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Non-distress special situation investor J-STAR marks fastest fundraise to collect JPY 75bn in six months

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Japanese mid-market private equity firm J-STAR has closed its fifth fund on its JPY 75bn hard cap ($574m) after six months in the market, representing the firm’s fastest fundraise to date.

The firm said the oversubscribed fund reached its hard cap and beat its target of JPY 65bn.

J-STAR No.5 Series Funds will continue the firm’s strategy to have control investment in non-distressed special situations in the Japanese lower middle market including succession, management buyouts, carve-out and shareholder exits.

It will target investments in small to mid-cap companies that have established brand power, unique business models and leading positions in their market niches.

Evercore Asia acted as the exclusive offshore placement agent.

J-STAR closed No.4 Funds on JPY 48.5bn in 2019 and No.3 Funds on JPY 32.5bn in 2017.

The firm started investment in 2006 and had made more than 100 investments to date.

Global buyout giant KKR has been active in the Japanese private equity market recently as well.

The firm said it was expecting to launch a tender offer for Hitachi Transport System by September through its Asia Fund IV. The offer is reported to come to $5.2bn.

It also agreed last month for a $2bn buyout Japanese real estate asset manager Mitsubishi Corp-UBS Realty.

KKR has been present in Japan since 2006. The firm’s global real estate business was managing about $41bn at the start of 2022.

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