{"text":[[{"start":8.6,"text":"Bain Capital, one of the world’s most prominent buyout firms, has closed its largest Asia-focused private equity fund after raising $10.5bn."}],[{"start":18.85,"text":"The firm said that $9.1bn committed to its sixth Asia fund came from external investors, exceeding its original target of $7bn. The balance is being invested by Bain Capital partners, employees and related entities. "}],[{"start":34.6,"text":"Bain Capital, which has about $225bn in assets under management, has operations across Asia including Japan, India, China, Australia and South Korea. "}],[{"start":45.95,"text":"“We continue to see significant opportunity across the region, and we are investing in our people, our technology and the broader capabilities of the platform,” said Yuji Sugimoto, a partner and head of Asia private equity at the firm."}],[{"start":60,"text":"However, Japan is increasingly considered the most important market in the region for Bain and the wider private equity community in Asia. "}],[{"start":68.45,"text":"According to consultancy Bain & Co, which shares roots with the PE firm, Japan is the only market in the region “to deliver growth in both deal value and count”, while last year it led in deal activity and captured the largest share of fundraising."}],[{"start":84,"text":"Bain plans to deploy a large portion of its new Asia fund in Japan, a market it entered 20 years ago."}],[{"start":90.8,"text":"The firm has also raised roughly $2bn for a mid-cap buyout fund in Japan, according to people familiar with the matter."}],[{"start":98.55,"text":"In Japan, corporate governance reforms championed by regulators, the stock exchange and the government have pushed companies to improve returns, driving them to sell underperforming businesses. "}],[{"start":110.1,"text":"A cohort of ageing founders looking for exits is being courted in particular by private equity executives who want to avoid expensive auction processes."}],[{"start":119.6,"text":"Activist activity is also on the rise in Japan, driving more buyouts as investors take positions in companies they believe are undervalued before pushing for sales. "}],[{"start":129.04999999999998,"text":"Critics of private equity believe that Japan’s public markets could be damaged if buyout activity penetrates too deeply, although the Japanese government has largely welcomed the sector’s growing influence in the country."}],[{"start":141.2,"text":"That is a stark contrast to when Bain, and rivals such as KKR, first entered the market after Japan’s stock market bubble burst and when mostly highly distressed assets were for sale."}],[{"start":152.6,"text":"Having begun with relatively minor deals and then moving on to big-name businesses such as Domino’s Japan and restaurant chain Skylark, Bain has gradually increased the size and importance of the companies being taken private."}],[{"start":168.15,"text":"Its most recent large-scale activities include the buyout of a major carve-out of part of retailer Seven & i and the listing of Kioxia. The flash memory maker has surged in value since it went public at the end of 2024 as demand for its memory chips has soared along with global investment in AI. "}],[{"start":197,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1778994736_1424.mp3"}