Alternative Investment Capital CEO departs – exclusive

Yasufumi Hirao, who spent three years as chief executive at the Tokyo-based fund of funds, is now senior principal at Aspirant Group.

Yasufumi Hirao, former president and chief executive officer of Japanese fund of funds manager Alternative Investment Capital, has left the firm, Private Equity International has learned.

Hirao was on secondment at AI Capital from parent company Mitsubishi Corporation. He left the fund of funds in April this year and has joined Tokyo-based fund manager Aspirant Group as senior principal of investments, a source with knowledge of the matter told PEI.

Hirao spent three years at AI Capital, where he was responsible for the firm’s direct investments and fund investments. Earlier in his career, he managed the private equity portfolio of Mitsubishi Corporation, which owns around half of AI Capital. He was also a former director of investments at MC Capital Europe.

Reijiro Samura, former chief investment officer at AI Capital has replaced Hirao as president and CEO, the firm said on its website.

AI Capital, Japan's first fund of funds, was established in July 2002 as a joint venture between Mitsubishi Corporation and Daido Life Insurance Company. The firm manages over $3 billion of assets across private equity and infrastructure funds.

The firm held a  ¥11.6 billion ($104 million; €90 million) final close on its latest Japan-focused vehicle, AI Capital Japan III) in April this year. The fund of funds had a  ¥10 billion to  ¥20 billion target when it began fundraising in April 2016. Limited partners in the fund include Daido Life Insurance and Taiyo Life Insurance Company, the source added.

Aspirant Group held a ¥27.18 billion final close on its latest private equity vehicle, AG 2 Investment Business Limited Partnership, which focuses on mid-market companies in Japan.