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Japan Special 2020 April 2020 • Privateequityinternational.Com Japan Special 2020 April 2020 • privateequityinternational.com A taste for buyouts What’s new on Japan’s menu? Co-hosted by Responsible Investment Forum: Europe London 2020 3-4 June | No.11 Cavendish Square Proving the value of ESG in private equity Preparing for the future: 11-12 June | Hilton Tower Bridge navigating the changing role of the private fund CFO and COO The largest European event focused on ESG and responsible investment returns for its 11th year in London. The theme of this year’s forum will be how private equity can react to the climate emergency. A number Check out our newly confirmed of sessions across the two days will be dedicated to climate including the keynote speech from Dr. Emily speakers for the Private Equity CFOs Newly confirmed speakers include Shuckburgh OBE, Cambridge Zero at the University of Cambridge. & COOs Europe Forum as they discuss how finance and operations professionals are adapting to the evolving challenges within the private equity market and how their Confirmed speakers include: roles intertwine with value creation, exit strategies and more. Robin Bailey Steve Darrington Apwinder Foster Join us in London on 3-4 June as our COO CFO COO senior speaker line-up provide you Pantheon Phoenix Equity Partners DRC Capital with insights and tangible takeaways that can be implemented in your day-to-day work for instant gains. Neil Gregory Maggie Loo Fiona Reynolds Ellinor Schrewelius Dr. Emily Shuckburgh Over 30 companies are already confirmed to attend including The Chief Thought Partner, Client & CEO Director - Investment OBE Carlyle Group, Phoenix Equity Leadership Officer Strategy Development PRI AP6 Director, Partners, Agilitas Private Equity, IFC Bridges Fund Cambridge Zero, Verdane, DWS Private Equity and Andrew Haywood Marie Joyce Christopher Parmo Management University of lots more... CFO CFO COO Cambridge Park Square Capital NTR Verdane Confirmed sponsors include: Confirmed media partners include: Lead sponsor Sponsors Exhibitors EVESTMENT Host publications PANTONE CMYK RGB 7467 U c95 m0 y25 k0 r0 g161 b190 7486 U c20 m0 y30 k0 r216 g232 b197 Private Funds CFO Book your place now Book now and save up to £300 privateequityinternational.com/rif www.privateequityinternational.com/cfoeurope | #CFOEurope Contents How to contact us Senior Editor, Private Equity Toby Mitchenall [email protected], +44 20 7566 5447 Senior Editor, Private Equity, Americas Isobel Markham [email protected], +1 646 380 6194 Japan Special 2020 Senior Special Projects Editor Graeme Kerr [email protected], +44 20 3862 7491 ISSN 1474–8800 • APRIL 2020 News Editor Adam Le [email protected], +44 20 7566 5437 Senior Reporters Carmela Mendoza spreads, GPs need to focus on [email protected], +44 203 640 7512 Insight Rod James implementation 18 [email protected], +44 20 7566 5453 Senior Reporter – Asia Alex Lynn 2 Why we went alone T Capital [email protected], +852 2153 3148 Key trends Japan’s private equity Partners’ Koji Sasaki maps the Contributors Vicky Meek, Victoria Robson industry is optimistic it can ride out road ahead now the firm has Managing Editor, Production: Mike Simlett covid-19 separated from Tokio Marine Head of Production: Greg Russell Insurance Group 20 Production Editors: Daniel Blackburn, Year in review The biggest Japan Adam Koppeser Copy Editors: Eric Fish, Nicholas Manderson private equity stories from PEI 4 Art Director: Mike Scorer Head of Design: Miriam Vysna EDITOR’S LETTER How to survive Senior Designer: Lee Southey and thrive in turbulent times 6 Designers: Denise Berjak, Pio Blanco Head of Marketing Solutions, Private Equity Group: Alistair Robinson Analysis [email protected], +44 20 7566 5454 Subscriptions and reprints [email protected] 7 Customer Service [email protected] Venturing into tech Tatsuya Editorial Director: Philip Borel Yumoto and Naohito Yamashita Director, Digital Product Development: Amanda Janis explain how J-STAR applies buyout Director of Research and Analytics: Dan Gunner expertise to deals more akin to Managing Director, Americas: Colm Gilmore venture capital opportunities On the minds of the giants Managing Director, Asia: Chris Petersen Senior executives at three global Chief Commercial Officer: Paul McLean Carving out a niche Private equity managers offer their insights 23 Chief Executive: Tim McLoughlin participation in divestitures by public companies is growing 10 ‘There is more appetite’ Advantage Partners’ Taisuke Sasanuma and Succeed with succession Richard Folsom on three decades of Instilling a professional management investing in Japan 26 culture requires a careful leadership transition, says Q&A Hikojiro Iida, co-head of PE at NSSK’s Jun Tsusaka 13 Nissay Asset Management Corp 29 For subscription information visit privateequityinternational.com Regional banks The mid-tier lenders pile into the asset class 16 Data room 30 ESG call for action As awareness Points of view 32 April 2020 • Japan 1 Key trends While no