Japan's AIC appoints Yasufumi Hirao as CEO

Hirao previously managed the private equity portfolio of Mitsubushi Corporation. Mitsubishi owns 51% of AIC.

Hirao, who joined Mitsubishi in 1989, served as CEO of the conglomerate's private equity unit, Kizuna Capital Partners, since it was established in 1997. He was responsible for the firm's funds, fund commitments and direct investments.

Hirao replaces Tappei Shimizu, who also joined AIC from Mitsubishi in October 2010, shortly after his predecessor, Kazushige Kobayashi, took up his current position as head of the Tokyo office for Capital Dynamics.

Set up in 2002, AIC Capital currently has around $2.4 billion in assets under management over six funds.

Its latest fund - Energy Opportunity Fund - was launched last year with a target of $300 million. The vehicle invests in North American funds focusing on the broader energy sector, including shale gas, shale oil, refinement, transport, storage and power generation.

AIC's US-based sister company, Torrey Cove Capital Partners, advises on manager selection for the fund.

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