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Private equity and venture capital news from Japan

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• HarbourVest to open Tokyo office 26 Apr 2010. Source: AltAssets. HarbourVest Partners, a private equity fund of funds headquartered in Boston, will soon open a Tokyo office headed by Tatsuya Kubo, an alternative investment manager for Fortress Investment Group in Japan, according to reports.

• SBI Holdings, Brunei in private equity joint venture 30 Mar 2010. Source: AltAssets. Japanese financial services provider SBI Holdings will form an alliance with Brunei’s Ministry of Finance to establish a fund management company expected to handle private equity funds, including Sharia-compliant vehicles.

• Carlyle's Willcom gets state fund backing 12 Mar 2010. Source: AltAssets. A bankrupt Japanese wireless communications company backed by US private equity firm Carlyle is to be backed by a government-backed turnaround fund, while rival telecoms provider Softbank Corporation and Japanese buy-out firm Advantage Partners are to invest in the company.

• Carlyle-backed Japanese telecoms company Willcom files for bankruptcy 18 Feb 2010. Source: AltAssets. Carlyle’s majority stake in Japanese wireless communications company Willcom may be wiped out as the company files for bankruptcy. The company, reportedly 60 per cent owned by the US private equity firm, said it had liabilities of 206bn yen ($2.2bn), capital of 5bn yen ($55m), and had been unable to come to an agreement on debt repayments with main creditors Mitsubishi UFJ Financial Group and Mizuho Financial Group.

• Bain acquires Japan Domino’s Pizza master franchisee 25 Jan 2010. Source: AltAssets. Bain Capital is to build on its Domino’s Pizza portfolio with the acquisition of its Japanese master franchisee. The firm has agreed to acquire Higa Industries from Daiwa SMBC Capital, the private equity arm of Japanese investment bank Daiwa Securities SMBC, along with other shareholders Duskin Company and founder and CEO Ernest M Higa.

• Veronica Eng takes over as Permira Asia head 22 Jan 2010. Source: AltAssets. European private equity firm Permira has appointed Veronica Eng as the new head of its Asia operations following the retirement of Guido Paolo Gamucci. Gamucci originally set up Permira’s Tokyo office in 2005, later coordinating the launch of its Hong Kong office. He reportedly stood down at the end of last year, after announcing to investors in June his intention to retire.

• Ripplewood to sell holdings in Japanese record label Columbia 21 Jan 2010. Source: AltAssets. US private equity firm Ripplewood Holdings is to sell its stake in Japan’s Columbia Music Entertainment as part of a move to focus on financial services. The 25.5 per cent holding is to be sold to Faith Inc for 2.5bn yen ($27.3m) through RHJI International, the Brussels-listed arm of the US investment firm.

• Japanese e-commerce business Glamour Sales raises $13m for expansion 19 Jan 2010. Source: AltAssets. Glamour Sales, an Asian-based online retail marketplace, has completed its first round of financing, securing $13m from AXA Private Equity and Mandra Capital.

• System-on-chip producer Avnera raises $10m Series D funding 18 Jan 2010. Source: AltAssets. Avnera, a developer of microchip systems for consumer electronics devices has raised $10m in venture financing. The money was raised from existing investors, as well as new backer Onkyo Corporation, a Japanese designer and manufacturer of audio and video products.

• Japanese firm Ant Capital Partners planning new buy-out fund 14 Jan 2010. Source: AltAssets. Japanese private equity firm Ant Capital Partners is planning a new buy-out fund, Ant Catalyzer No. 4, with a target of at least 20bn yen ($217.6m), according to Bloomberg.

• TPG, American Airlines primed to invest $1.1bn in Japan Airlines 04 Dec 2009. Source: AltAssets. Private equity firm TPG, American Airlines and other members of the Oneworld airline alliance are willing to invest $1.1bn in Japan Airlines to avoid it falling into the hands of rival Delta Air Lines and SkyTeam group, according to a Reuters report.

• Alternative Investment Capital to launch new PE fund of funds 03 Dec 2009. Source: AltAssets. Japanese fund of funds Alternative Investment Capital plans to launch a new fund targeting the Asian private equity sector, according to reports.

• Japanese wireless company among bidders for Carlyle’s Willcom 27 Nov 2009. Source: AltAssets. One of Japan’s leading wireless carriers has offered to buy Carlyle portfolio company Willcom, a struggling telecoms company. Softbank Corp is reportedly the current front-runner in the bidding for the company, which is in turnaround talks with its creditors to reschedule its debt payments while it restructures. Other bidders are said to include investment funds.

• Daiwa Quantum reaches $80m first close for Asia-focused fund 20 Nov 2009. Source: AltAssets. An Asia-focused joint fund launched by Japanese firms Daiwa Securities SMBC Principle Investments and Quantum Leaps has held a first close of $80m. The Daiwa Quantum Capital Partners I fund, which is 51 per cent owned by Daiwa and 49 per cent owned by Quantum, is targeting $300m.

• Bain Capital closes $1bn Bellsystem24 deal 16 Nov 2009. Source: AltAssets. International private equity firm Bain Capital Partners has finalised the acquisition of Japanese telemarketing company Bellsystem24 in a 93.5bn yen ($1bn) deal.

• Blackstone, Lion Capital raise glasses to close of Orangina deal 13 Nov 2009. Source: AltAssets. Private equity firms Blackstone and Lion Capital have closed the sale of European drinkmaker Orangina Schweppes to Suntory Holdings, a Japanese brewer. The deal size has not been officially announced, but reports suggested a figure in the region of $3bn when talks of the sale surfaced two months ago.

• Bain Capital bids $1bn for Japanese telemarketer Bellsystem24 12 Nov 2009. Source: AltAssets. International private equity firm Bain Capital has placed a bid of more than $1bn for Bellsystem24, a Japanese telemarketing company, which it hopes to acquire by the weekend, according to the Wall Street Journal.

• TPG may land Japan Airlines deal 12 Nov 2009. Source: AltAssets. Private equity firm TPG Capital may team up with American Airlines to make a minority investment in Japan Airlines to stop it defecting to a rival airline, according to a Reuters report.

• Carlyle to buy Japanese restaurant chain in MBO 06 Nov 2009. Source: AltAssets. The Carlyle Group intends to acquire Chimney Co, a Japanese restaurant chain operator listed on the Tokyo Stock Exchange, in a management buy-out.

• Japanese PE exec dies following insider trading investigation 05 Nov 2009. Source: AltAssets. Unison Capital, a Japanese private equity firm focused on buy-outs, has said that the Japanese Securities and Exchange Surveillance has been investigating an alleged insider trading incident, the day before one of its executives died.

• Carlyle Group to buy out Japanese software company Broadleaf 27 Oct 2009. Source: AltAssets. The Carlyle Group, one of the world’s largest private equity firms, has agreed to buy out  Japan’s Broadleaf, an IT solutions provider for the automotive industry.  The deal has not been officially disclosed but is reported to be worth 19.5bn yen ($212m).

• Sun Capital Partners sells portfolio company Tarami to MUL Principal Investments 13 Oct 2009. Source: AltAssets. US private equity firm Sun Capital Partners has sold portfolio company Tarami KK, a producer of gelatine confectionary, to MUL Principal Investments, a private equity subsidiary of Mitsubishi UFJ Lease & Finance Company. The value of the exit was reportedly around $78m.

• Tokyo’s Rogers Investment Advisors to launch private equity fund 09 Oct 2009. Source: AltAssets. Rogers Investment Advisors, a Tokyo-based hedge fund advisory firm, has expanded its team as it prepares to launch a private equity fund that will focus on Asian investments, according to a Bloomberg report.