Aspirant scales up for third Japan buyout fund
Aspirant Group, a Japanese middle-market buyout firm, has closed its third fund at the hard cap of JPY50 billion ($463 million). It is nearly twice the size of the GP’s previous vehicle.
Commitments came from domestic and international investors, including pension funds, financial institutions, insurance companies, fund-of-funds, and family offices, according to a statement. The formal fundraising process lasted seven months, with a first closing coming in August.
Aspirant was established in 2012 by Akitoshi Nakamura and Akira Kawamoto, who serve as CEO and senior partner, respectively. Nakamura was formerly CEO of Sun Capital Partners Japan and vice chairman of Nikko Principal Investments. Before that, he worked for the Industrial Revitalization Corporation of Japan (IRCJ) and Ripplewood Japan. Kawamoto previously spent 30 years with the Ministry of Economy, Trade and Industry (METI).
The firm focuses on succession, corporate carve-out and turnaround opportunities, primarily in the business services, industrial technology and consumer sectors. Target companies have enterprise valuations in the JPY3-30 billion range, with Aspirant looking to write equity checks of JPY1-10 billion, including co-investment.
It claims a strong focus on operational improvement and business growth support. Indeed, the operations team outnumbered the investment team by 10 professionals to seven, according to a presentation dated October.
Aspirant raised JPY8.3 billion for its first fund in 2013. Fund II closed at JPY27.2 billion four years later and the firm then raised JPY12.15 billion for a top-up vehicle. Recent investments include carve-outs of a bath manufacturing unit, a copper tubing business, and an electronic materials producer from Bridgestone Corporation, UACJ Corporation, and Furukawa Electric, respectively. The firm also bought business software provider Outlook Consulting and drugstore chain Pharmarise.
Last month, Aspirant announced the sale of Maruki Plastic to CITIC Capital Japan. This follows exits from chemicals producer Filwel, recruitment business Yumex, casual restaurant operator Teraken Corporation, and temporary staffing agency Humanic Holdings.
The firm acquired Humanic in 2015 through a business succession transaction. During the four-year holding period, it claimed to have implemented stronger internal controls, introduced key performance indicator-based systems, and restructured unprofitable business lines. Aspirant also improved the technology infrastructure to match applicants and vacancies more efficiently and grew staffing capacity by recruiting international students.
Monument Group served as placement agent for Aspirant's third fund.
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