DRC Capital launches Fund III, holds $25m first close
Japanese mid-market buyout shop DRC Capital has launched its third buyout fund - Japanese Limited Partnership DRC III - quickly followed by an initial close of JPY2.5 billion ($25 million).
The fund was launched on July 31 with a hard-cap of JPY15 billion. According to a statement, it will follow the same investment strategy of its predecessor funds, DRC I and II, targeting investment in mid-sized companies with a ticket size between JPY500 million to JPY3.3 billion.
According to AVCJ research data, DRC II was launched in 2009 and closed two years later with total corpus of around 15.7 million, including money raised by two separate vehicle that invest alongside the main fund.
The DRC team spun out from ACTIV Investment Partners (AIP) in 2005 and has so far exited two funds - ACTIV Investment Fund (1999 -2000) and TK JPE Activ (2003 - 2008) - that had been launched prior to the DRC being set up. The two funds made four investments in total and generated an IRR of 37%.
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