Japan.
- Lead a team of 18 which does M&A, developer partnerships, project finance, corporate finance and equity finance.
- Over 15 years of M&A experience including 11 in Japan.
- Started career in London with EY in the Infrastructure Advisory team.
- Moved to PwC Japan and was a Director in the Energy & Utilities M&A team.
Joe is a Partner within the Herbert Smith Freehills Kramer Corporate team in Tokyo.
Joe has worked on a wide range of corporate matters for a number of major Japanese companies with a particular focus on M&A, joint ventures and general corporate and commercial transactions. He regularly advises on transactions in both developed and emerging markets and has worked on deals across numerous jurisdictions in the firm's London and Tokyo offices. Joe also has experience across a wide range of sectors but has particular specialisms in M&A in the TMT sector and commercial contracts in the defence sector.
Joe is ranked as a leading individual for Corporate / M&A in Japan by Chambers Asia-Pacific in 2025 and as a "Next Generation Partner" for Corporate / M&A and TMT in Japan by Legal 500's Asia Pacific 2025 rankings.
John Price is Group General Manager & Legal Counsel at the Nippon Express Group, a Japan-based global logistics provider, where he is responsible for large-scale investment strategy and acquisition activities. Previously, he has managed several acquisitions as in-house counsel at LIXIL Corporation, including a $4 billion acquisition of Grohe in Germany. In private practice, John has worked in the US and Japan, where he practiced primarily M&A, intellectual property, and general corporate law, and the Big Four consulting firms in the US and Japan concentrating on business valuation and tax consulting.
He is admitted to the bar in New York, New Jersey and in the United States Patent and Trademark Office. He is also a licensed Registered Foreign Lawyer (Gaikokuho Jimu Bengoshi) in Japan and an Adjunct Professor at Temple University Japan campus where he lectures on international law, trade law and international contract drafting.
As a Partner in the Corporate Finance team of Pitcher Partners Melbourne, Michael assists many clients, from a range of industries, with their transaction pursuits with specialist services including: lead mergers and acquisitions advice, financial analysis, due diligence investigations and valuations.
Michael leads the Global Corporate Finance group for Baker Tilly International a top 10 accounting network globally.
Clients benefit significantly from Michael’s astute business acumen and persuasive negotiating skills. Clients seeking growth through divestment and acquisition strategies draw on Michael’s networks and knowledge to maximise their business and financial results. He works with many public and private businesses on their buy and sell side mandates.
Michael has worked on notable transactions with Japanese corporates investing in Australia. Recent examples include supporting Sumitomo Forestry on its acquisition of Metricon, Australia’s largest builder; advising Airmaster on its sale to Daikin; supporting Daikin on its expansion of maintenance services; and advising DFP Recruitment on its acquisition by the Will Group.
Andrew leads our APAC Proxy and Corporate Governance Practice, continually recognised as the 'best in market' practice across the region, with over 20+ years of senior leadership experience, he is a trusted advisor for corporations navigating stakeholder engagement and corporate governance complexities.
Andrew specializes in strategic advice on mergers and acquisitions, annual and extraordinary shareholder meetings, and contested or dissident campaigns.
Before rejoining Sodali & Co, Andrew served as Country Head of Georgeson Australia, where he successfully led and grew the business, advising clients on high-stakes shareholder engagements. Andrew's deep understanding of the Australian corporate landscape makes him a go-to expert for listed companies seeking tailored proxy and governance strategies.
As the global landscape continues to evolve, Andrew remains pivotal in delivering innovative solutions that align corporate objectives with stakeholder expectations, ensuring long-term value creation for his clients.
Feng Wang is the General Manager leading Nissan’s M&A team in Japan. He supports Nissan’s global initiatives in mergers, acquisitions, investments, divestments, joint ventures, partnerships and alliances. Prior to joining Nissan in 2019, Feng served as Executive Director at Business Sweden and Senior Corporate Development Manager at Corning.
Feng’s earlier career includes roles at Capgemini, EY Transaction Advisory and Barclays Capital in Hong Kong. He holds MBA from INSEAD and a Bachelor’s degree of Software Engineering from Shanghai Jiao Tong University.
Yuki is a senior reporter at Mergermarket and covers growth strategies and M&A activity among Japan’s tech, defense, and space companies. Prior to joining Mergermarket, she spent over a decade at Bloomberg, where she covered manufacturing and financial sectors as well as regulatory authorities. During her time there, she interviewed many of Japan’s most influential CEOs as well as key political figures, including prime ministers. She began her career in television and served as Los Angeles bureau chief for Fuji TV.
