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Japan's Dogan closes Kyushu SME fund at $34m

  • Andrew Woodman
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Japanese GP Dogan Advisors has reached a JPY3.3 billion ($34 million) close on its latest regional fund, Kyushu BOLERO (Buyout for local enterprise and reform organization) Fund 2.

The fund will assist small- and medium-sized enterprises (SMEs) in need of restructuring, providing the capital needed to reduce debt. It will focus on businesses in the Kyushu region, an island in western Japan which includes the prefectures of Nagasaki, Saga, Fukuoka, Oita, Kumamoto, Miyasaki and Kagoshima.

The Organization for SMEs and Regional Innovation Japan (SMRJ) - a government agency operating under the Ministry of Economy, Trade and Industry - has contributed JPY1.65 billion to the fund. Other investors include Aozora Bank, Development Bank of Japan, Chikuho Bank, 18Bank, Kagoshima Bank, Nishi-Nippon City Bank and Higo Bank.

The fund will have a lifespan of five years with the option to extend by another two.

Set up in 2004, Dogan is headquartered in Fukuoka and manages four other investment vehicles, all focused on the Kyushu region. These include the JPY4.9 billion Kyushu Bridge Fund, the JPY700 million Agri Cluster Fund, the JPY1.1 billion Kyushu Entrepreneur Club venture fund and the JPY1 billion Challenge Kyushu SME Gambare Fund.

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