• Home
  • News
  • Analysis
  •  
    Regions
    • Australasia
    • Southeast Asia
    • Greater China
    • North Asia
    • South Asia
    • North America
    • Europe
    • Central Asia
    • MENA
  •  
    Funds
    • LPs
    • Buyout
    • Growth
    • Venture
    • Renminbi
    • Secondary
    • Credit/Special Situations
    • Infrastructure
    • Real Estate
  •  
    Investments
    • Buyout
    • Growth
    • Early stage
    • PIPE
    • Credit
  •  
    Exits
    • IPO
    • Open market
    • Trade sale
    • Buyback
  •  
    Sectors
    • Consumer
    • Financials
    • Healthcare
    • Industrials
    • Infrastructure
    • Media
    • Technology
    • Real Estate
  • Events
  • Chinese edition
  • Data & Research
  • Weekly Digest
  • Newsletters
  • Sign in
  • Events
  • Sign in
    • You are currently accessing unquote.com via your Enterprise account.

      If you already have an account please use the link below to sign in.

      If you have any problems with your access or would like to request an individual access account please contact our customer service team.

      Phone: +44 (0)870 240 8859

      Email: customerservices@incisivemedia.com

      • Sign in
     
      • Saved articles
      • Newsletters
      • Account details
      • Contact support
      • Sign out
     
  • Follow us
    • RSS
    • Twitter
    • LinkedIn
    • Newsletters
  • Free Trial
  • Subscribe
  • Weekly Digest
  • Chinese edition
  • Data & Research
    • Latest Data & Research
      2023-china-216x305
      Regional Reports

      The reports review the year's local private equity and venture capital activity and are filled with up-to-date data and intelligence on fundraising, investments, exits and M&A. The regional reports also feature information on key companies.

      Read more
      2016-pevc-cover
      Industry Review

      Asian Private Equity and Venture Capital Review provides an independent overview of the private equity, venture capital and M&A activities in the Asia region. It delivers insights on investments made, capital raised, sector specific figures and more.

      Read more
      AVCJ Database

      AVCJ Database is the ultimate link between Asian dealmakers and those who provide advisory, financial, legal and technological services to the private equity, venture capital and M&A industries. It is packed with facts and figures on more than 153,000 companies and almost 117,000 transactions.

      Read more
AVCJ
AVCJ
  • Home
  • News
  • Analysis
  • Regions
  • Funds
  • Investments
  • Exits
  • Sectors
  • You are currently accessing unquote.com via your Enterprise account.

    If you already have an account please use the link below to sign in.

    If you have any problems with your access or would like to request an individual access account please contact our customer service team.

    Phone: +44 (0)870 240 8859

    Email: customerservices@incisivemedia.com

    • Sign in
 
    • Saved articles
    • Newsletters
    • Account details
    • Contact support
    • Sign out
 
AVCJ
  • North Asia

All smiles in Tokyo?

  • Tim Burroughs
  • 19 June 2013
  • Tweet  
  • Facebook  
  • LinkedIn  
  • Google plus  
  • Save this article  
  • Send to  

The timing of last year's AVCJ Japan Forum was perhaps fortuitous - a matter of days before the event Unison Capital announced that it agreed to sell sushi chain Akindo Sushiro to Permira for $1 billion.

This transaction ticked several key thematic boxes: a big exit for a domestic fund (Unison generated a money multiple of 8x); a big deal for a international fund; a secondary sale; and a cross-border story (Permira plans to take the company into other markets in the region). It was also the second $1 billion deal of the year, coming after Bain Capital took 50% of Jupiter Shop Channel for $1.1 billion.

There was a renewed sense of optimism among panelists that there would be more activity along the same lines. The positive vibes have continued over the last nine months, with almost every regional buyout fund that invests in Japan saying - on the record or off, once or multiple times - that they expect to be more active in the country than in the last couple of years. For most of them, this isn't a big ask.

After a low-point of $5.2 billion in 2009, PE investment in Japan has reached $8 billion in each of the last three years, although buyout value only commanded a clear majority of total deal flow last year, accounting for more than 80% of $8.5 billion invested. The 2012 figure represents a high watermark because there were seven deals of $500 million or more, matching the 2007 figure. In the three years that followed, only nine transactions crossed this threshold.

Since 2007, global or regional funds that have joined the $500 million-plus club include: Bain Capital (three times), The Carlyle Group (twice), Permira (twice), MBK Partners (twice), Goldman Sachs, J.C. Flowers and Morgan Stanley Real Estate. To be fair, other usual suspects - such as KKR and The Blackstone Group - appear in the $200-500 million category, which saw two deals in 2012 and 23 between 2007 and 2011.

If the talk is to be believed, we will see greater representation in the larger ticket bracket. The caveat is apparent once the numbers are parsed a little further. Enterprise Turnaround Initiative Corporation has been responsible for one $1 billion-plus deal in the last three years and Innovation Network Corporation of Japan(INCJ) participated in two more. Indeed, the latter led the bailout of Renesas Electronic Corp. last year - a public-private capital hybrid, but a deal lost for foreign PE as KKR was thwarted.

Restructuring is the other key theme in the buyout funds' pitch; it often overlaps with the cross-border story in that private equity can help Japanese corporates with sluggish prospects at home access new pockets of growth overseas. However, it remains to be seen whether they will be allowed in, especially if expansion in certain areas means cutbacks in others.

Haruyasu Asakura, INCJ's chief operating officer, will be speaking at this year's AVCJ Japan Forum on whether his organization is a collaborator or a competitor with private equity. Will the positive vibes continue?

  • Tweet  
  • Facebook  
  • LinkedIn  
  • Google plus  
  • Save this article  
  • Send to  
  • Topics
  • North Asia
  • Buyout
  • Japan
  • buyout
  • Innovation Network Corp. of Japan (INCJ)
  • Bain Capital Asia
  • The Carlyle Group
  • Permira Advisers
  • MBK Partners
  • Unison Capital

More on North Asia

layerx
Japan's LayerX extends Series A to $67.5m
  • North Asia
  • 09 Nov 2023
integral-office
Integral makes partial exit from Japan’s Skymark
  • North Asia
  • 09 Nov 2023
jean-eric-salata-baring-2019
Q&A: BPEA EQT’s Jean Eric Salata
  • GPs
  • 08 Nov 2023
airport-travel
Asia’s LP landscape: North to south
  • LPs
  • 08 Nov 2023

Latest News

world-hands-globe-climate-esg
Asian GPs slow implementation of ESG policies - survey

Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...

  • GPs
  • 10 November 2023
housing-house-home-mortgage
Singapore fintech start-up LXA gets $10m seed round

New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.

  • Southeast Asia
  • 10 November 2023
india-rupee-money-nbfc
India's InCred announces $60m round, claims unicorn status

Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”

  • South Asia
  • 10 November 2023
roller-mark-luke-finn
Insight leads $50m round for Australia's Roller

Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.

  • Australasia
  • 10 November 2023
Back to Top
  • About AVCJ
  • Advertise
  • Contacts
  • About ION Analytics
  • Terms of use
  • Privacy policy
  • Group disclaimer
  • RSS
  • Twitter
  • LinkedIn
  • Newsletters

© Merger Market

© Mergermarket Limited, 10 Queen Street Place, London EC4R 1BE - Company registration number 03879547

Digital publisher of the year 2010 & 2013

Digital publisher of the year 2010 & 2013