Japan’s Unison Capital cuts fund due to limited deals - report

Two sources told Reuters that the private equity firm expects the market to remain slow. The decision comes despite Unison participating in two reasonably large deals in the last couple of months. In late November, it purchased shoe repair company Minit Asia Pacific from CVC Capital Partners and followed up earlier this month with the acquisition of Asahi Tec from RHJ International and Tokio Marine for JPY23.9 billion plus outstanding debts.

Unison Capital Partners III closed in August 2009 at JPY140 billion. It is not the first Japanese vehicle to see a reduction in capital following the global financial crisis. The Carlyle Group closed its second Japan fund at JPY215.6 billion in 2006, making it the largest Japan-focused vehicle ever raised, but reduced it to JPY165.6 billion three years later.

In March 2011, Advent International announced the closure of its Japan office and wound up its JPY60 billion fund without making any investments.

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• Topics
• North Asia
• Fundraising
• Japan
• Fundraising
• Unison Capital
• The Carlyle Group
• Advent International