Vestar Capital Partners has closed its Japanese affiliate, which originally launched in the summer of 2006. In a letter sent to LPs on October, the firm said:
“We have decided to discontinue our efforts in Japan following a three year period. Notwithstanding the hard work and diligent efforts by our Tokyo team, the Japanese market continues to be challenging for private equity, and our ability to find attractive investments did not meet our expectations. As a result, we have closed our Tokyo office and are no longer looking to make direct investments in Japanese buyouts.”
All of the Japan staff is gone, save for John Woodard, who has returned to the U.S. to lead the firm’s diversified industries group.