Japan's ACA targets $100m for domestic IT fund
Japanese buyout firm Asian Capital Alliance (ACA) is targeting $100 million for a new fund focused on businesses in the domestic information and communications technology space.
According to Dow Jones, the fund expects a first close in September having already received verbal commitments. The majority of its LPs will be domestic investors, including insurance companies and pension funds.
The fund, which will invest in deals with an average ticket size of around $10 million, will have a life span of just five years, with investments taking place over the first three years. Sectors of interest include e-commerce, media, and IT systems integration.
ACA previously raised a $40 million vehicle in 2008, which had a similar industry focus. The fund made 10 investments, eight of which it has exited - mostly via trade sales. According to ACA Managing Partner Takashi Nishino, the fund has so far achieved an IRR of 39%.
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