EQT recruits Japan private equity head from JPIC

The Europe-headquartered formally entered the Japan market earlier this year, opening an office in Tokyo. It also established a partnership with Japan Industrial Partners that involves collaboration on sizeable investment opportunities that involve global expansion.

The Japan team comprises local hires and employees relocated from other parts of the EQT network. Onitsuka has been active in Japan’s private equity industry for nearly 15 years, initially with TPG, where he latterly served as country head. In 2018, he became a founding team member of JPIC, a direct investment unit formed by Japan Post Bank and Japan Post Insurance.

Working alongside Masahiko Kato – whom EQT has brought in from Mitsubishi Corporation to lead Japan infrastructure operations – Onitsuka will explore thematic investment opportunities, and continue the recruitment process, including adding to the firm’s bench of local advisors.

“[Japan] offers a wide range of compelling opportunities in EQT’s core sectors and we are confident that our industrial heritage, thematic investment strategy and expert capabilities within technology and ESG [environment, social, and governance] will create value for Japanese companies,” said Thomas von Koch, a partner and chair of EQT Asia Pacific, in a statement.

EQT’s private equity activity in Asia has to date focused on the middle market, but the firm wants to bring its global model to the region. This means a narrower sector focus, a bulked-up portfolio support team, and larger checks. Traditionally, EQT has made equity commitments of $50-100 million in Asia. That will become $100 million and above, with a sweet spot of $100-300 million.

Simon Griffiths rejoined the firm last year as head of Asia Pacific private equity to lead these efforts. Australia and Japan are early priorities, although Griffiths told AVCJ in January that the firm is also adding people in China and Southeast Asia, with India and South Korea next on the list.

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• Topics
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