Tokio Marine secures $363m second close on Japan fund

TMCAP2016 was established in October of last year and received initial commitments totaling JPY29.1 billion. A third close around the overall target is expected in early April, but it is unclear whether this will constitute the final close, according to a source familiar with the situation. All the capital raised so far is from domestic LPs and the GP has yet to make a decision on marketing to overseas investors as well.

Tokio Marine raised JPY23.3 billion for its previous fund, which closed in 2013. The private equity firm seeks control positions in middle market private companies in Japan, typically working in conjunction with existing management teams of established businesses that have steady growth and a strong or niche market position.

The first investment from the new fund was completed last December. Tokio Marina purchased Ropia, a manufacturer of chilled deserts distributed nationwide through convenience stores and supermarkets. The company recorded sales of JPY13.7 billion for the 12 months ended September 2015.

Japan private equity fundraising came to $3.4 billion in 2016, down slightly on the previous year. However, 2017 is expected to be more prolific with a host of middle market managers all seeking capital for new vehicles. In addition to Tokio Marine, Advantage Partners, CITIC Capital Partners Japan, CLSA Capital Partners, J-Star, NSSK, Polaris Capital and Ant Capital Partners are among those in the market.

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• Topics
• North Asia
• Fundraising
• GPs
• Buyout
• Japan
• Tokio Marine Capital