InsideJapan News Network
Friday,
11th
March
2011
In Business In Japan,
In Business In Japan,
Equity firm confirms Japanese office closure
Private equity firm Advent International is set to close its Tokyo-based office following a fall in opportunities.
The company, founded in 1984, also confirmed that it has closed its 60 billion yen (£451 million) Japan fund so that investors can be relinquished from their commitments.
"There isn't a sufficient volume of opportunities that meet our investment criteria to sustain an office in Japan and a dedicated Japan fund," said an Advent spokesman.
He added that six staff members based in the Tokyo office are currently involved in discussions about their futures with the company.
There has been a steady decline in buyout volumes within the private-equity industry in Japan. Last year, private-equity funds acquired 70 Japanese firms for $3.4 billion (£2.1 billion) compared to 135 purchases valued at $11.5 billion (£7.16 billion) in 2007.
Written by Susan Ballion.
The company, founded in 1984, also confirmed that it has closed its 60 billion yen (£451 million) Japan fund so that investors can be relinquished from their commitments.
"There isn't a sufficient volume of opportunities that meet our investment criteria to sustain an office in Japan and a dedicated Japan fund," said an Advent spokesman.
He added that six staff members based in the Tokyo office are currently involved in discussions about their futures with the company.
There has been a steady decline in buyout volumes within the private-equity industry in Japan. Last year, private-equity funds acquired 70 Japanese firms for $3.4 billion (£2.1 billion) compared to 135 purchases valued at $11.5 billion (£7.16 billion) in 2007.
Written by Susan Ballion.
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