AVCJ

J-Star to close Fund II at $200m by end-June

  • Andrew Woodman
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Japanese mid-market GP J-Star will reach a final close on its JPY20 billion ($210 million) second fund by the end of this month, sources familiar with the matter told AVCJ.

The firm has already received commitments of around JPY11.5 billion with additional soft circle commitments of JPY8.5 billion. 

Launched in April 2011, the fund is nearly twice the size of its predecessor, which launched in March 2006 and reached a final close of JPY12.25 billion in December the following year.

The investment theses with this latest vehicle is much the same as the first - focusing on consumer, manufacturing, media and healthcare sectors. The firm will continue to target deals in the JPY1-2 billion range and is said to be currently building out its team. 

J-Star has seen two lucrative exits in the past few months: the first was the strategic sale of Japanese pharmaceutical firm Apo Plus Station, generating a 3x money multiple; the second involved the turnaround of hip teen clothing brand Olive des Olive, which also saw a 3x return.

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