Tokyo-based Unison Capital has raised ¥140 billion ($1.47 billion; €1 billion) for the final close of its third private equity fund, ¥60 billion short of its original target.
Unison had raised ¥120 billion for the fund’s second close by October 2008, a limited partner in the fund revealed at the time to sister publication PEI Asia.
However, the firm subsequently lowered its target to about ¥150 billion towards the end of 2008 in light of tough market conditions, a source revealed.
Unison’s final close comes close behind MBK Partners’ second fund, which closed in July and raised $1.5 billion, making it the largest Asian fund raised this year. MBK, too, fell short of its reported initial target of between $2.5 billion and $3 billion.
Unison’s Fund III will seek investment opportunities in management buyouts, spin-offs of business units by large corporations, ownership succession transactions and other buyout investments that can help companies grow, Unison said in a statement.
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. Thus far, the firm has invested in 14 companies with a total enterprise value of ¥700 billion.
Unison did not respond to a request for comment by press time.