Japan's Mizuho launches $250m ASEAN fund

The vehicle will be managed by Exacta Capital Partners, an entity owned 40% by Mizuho, and will seek to promote capital tie-ups and business partnerships between Southeast Asian and Japanese small to medium-sized enterprises. According to a statement, it has reached a first close of $89 million.

Exacta Asia Investment II has received commitments from Dai-ichi Life Insurance and other institutional investors within and outside Japan, including regional banks in Japan. Subject to demand, Mizuho Bank may invest as much as $100 million.

The fund's predecessor, Mizuho ASEAN PE Fund, closed in 2013 at $150 million with commitments of $125 million and $25 million from Mizuho Bank and the Japan Bank for International Cooperation, respectively. Investments from the first fund include California Fitness & Yoga Vietnam and Asia Culinary, a Singapore-based the operator of restaurant chain brands The Duck King and Imperial Chef.

Recent activity by Mizuho Bank includes participation in a JPY11.4 billion ($102.5 million) round for Japan's Aisei Pharmacy and support for an early-stage internet technology fund managed by Japan's Gree Ventures. The bank has also backed the Cool Japan Fund, which focuses on cultural exports.

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• Topics
• North Asia
• Fundraising
• Growth
• Southeast Asia
• Japan
• M&A
• Growth capital