Japan’s NSSK raises $300m for Fund II – Exclusive

NSSK’s latest vehicle received commitments from North American and European investors, as well as new Japanese LPs.

Tokyo-based Nippon Sangyo Suishin Kiko (NSSK) has raised around $300 million for its second fund, NSSK II (Intl) Investment, Private Equity International has learned.

NSSK II is a yen-denominated fund with a target size of 63 billion yen ($539 million; €511 million), according to an SEC filing in September 2016. However, a source with knowledge of the fund said the target size is now closer to $450 million.

NSSK II has a more diversified investor base which includes North American, European as well as new Japanese LPs, the source added. Capital from its predecessor fund, 2014-vintage NSSK I, was entirely from Japanese investors.

PEI understands the firm is on course for a final close in the first half of the year. Similar to its first fund NSSK plans to invest in Japanese retail, consumer, healthcare and hospitality companies targeting global expansion.

The firm sealed its first deal for NSSK II in October last year, reportedly investing more than 20 billion yen in nursing care provider SC Holdings. NSSK is also in the process of closing two more deals under its second vehicle.

Among its other recent transactions include industrial machinery company Kantoku Global and shopping and entertainment development project Meotoiwa Paradise.

NSSK was launched by ex-TPG Japan veteran Jun Tsusaka in 2014.

NSSK declined to comment on fundraising.