Mr. Ishihara currently serves as the deal leader for Kensetsu-Park Co., Ltd and a deal member for HOKUTO Co., Ltd. in Sunrise IV. Previously, he also served as the deal leader (previously also interim representative director) for Uni-Mate, Inc. in Sunrise III. Prior to joining the Sunrise team in March 2017, he was most recently with Lincoln International Inc. as a Managing Director, where he led the origination and execution of various domestic and cross-border M&A transactions, engaged in extensive due diligence activities as well as prepared legal/IR documentations. Prior to that, he was an Associate at Citigroup Global Markets Japan Inc., Daiwa Securities SMBC Co. Ltd., and Okasan Securities Ltd., respectively. Mr. Ishihara holds a B.A. in Economics from Yokohama National University and a M.S. in Administrative Studies from Boston University.
Takako is a leader in the Strategy & Corporate Development in Japan. She has more than 20 years of experience developing strategic business models and M&A integration / separation planning for domestic and international clients in wide range of industries. She works primarily with broader Manufacturing and Auto companies on strategy and M&A topics.
Her experience in M&A stretches across the entire process, from strategy and theme definition to target selection, due diligence, synergetic assessment, and post-merger management for both domestic and cross-border transactions.
Prior to joining IBM, she worked for KPMG FAS, Booz Allen Hamilton, GE Capital, and Intel based in the US and Tokyo. She leveraged in-depth knowledge of North American, Asian, and Japanese markets in order to provide astute and productive business consulting to clients. She worked on integration / separation projects for clients across North America, Europe, Asia, and Japan.
Professional Experience
Market Assessment, Business Due Diligence, and Visioning & Strategic Planning
Provided assessments of the growth prospects and value creations of the target company through analysis of the overall addressable market and adoption rate as well as target-specific ramp-up issues and challenges.
Value-Driven Post-Merger Integrations
Led the overall PMI strategy, Day1 / Day 100 planning, value creation planning, and execution for clients undergoing merger. Included support to attain operational excellence for the continuous improvement of client operations.
Separations / Carve-outs
Helped client management teams work through their exit strategy decisions. Conducted separation due diligence to contain carve-out costs and identify savings. Supported structure and run the operational carve-out, IT separation, and divestiture process.
Function and Specialization
Takako is leading the IBM Japan M&A initiatives as part of IBM global transformation activities called “Transform to Glow” focused on strategic partnerships and acquisitions how IBM Consulting Japan collaborates with strategic partners and the broader ecosystem, while also investing in acquisitions to augment capabilities.
Hiroyuki Otsuka is the Founder and CEO of Japan Activation Capital.
Japan Activation Capital, newly established in Oct 2023 by Mr. Otsuka, is new concept fund in Japan which invest into large to mid Japanese public companies with minority stake, and support companies’ sustainable growth as an insider to portfolio companies with buyout fund value creation style. The fund already raised JPY210bn (roughly $1.5bn) from Japanese large financial and institutions and continuing to raise more capital from domestic and global LPs.
Before founding Japan Activation Capital, he was the Deputy Head of Carlyle Japan and Partner and Managing Director leading the Carlyle’s Japanese buyout fund operation and managing all carve-out deals. During his tenure at Carlyle from 2001 to 2002 and 2006 to 2023, Mr. Otsuka has driven number of significant transactions and served as a board of director at many portfolio companies and created value to portfolio companies and supporting their transformation to achieve sustainable growth, which include Totoku Inc. (previously a listed subsidiary of Furukawa Electric Co., Ltd.), Tsubaki Nakashima Co., Ltd., Chimney Co., Ltd., and Senqcia Inc. (previously a listed subsidiary of Hitachi Metal Co., Ltd.). Thanks to his contribution with the team, he brought Carlyle Japan Buyout fund as top tier performance funds amongst Carlyle sister funds and the region.
Prior to Carlyle, he was Managing Director at Lazard and worked at their New York headquarters as well as in Japan (COO of Japan operation), leading multiple cross border and domestic transactions. Mr. Otsuka began his first career at Sumitomo Bank (currently Sumitomo Mitsui Banking Corporation) in 1992.
He also served as an independent board member of DeNA Co., Ltd. (TSE Prime Market listed) from 2015 to 2019.
Mr. Otsuka was a member of the “Fair Acquisition” (2023) and “Challenges for M&A in Japan and Case Studies” (2022/2023) study groups formed by the Ministry of Economy, Trade and Industry. Currently, he is a member of Japan Association of Corporate Executives.
Mr. Otsuka received his post-graduate degree from Oxford University and his B.A. from Waseda University.
As Head of Corporate Office (Japan), Hirotatsu Tanji is responsible for all activities in Japan including well-being business by OCTAVE, M&A, co-investment by TPC Group, and shipping related business by IMC.
