Mitsubishi, Creat JV fund closes in on first deal
Mitsubishi Corp-backed Kizuna Capital Partners has identified 5-6 potential companies for the debut investment of its $120 million private equity fund and plans to close a transaction by the end of the first quarter of 2012. The alternative energy, medical equipment and robotics industries are all under consideration.
The MC Creat Investment Fund, which launched in August and will last 10 years, is a joint venture between Mitsubishi and Beijing-based investment firm Creat Group. Chief Investment Officer Kenji Tanaka told Bloomberg that the fund is aiming for an internal rate of return of about 20%. It is looking to take advantage of opportunities created by Japanese companies seeking to capture demand from China and Chinese firms seeking Japan's technological expertise.
"While top Japanese companies have already branched out in China, there are plenty of second-tier firms that are trying to expand there," Tanaka said. "In the meantime, privatization is finally starting to take place among Chinese companies, and they are looking to go abroad and partner with Japanese firms, so it's a good time for us to be looking for deals."
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