Tokyo-based Unison Capital reduced the size of its third private equity fund by 24 per cent to ¥107bn ($1.4bn) in October due to a lack of deal opportunities.
The investment period for the fund, which closed in 2008 with commitments of ¥140bn, began in 2009 and ends in 2014, during which time the firm expects the market for deals and exits to remain slow, according to Reuters.
Although the buy-out market in Japan is notoriously challenging, the news may come as a surprise to some investors given Unison’s recent slew of deal activity.
During the third quarter of 2011 the firm closed two major deals. Unison bought Asahi Tec, a company that makes iron castings for vehicles, for ¥23.9bn ($308m), and shoe repair company Mister Minit, which was acquired from UK private equity firm CVC for an undisclosed amount.
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