Japan Special: LP watchlist

Japan’s most active LPs have made more than 50 commitments to funds focused on the country since 2010.

1 SMRJ
Founded in 2004 following the merger of three similar bodies, the Organisation for Small & Medium Enterprises and Regional Innovation began investing in private equity funds in 2000 and focuses on domestic venture capital funds. To date it has invested in more than 100 funds.

Recent fund investments:
Gumi Ventures II (2015) ¥2bn
Mizuho Capital Partners Mezzanine 3 (2014) ¥20.6bn
Dac Venture United Fund 1 (2014) ¥1.26bn

Fund strategies:
Buyout/Corporate Private Equity, Secondaries, Distressed/Turnaround, Venture Capital/Growth Equity

Regions:
North America, Western Europe, Asia-Pacific

Sectors invested in:
Energy/Oil & Gas, Biotech/Life Science, Clean Tech/Renewable, Retail, Manufacturing, Transport, TMT, Healthcare, Customer Goods

2 Development Bank of Japan
Wholly owned by the Japanese government, the DBJ is actively making direct investments in infrastructure and energy assets, as well as strategic LP investments in infrastructure funds. It invests mainly in Japanese companies, but also targets South-East Asian companies and cross-border M&As.

Recent fund investments:
NCB Kyushu Activation Fund (2015) ¥5bn
Equistone Partners Europe Fund V (2014) €2bn
Incubate Fund 3 (2014) ¥11bn

Fund strategies:
Buyout/Corporate Private Equity, Funds of Funds/Co-Investment, Mezzanine Debt, Distressed/Turnaround, Venture Capital/Growth Equity, Other

Regions:
North America, Western Europe, Asia-Pacific

Sectors invested in:
Energy/Oil & Gas, Biotech/Life Science, Clean Tech/Renewable, Retail, Manufacturing, TMT, Healthcare, Customer Goods, Diversified, Other

3 Japan Bank for International Co-operation
JBIC was established in 1999 following the merger of the Export-Import Bank of Japan and the Overseas Economic Co-operation Fund. Wholly owned by the government its primary purposes are to promote economic co-operation between Japan and other countries, as well as boost international commerce.

Recent fund investments:
China Merchants Mizuho Growth Fund (2015) $20m
Mizuho ASEAN PE Fund (2013) $180m
Core Infrastructure Indian Fund (2014) $90m

Fund strategies:
Buyout/Corporate Private Equity, Funds of Funds/Co-Investment, Mezzanine Debt, Distressed/Turnaround, Venture Capital/Growth Equity, Other

Regions:
North America, Middle East/Africa, Central/Eastern Europe, Western Europe, Latin America, Asia-Pacific

Sectors invested in:
Energy/Oil & Gas, Clean Tech/Renewable, Retail, Natural Resources, Financial Services, Transport, Industrials, Customer Goods, Diversified, Other

4 Mitsubishi Corporation
Japan’s biggest general trading company has long been engaged in business with customers around the world in fields including infrastructure, logistics, energy and finance. It first invested in private equity in 1985 and focuses on venture, buyout, turnaround and infrastructure funds.

Recent fund investments:
Energy Opportunity Fund (2013) $241m
ASEAN Industrial Growth Fund (2013) $130m
MC-Seamax Shipping Opportunities Fund (2013) $300m

Fund strategies:
Buyout/Corporate Private Equity, Funds of Funds/Co-Investment, Mezzanine Debt, Distressed/Turnaround, Venture Capital/Growth Equity, Other

Regions:
North America, Middle East/Africa, Central/Eastern Europe, Western Europe, Latin America, Asia-Pacific

Sectors invested in:
Energy/Oil & Gas, Biotech/Life Science, Clean Tech/Renewable, Retail, Natural Resources, Financial Services, TMT, Industrials, Diversified

5 Sumitomo Mitsui Banking Corporation
A wholly-owned subsidiary of Sumitomo Mitsui Financial Group, SMBC offers a range of financial services centred around banking. It has extensive experience of lead arranging, underwriting and lending to infrastructure projects on a global basis. Its commitments to private equity funds, include secondaries, buyout, venture, mezzanine and turnaround vehicles.

Recent fund investments:
Incubate Fund 3 (2014) ¥11bn
Core Infrastructure Indian Fund (2013) $90m
JPE Private Equity 4 (2013) ¥3bn

Fund strategies:
Buyout/Corporate Private Equity, Funds of Funds/Co-Investment, Mezzanine Debt, Distressed/Turnaround, Venture Capital/Growth Equity, Other

Regions:
North America, Middle East/Africa, Central/Eastern Europe, Western Europe, Asia-Pacific

Sectors invested in:
Energy/Oil & Gas, Biotech/Life Science, Clean Tech/Renewable, Financial Services, Transport, TMT, Industrials, Customer Goods, Diversified, Other

6 Sumitomo Mitsui Trust Bank
The largest trust bank in Japan shares a similar name to Sumitomo Mitsui Banking Corporation due to their historical links to the Sumitomo and Mitsui conglomerates. SMTB predominantly invests in buyout funds, but also has interests in venture capital, turnaround and secondary funds concentrated in US, Europe and Asia Pacific.

Recent fund investments:
Equistone Partners Europe Fund V (2014) €2bn
Equistone Partners Europe Fund IV (2013) €1.5m
CVC Asia Pacific Fund IV (2013) $3.5bn

Fund strategies:
Buyout/Corporate Private Equity, Secondaries, Distressed/Turnaround, Venture Capital/Growth Equity, Other

Regions:
North America, Western Europe, Asia-Pacific

Sectors invested in:
Diversified