Changing perceptions on Japanese private equity
There is no hiding from the fact that foreign institutional investors have developed a negative view on the current prospects for Japan’s private equity and venture capital industry, which in turn has made a significant impact domestic GPs’ abilities to fundraise. LPs that committed capital to buyout funds in Japan between 2006 and 2008 have rightly been reticent to commit anything more to the region. But, while large buyout funds are struggling, small to medium sized funds looking at mid-market or SME opportunities have superseded them in Japan’s still-active market. From the summer of 2010, the SME market has shown signs of increasing deal flow and transaction numbers, however fundraising is still not on an upward slope, and dry power is dwindling by the deal.
As AVCJ noted in last week's edition (see the January 18th issue), domestic institutional investors such as banks, that were active in PE investment before the financial crisis, are no longer backing local...
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