Japanese secondaries-focused investment firm WM Partners has bought a 12 per cent stake in marketing business Shanon in the first deal from its maiden fund.
The firm has bought two LP interests and two portfolio investments including Shanon from a Japanese venture capital fund, according to the Asian Venture Capital Journal.
WM’s first independent fund following its spinout from JAIC, JSPF No.3, hit a first close of JPY5.25bn ($50.1m) in January, expecting to hold a final close on JPY10bn, said the report.
The fund was backed by institutional and strategic LPs including Organization for Small & Medium Enterprises and Regional Innovation, which committed JPY2bn.
Its previous funds were closed on $25m and $80m in 2003 and 2006, respectively.
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