Advent raises US$560m for Japan fund

Advent International said it has raised Y60bn (US$560m) for its first private equity fund in Japan.

The fund, which opened its office in Tokyo in 2001, will target companies with enterprise values from Y5bn-50bn, but could be involved in larger deals through co-investment with other Advent funds, it said in a release.

Advent, with nine professional staff in Tokyo, said it will target four main sectors — health and life sciences, industrial, retail and consumer, and support services.

Private equity firms have spent US$8.7bn in buying Japanese companies since the beginning of this year, down 19% from the same period last year, Thomson Reuters data shows.