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Advent Raises Japanese PE Fund

TOKYO (Reuters) – Global buyout firm Advent International said it has raised 60 billion yen ($560 million) 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 5 to 50 billion yen, 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 $8.7 billion in buying Japanese companies since the beginning of this year, down 19 percent from the same period last year, Thomson Reuters data shows. ($1=107.17 Yen) (Reporting by Nathan Layne and Junko Fujita)