He comes with more than 26 years of experience in the infrastructure / real estate and banking industry including 17 years of intensive experience in investment and asset management for real estate in foreign and Japanese private funds and public funds.
He spent his career in several Japanese companies and foreign companies such as mapletree logistics trust (Singapore), Challenger group (Australia) and LaSalle Investment Management (US) based in Japan. He has plenty of experience and knowledge for investment and asset management for various types of real estate including logistics, commercial, residential, hotel, student dormitory, nursing home, and office.
Before joining TPC Group, he was Managing Director at SBI Tozai Realty Advisors Co., Ltd. and led the inbound / outbound department as a third-party asset manager for various foreign investors.
He holds a Master of Business Administration in Global Management from Thunderbird School of Global management in US and a Bachelor of Economics from Gakushuin University in Japan.
Ryuya Shiga is Japan Bureau Chief of Mergermarket and has been leading the M&A coverage in Japan since 2022. He has provided actionable business intelligence involved in private equity buyouts and exits, domestic and cross-border M&A, including high-profile scoops on corporate carve -out. He joined Mergermarket in 2014 and has covered industrials & chemicals, logistics, consumer and leisure sectors.
Prior to Mergermarket, he worked in Tokyo-based TV stations where he covered corporate news, stock market, and international news as a reporter and field director.
- Shizuka Aida is leading Transaction Advisory Group, specializing in M&A and Private Equity, at Accenture.
- He has worked on various M&A transactions across different sectors for corporations and PE firms, acquiring expertise in both domestic deals and cross-border transactions.
- He also provides strategy consulting services on capital markets issues, including shareholder activism and shareholder engagement.
- Prior to joining Accenture, he gained experience in investment banking, worked at a private equity firm, and advised on various transactions as a Partner at M&A advisory firm.
In 2004 joined the Ministry of Economy, Trade and Industry (METI). Involved in establishing Japan's public-private-partnership investment fund “Innovation Network Corporation of Japan (INCJ)” from both public and private sides. After focusing on recruitment and training for METI, engaged in renewable energy policy including FIT auction and launching offshore wind, and policy planning of whole METI policy as the head of senior deputy directors. Currently serving as Director of the Industrial Structure Policy Division, responsible for promoting "New Directions in Economic and Industrial Policy," Master in Computer Science from Tokyo Institute of Technology, and MPA from Lee Kuan Kew School of Public Policy in National University of Singapore.
Nao began his career in equity research at Morgan Stanley MUFG Securities. In 2014 he joined Misaki Capital as its first employee, eventually leading the research and corporate engagement for the firm. During this time, he also served on policy committees for both the Financial Service Agency and the Accounting Standards Board of Japan infusing the discussions with the needs of a market practitioner on issues of financial disclosure, rules around revenue recognition, and general corporate governance. He was born and raised in Okayama, Japan and earned a Bachelor of Law from The University of Tokyo. More recently he earned his MBA at Columbia Business School where he focused on modern value investing.
Danny is responsible for the direction and delivery of campaigns executed by the client services team in Asia Pacific. Originally from the UK, Danny started his career in financial markets with S&P Global Markets intelligence in London in 2007 tasked with managing the relationships with providers of investment research across different asset classes, relocating to Hong Kong in 2011 to develop and grow new and existing relationships with providers in the Asia Pacific region. In 2013 Danny moved to Sydney and joined IRM, providing online investor communication tools to ASX listed companies, before joining Orient Capital in 2016. At Orient Capital, Danny managed the investor campaigns team and was responsible for the strategy, execution and delivery of shareholder engagement campaigns across a variety of transactions such as; domestic and cross-border M&A, capital raisings and shareholder meetings.
Danny has partnered with listed companies and their advisers in leading the shareholder engagement strategies on successful high profile takeovers such as; Bellamy’s Organic ($1.5bn AUD), Kidman Resources ($776m AUD), TradeMe Group ($2.6bn NZD) and Fairfax ($4.2bn).
Mingchen is a Managing Director and Co-Head of Asia Investments based in the Hong Kong office.
Prior to joining Hamilton Lane in 2014, Mingchen was a Senior Fund Manager at Tokio Marine Asset Management in Japan, where he was responsible for private equity fund investment globally. Previously, he worked at Mitsubishi UFJ Securities and Mizuho Securities.
Mingchen received an M.B.A. from Hitotsubashi University and a bachelors from Shanghai Jiao Tong University.
