Marunouchi Capital has collected ¥94.2 billion ($830 million; €722 million) across two vehicles, Marunouchi Global Fund II and Marunouchi Capital No 2 Limited Partnership.
The original target for the Japanese mid-market firm’s Marunouchi Capital No 2 was ¥100 billion, as previously reported by Private Equity International. It is unclear how much Global Fund II was targeting and a spokeswoman for the firm declined to comment beyond a statement announcing the close.
The Mitsubishi Corporation-backed manager began raising capital for Marunouchi Capital No 2 in 2016, according to PEI data. It has the same strategy as its predecessor, a ¥100 billion, 2008-vintage vehicle, investing in large-scale corporate carve-outs and succession-led deals in the consumer/retail and manufacturing sectors. A typical investment size for the firm is between $30 million and $200 million.
Global Fund II is a parallel fund set up alongside Marunouchi Capital No 2 for non-Japanese investors that will invest in the same strategy, the spokeswoman said.
Marunouchi’s ¥100 billion target was more than twice the average size of its peers. Twelve Japan-focused funds closed on or above target in 2017, collectively raising $4.7 billion and with an average size of approximately $400 million. NSSK closed its oversubscribed second vehicle in October last year on ¥60 billion, while Advantage Partners closed its fifth fund on its ¥60 billion hard-cap in June last year.
The firm’s previous LPs are Japanese banks and institutions that include Mitsubishi Corporation and Bank of Tokyo-Mitsubishi UFJ, PEI data show.