financial-sponsors-in-japan-require-patience

Financial sponsors in Japan require patience

There have been a few landmark LBOs in Japan this year, but the promise is still larger than reality for private equity investing in the country.

We identified a big æpaperÆ opportunity in Japan in 2004, the only Asian market which met our criteria for size of deals and provides traditional leveraged buyout type opportunities.ö This is how Guido Paolo, chairman of Permira in Asia, explains the private equity firmÆs decision to establish its first Asia office in Tokyo in early 2005. He talks about paper because, at the time, the opportunity was theoretical and Permira had yet to prove it could be translated into reality.

Permira announced its first investment in the country, which is also JapanÆs largest buyout to date, in October 2007.

But PermiraÆs Paolo suggests the two-and-a-half...

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