Hiroshi Matsumoto, who leads the Japanese operations of private equity firm Advent International, is retiring from the company, Reuters reported. Yoji Anzai, a partner with the firm, will take on Matsumoto’s responsibilities on a temporary basis, Reuters said. Advent opened its office in Tokyo nine years ago, and closed its first Japan fund in 2008 with $718 million.
(Reuters) – Hiroshi Matsumoto, the head of buyout firm Advent International’s Japanese operations, will leave the company, a Tokyo-based spokesman for the firm said on Wednesday.
Advent opened a Tokyo office in 2001 and raised 60 billion yen ($718 million) in 2008 for its first Japan fund, but it has yet to announce any investments in what has proven a tough market to crack for global private equity firms.
Matsumoto plans to retire from Advent and Yoji Anzai, a partner who joined the firm in 2001, has become acting head of the Japan business, the spokesman said, without elaborating further.
Advent is one of two global buyout firms with a pool of money dedicated to Japan. The other is the Carlyle Group [CYL.UL].
Private equity firms have struggled to find attractive investments in Japan. The equity value of investments by buyout firms has dwindled to $1 billion so far this year, less than half the level in the same period a year ago, according to Thomson Reuters data. (Reporting by Junko Fujita; Editing by Nathan Layne)