Advent plans to close its Tokyo office by March 31, according to Reuters.
(Reuters) – Private equity firm Advent International said on Wednesday it is closing its office in Japan, after sources said it had wound up its Japan focused fund when it failed to crack the tough market for deals.
The firm will close the Tokyo office on March 31, the sources said.
Advent wound up the 60 billion yen ($723.7 million) fund in December, releasing investors from their commitments to back deals, the sources said.
“We’ve had long and detailed discussions with our investors about our strategy for Asia and have come to the conclusion that there isn’t a sufficient volume of opportunities that meet our investment criteria to sustain an office in Japan and a dedicated Japan fund,” said an Advent spokesperson in an emailed statement.