Moriyoshi Matsumoto, formerly CEO of Japanese investment group JAIC, has spun out the firm’s private equity secondaries unit, according to AVCJ.
The new firm, WM Partners, is seeking to raise as much as JPY10bn ($102m) for its inaugural fund, the report said, with a first closing anticipated in the summer. The firm said it will initially target Japanese institutional investors for the fundraise before opening up to overseas LPs and holding a final close before the end of the year
“There are a lot of opportunities for the traditional mid-market secondaries but we are more about investing in emerging companies that are trying for ten-times sales growth in two to three years, typically in the IT sector and related industries,” Matsumoto said. “In the last couple of years we have seen a lot of angel investors appear in Japan who are good at managing companies in the early stages. We would come in and help take these companies to the next level.”
He said the firm would look to work with corporations seeking to downsize their investment activities or those institutions looking to comply with regulation. WM will also provide liquidity to venture capital firms nearing the end of their fund lives.
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