CVCI to close Japan office
The Japan office of Citi Ventura Capital International (CVCI) is set to close, having failed to find any attractive investments, Reuters reported, citing people familiar with the situation.
CVCI, which opened its Japan office in September 2006, has made a number of investments in Asia outside of Japan.
In the last 12 months, the firm has made two profitable exits in India. It sold 90% of its 4.95% stake in KS Oils for $19.9 million in July 2010, having reportedly purchased a 15% interest for $19.2 million three and-a-half years earlier. The same month CVCI unloaded 14.3% of a stake in JBF Industries, capping a four-month period during which it began chipping away at a 21% interest that had been held for five years, and generating a 2.9x return in the process.
More recently, a CVCI asset called Decorative Arts Holdings took Singapore-listed Passion Holdings private.
The venture capital firm manages $7 billion in equity investments globally.
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