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Reuters Tokyo - Global buyout firm Advent International said it has raised 60 billion yen (317 million pounds) for its first private equity fund in Japan.
The fund, which opened its office in Tokyo in 2001, will target companies with enterprise values from 5 to 50 billion yen, but could be involved in larger deals through co-investment with other Advent funds, it said in a release.
Advent, with nine professional staff in Tokyo, said it will target four main sectors — health and life sciences, industrial, retail and consumer, and support services.
Private equity firms have spent $8.7 billion in buying Japanese companies since the beginning of this year, down 19 percent from the same period last year, Thomson Reuters data shows.
Reuters - China Investment Corp, the country’s sovereign wealth fund, will start investing in Japanese equity markets by March, a Japanese newspaper reported on Sunday.
The $200 billion (111 billion pounds) fund is screening Japanese banks at which it holds accounts to settle yen transactions, Japan’s Mainichi Shimbun daily reported.
The paper also said a Chinese government-affiliated think tank had conducted research on how Japanese companies would react if the fund were to build a 20 percent stake in them.
Bloomberg- J-Power shareholders defeated a proposal by U.K. hedge fund TCI for the company to double its dividend, ending a monthlong proxy battle and sending the stock to its biggest decline since February.
Shareholders of Electric Power Development Co., the official name of Japan’s largest power wholesaler, rejected all five proposals by the investment company including limiting cross- shareholdings and doubling the yearly dividend at the utility’s annual general meeting in Tokyo today. The investors approved the board’s proposal to raise the payout by 10 yen to 70 yen.
Today’s vote marks the end of a public spat between the utility and The Children’s Investment Fund Management (UK) LLP, as the utility’s largest shareholder is officially known. The verdict undermines efforts by an increasing number of foreign investors pushing Japanese companies to improve shareholder returns that are less than half of those in the U.S.
On July 8, 1853, Commodore Matthew Perry of the United States Navy sailed into Tokyo Bay with four warships. The American show of force ended 200 years of self-imposed isolation for Japan, compelling it to end its strict limits on foreign traders and open up to commercial and political exchange with the outside world.
More than a century and half later, foreigners are once again banging on Japan’s door. Instead of seamen in their "black ships," the latest invaders are investors in grey suits trying to break down the closed portals of Japanese companies.
More than a century and half later, foreigners are once again banging on Japan’s door. Instead of seamen in their "black ships," the latest invaders are investors in grey suits trying to break down the closed portals of Japanese companies.
Reuters- U.S. hedge fund Steel Partners helped oust the president and most of the board of Japanese wig maker Aderans Holdings on Thursday, the first time management of a Japanese firm has been ejected under pressure from an activist fund.
The news pushed Aderans shares up nearly 9 percent and marked a big win in Japan for U.S.-based Steel Partners, which owns 26.7 percent of the wig maker, one of the 30 or so Japanese companies it has been pressuring to improve shareholder returns.