Unison Capital Partners III has raised about ¥120 billion ($1.2 billion; €896 million) for its second close, a limited partner in the fund has revealed to PEO.
The third buyout fund being raised by the Japan-focused firm is targeting a final close on ¥200 billion by the end of the year. Unison had raised ¥90 billion for the fund’s first close in August.
Unison Capital Partners III will focus on management buyouts, spin-offs of business units by conglomerates and businesses affected by ownership succession issues.
Established in 1998, Unison currently manages two other private equity funds. Its raised ¥38 billion for its first fund in 1999 and in 2004 it raised ¥135 billion for its second fund, including capital for co-investments.
Unison has invested in 13 companies with a total enterprise value of ¥700 billion. Earlier this year, the firm was leading a consortium of investors to buyout Daito Trust Construction, a Japanese real estate development company, in a deal that could potentially have been worth more than $6 billion. However, the deal was shelved earlier this month after the consortium failed to raise enough money as Mizuho Corporate Bank decided not to finance the deal, Reuters reported.
Unison did not respond to a request for comment.