23
Jun
Corporate transformation: growth with defense mechanisms
Amid fierce global competition and the looming threat of foreign takeovers, major legacy Japanese conglomerates have initiated a wave of domestic M&A focused on privatization and corporate carve-outs. These strategies allow them not only to shed non-core assets and refocus on core strengths, but also to shield themselves from earnings pressures. In many ways, these moves align with Japan's domestic context and national objectives, ultimately bolstering their global deal-making capabilities. However, they have also drawn criticism from activist investors and international companies concerned about the openness of the Japanese market.
- What is the status of non-core business carve-outs in Japan, and what are the main obstacles?
- How are corporate M&A teams developing strategies to ensure they get the balance right?
- How can engagement funds unlock the trapped potential of 'good' Japanese companies and transform them into the 'best'?
- How can PE firms team up with Japanese management to provide the execution power they lack and facilitate these complex deals?
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SpeakersShizuka Aida Managing Director, Transaction Advisory Lead Accenture Strategy
Shinichiro Shiraki CEO Aizawa Asset Management Co., Ltd.
Yuko Watanabe Shah Managing Director I Squared Capital
Hiroyuki Otsuka Founder and CEO Japan Activation Capital
Nao Makino Partner, Head of Research Kaname Capital
Hiroyuki Sameshima Director, Corporate System Division, Economic and Industrial Policy Bureau Ministry of Economy, Trade and Industry (METI)
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- 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.
Mr. Shiraki founded Akebono AssetManagement Ltd, the former entity of Aizawa Asset Management Co., Ltd.,and was appointed as CEO in 2015.
Mr. Shiraki has over 25 years of experience investing in private equity, venture capital funds and hedge funds in both Japan and globally. He launched and managed several portfolios of hedge funds and private equity funds for Sanwa Bank, now part of the Mitsubishi UFJ Group. He was a founding member of Monex Alternative Investments established in 2004 and served as its CEO. He was appointed as CIO of Astmax Co., Ltd. in 2013. He also served on a board of directors at Aizawa Securities Co., Ltd. TSE1 listed security broker company in 2019 andjoined the board of directors at Asuka Asset Management in June 2020.
Mr. Shiraki has been a board member of the Alternative Investment Management Association of Japan (AIMA Japan) since 2001 and has been its Chairman and currently serves as its Vice Chairman.
He is also a director and committee member Japan Venture Capital Association for LP relationship committee.
Yuko Watanabe Shah is a Managing Director at I Squared Capital, where she leads Japan energy strategy and investor relations. She also founded and oversees Hexa Energy Services, a platform developing grid-scale battery energy storage and renewable energy projects that support Japan’s decarbonization, with more than $500 million in capital expenditure underpinned by long-term offtake contracts from the Japanese government and blue-chip counterparties. Yuko has played key roles in I Squared Capital’s value creation and exits in Asia, including the sale of Amplus Solar, a leading distributed solar PV platform in India, to Petronas, and a partial exit from Cube Highways, an operational toll-road platform in India, to Japanese strategic investors. Prior to joining I Squared Capital, she spent 15 years at Mitsubishi Corporation in global environment and infrastructure. She holds an MBA from the Wharton School.
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.
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.
Hiroyuki Sameshima is the Director of the Corporate System Division of the Economic and Industrial Policy Bureau at the Ministry of Economy, Trade and Industry (METI), Japan.
In 1999, Sameshima joined the Ministry of International Trade and Industry (now METI) . Since, then he has held various positions in the Minister’s Secretariat and the Economic and Industrial Policy Bureau, as well as serving on secondment to the Financial Services Agency and as an Executive Secretary to the Minister of State for IT.
Most recently, he was responsible for the amendment of the Foreign Exchange and Foreign Trade Act(FEFTA) in the Economic Security Policy Division from 2019, and for the amendment of the Subcontract Act as Director of the Fair Trade Division of the Small and Medium Enterprise Agency from 2023.
On July 1st, 2025, he returned to the Corporate System Division as its Director, a position Sameshima last held 17 years ago in 2008.