Citigroup Closes Japan CVCI Offices

Citigroup plans to close the Japan offices of Citi Venture Capital International, Reuters reported Monday, saying that the fund management firm has failed to seal any attractive investments. Citi Venture Capital International manages about $7 billion in equity investments and committed capital, and opened its Japan office in September 2006, Reuters wrote.

(Reuters) – Citigroup will close its Japan office for Citi Venture Capital International as the high-growth focused fund management firm has failed to find any attractive investments, two people with direct knowledge of the closure said.

Citi Venture Capital International, which manages $7 billion in equity investments and committed capital, opened its Japan office in September 2006.

A Tokyo-based Citigroup spokeswoman declined to comment.

CVCI has been active in other parts of Asia and investments include India’s BGR energy Systems , a power projects firm, and Belgium-based Hansen Transmissions International NV which also has operations in India, according to its website.

This month CVCI invested in Israel’s Ness Technologies Inc , an information technology service provider, for about $307 million in cash. (Reporting by Junko Fujita; Editing by Edwina Gibbs)