Kenta joined FountainVest as Japan Representative to lead the firm’s strategic expansion into the Japanese market and to establish its Tokyo office. Prior to joining FountainVest, he served as Executive Director at Bain Capital in Tokyo, where he was responsible for originating multiple private equity investments across a broad range of industries. Earlier in his career, he was a consultant at A.T. Kearney Tokyo, where he advised leading companies in sectors such as financial services, consumer goods, media, trading, and business services. He holds a B.A. in Economics from Keio University.
Yusuke Ichikawa joined Advantage Partners in March 2003. He has executed 14 Private Equity and PIPES investments, including highly successful deals such as Nihonkaisui with its bold industry restructuring and Net Protections, a leading Japanese fintech growth stock that went public. He has led industry initiatives within the fund related to digital, B2B services, and healthcare. Currently, he is responsible for and serves on the boards of Material Group, Qit and Spiral, among other investments in the relevant industries.
Other notable investment angles include.
Turnarounds
Turnaround investments in the former Kanebo, Inc. and Megane Super, Inc. resulted in significant improvements in profitability by improving cost structures and renewing brands.
Owner business succession and roll-up
After taking over the business from the founders, Oishes and Nihon Meika Sohonpo incorporated M&A as a core part of their strategy to integrate and operate multiple B2C brands and achieve margin expansion.
Infrastructure and energy investments
Invested in Neoteras an electricity-saving service provider, and Ecolocity, a leading parking lot operator, to expand its customer base and create value through marketing digitization.
Koichi Ito is Managing Director and Head of Japan Private Equity at PAG. Prior to joining PAG in 2021, he spent over thirty years in investment banking. Koichi is a board member of GYRO HOLDINGS and HUIS TEN BOSCH Co, Ltd.
Executive Officer, Head of Buyout Investments. Naoki joined JPIC from Revamp Corporation, where he was Chief Investment Officer. He was previously with Unison Capital and an Attorney with Nishimura & Asahi. He has been involved in numerous Private Equity deals through the entire deal lifecycle from sourcing to exit, and also has been involved in numerous M&A transaction as a lawyer. He holds a Law degree from Chuo University and is an Attorney at Law.
Mai advises Teneo’s local and global clients on strategic positioning, issues & crisis advisory, shareholder activism defense, and financial communications. She also advises clients on complex crossborder M&A transactions.
Before joining Teneo, Mai served as the Asia-Pacific Content Director at Acuris / ION Analytics, where she was responsible for the editorial content direction and strategy for global M&A intelligence services Mergermarket and Dealreporter. She managed seven bureaus across the Asia-Pacific region, leading a team of journalists, editors, and analysts covering M&A, private equity, shareholder activism, and event-driven/special situations.
Teneo works exclusively with senior executives of the world’s leading companies, providing strategic counsel across their full range of key objectives and issues. Teneo’s clients include a significant number of the Fortune 100 and FTSE 100, as well as other corporations, financial institutions, and organizations. Integrating the disciplines of strategic communications, investor relations, restructuring, management consulting, physical & cyber risk, financial advisory, corporate governance advisory, ESG, DEI, political & policy risk, Teneo solves for the most complex business challenges and opportunities.
Muneyoshi Fujita is a Managing Director in the Private Equity Group based in Tokyo.
Before joining Blackstone, Mr. Fujita was a Director at Unison Capital where he focused on private equity investments in Japan. Prior to that, he worked in the Principal Investment Division of Daiwa Securities Group where he was involved with private equity and distressed investments.
Mr. Fujita received an MBA from Kellogg School of Business, Northwestern University, and a BA from Keio University.
Mr. Misato is a Managing Director in Houlihan Lokey’s Healthcare Group. He has over 17 years of investment banking experience and has advised on numerous domestic and cross-border M&A transactions in the healthcare industry. He is based in the firm’s Tokyo office.
Within Houlihan Lokey’s Healthcare sector, Mr. Misato leads the Japan team, which focuses particularly on M&A in healthcare services, pharma services, healthcare IT, medical devices, and life sciences tools.
Prior to joining Houlihan Lokey, Mr. Misato worked on the investor side, specializing in the life sciences sector. Before that, he held positions at Accenture and PwC. He holds a Master of Engineering in Physical Chemistry from Waseda University.
Mr. Shuichi Shimizu is a Managing Director at HighLight Capital. He heads the firm’s investment team in Japan and is based in Tokyo.
Prior to joining HighLight Capital, Mr. Shuichi Shimizu was in Houlihan Lokey’s healthcare team where he covers broad healthcare subsectors. Previously, he worked at ORIX alternative investment team in China and at Dresdner Kleinwort Tokyo branch as an equity analyst.
Mr. Shuichi Shimizu received his B.S. from Kyoto University.