one can predict There is strength in diversity It’s a similar message of cautious the future, the Japanese private optimism from Koji Sasaki, president of T Capital Partners. equity industry remains optimistic it “I’ve noticed that some of our can ride out the coronavirus crisis portfolio companies, contradictorily enough, are increasing sales due to the panic. One is manufacturing o describe recent chilled desserts sold at convenience times as uncertain stores. Since schools are closed and would be something children spend longer time at home, of an understatement, demand for snacks is increasing. but Japanese private “The industry in daily essentials, equity firms are including foods can be regarded as Tconfident that the industry will build defensive. This is not a coincidence, on its recent strength despite any but rather the result of our market downturn, writes Graeme investment policy to diversify risks.” Kerr. Here are five reasons to be While you can’t diversify away optimistic that private equity won’t from all risk, “it is our hope to be derailed by recent events. maintain and maximise neutrality from many risk factors, as a whole portfolio”, he says. An inbuilt resilience “In booming global markets, Jun Tsusaka, founding partner of Japan gets left behind the leaders NSSK, one of the leading Japanese and innovators. In turbulent times, it GPs, argues there are cultural finds a way to not only survive, but reasons for optimism that Japan can thrive. This has been proven through thrive in the face of adversity. the 11 March, 2011 tsunami and “The interesting thing about earthquake as an example. Japan is that it has often been “We will see some winners compared (sarcastically to some coming out of Japan and the extent) to the Galápagos Islands (no carnage to be manageable in light offence intended). Basically, very of the strong domestic economy much an island nation with a large and abundant money supply.” domestic economy, unique and distinct culture and heritage and seemingly never changing. 2 Private Equity International • April 2020 … and has proved its credentials And while there may be short- term fallout from the covid-19 crisis, it’s worth remembering just how far the private equity industry has come since the 1990s when buyout firms were regarded as little more than “locusts or vultures” taking advantage of companies in difficult situations. “It was a challenge to persuade companies to get comfortable with the idea of PE is in it for the long term … working with us. It was hard to get an Japan is seeing growing interest For T Capital Partners’ Sasaki, PE audience with founder-owners – who from overseas managers funds have an advantage at times still make up a significant proportion Growth in the Japanese private like this because they take a longer of the investment opportunity – equity market has attracted an term view than the stock market. and corporate parents to work on influx of the global private firms “Therefore, even today affected carve-outs,” says Taisuke Sasanuma, in recent years, including Apollo by the panic, we will look carefully representative partner at Advantage Global Management which opened at the industry as part of a long- Partners, which has three decades an office in 2018, joining the likes term strategy, and may be able to experience investing in Japan. of long-time Japan players Bain make new investment or bolt-on “Over our 20-year plus history, Capital, KKR and Carlyle. acquisitions easily, ” he says. the market has come a long way. Senior executives at these firms That’s a view echoed across There are now dozens of successful remain optimistic about Japan’s Japanese GPs who have persuaded investment examples, where GPs potential, despite any covid-19 owners that buyouts are beneficial. have acted as very responsible fallout. “Before private equity funds business stewards putting “Japanese companies have arrived on the scene in Japan, companies on a more competitive significant potential to expand into ageing business owners faced two and sustainable growth trajectory global markets,” says Hiro Hirano, extreme choices: one to keep their and adding value not only to the partner and co-head of private business, or to sell it to someone businesses but to the economy equity for KKR Asia-Pacific and CEO else for good through a 100 percent more generally.” of KKR Japan. “That’s an attractive exit or IPO,” says J-STAR partner opportunity for global private equity Tatsuya Yumoto. “Today, funds firms like us as we can support offer a hybrid option of allowing companies in achieving growth and the entrepreneur or founder to global expansion. retain a stake in the business while “In addition, many terrific receiving a capital contribution companies have over-diversified from a larger player like ourselves. across industries over the years Younger entrepreneurs are looking and are now looking to spin off to make better use of external businesses that, while profitable, do capital to propel their businesses.
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