CLSA raises $210m for second Japan fund
CLSA Capital Partners has reached a final close of $210 million on its second Japan-focused fund - Sunrise Capital II.
According to a statement, the fund's total committments comprise a global base of LPs from US, Europe, and Japan.
The fund is smaller than its predecessor - which reached a final close of $350 million in 2006 - but will employ the same strategy of pursuing buyout opportunities involving small and mid-cap Japanese companies with enterprise values of JPY5-15 billion.
It will will seek out investments across a variety of sectors, capitalizing on companies' technology, know-how, brands, services and potential for Asian expansion. The fund is led by Megumi Kiyozuka, managing director and head of Japan for CLSA Capital Partners.
The fund has already made two investments: used-car auction operator BCN Corporation and IT consulting firm BayCurrent Consulting. There are expected to be another 5-6 deals during the life of the fund.
CLSA Capital Partners is the alternative asset management arm of Hong Kong-headquarted brokerage and investment group CLSA, which was acquired by CITIC Securities last year. It has about $2.6 billion in assets under management across six other funds.
Diamond Dragon Capital acted as placement agent for Sunrise Capital II.
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