NSSK closes oversubscribed Fund II on $532m

The Tokyo-based manager received more than 80% of commitments from global institutional investors such as North American pensions and endowments, as well as European funds of funds, and financial institutions.

Japanese mid-market firm Nippon Sangyo Suishin Kiko has held a final close on its second fund on approximately ¥60 billion ($532 million; €453 million), exceeding its $500 million original target, the firm said in a statement.

The firm started marketing NSSK II in the summer of 2016 and had three closes. It raised around $300 million in January this year as previously reported by Private Equity International. Eaton Partners served as placement agent for NSSK II.

Unlike its predecessor 2014-vintage NSSK I, which closed on under $100 million and received commitments only from Japanese investors, NSSK II was backed by global institutional investors from North America, Europe and Asia such as public pension funds, endowments, funds of funds, and financial institutions.

Similar to NSSK I capital from the fund will be invested in retail, consumer, healthcare and hospitality and leisure companies in Japan, with a typical investment size of between $10 million to $50 million.

NSSK has already made three investments from its latest fund including nursing home operator SC Holdings and publishing company Bunkasha Publishing. Meanwhile NSSK I has backed industrial machinery company Kantoku Global Corporation, marine park ISE Sea Paradise and indoor playground operator US Mart.

NSSK was founded by Jun Tsusaka, TPG Capital’s former head of Japan, in 2014.