Japanese trading house Itochu Corporation has acquired a 20% stake in domestic private equity firm Aspirant Group, making the fund manager an equity-method affiliate, according to an announcement.
Financial terms of the transaction were not disclosed.
Founded in 2012, Aspirant focuses on business succession and corporate carve-out investments in Japan. The independent fund manager has invested in 28 companies and manages more than 170 billion yen ($1.07 billion) in assets.
The acquisition builds on Itochu’s relationship with Aspirant. The trading house has invested in Aspirant-managed funds and supported its portfolio companies.
Itochu said the investment would help generate new opportunities by combining Aspirant’s investment and operational expertise with its industry knowledge and global network. It also plans to support digital transformation at Aspirant’s portfolio companies, including the adoption of artificial intelligence, through its Digital Value Chain platform.
The deal comes as Japan’s ageing business owners drive demand for business succession transactions, while large corporations’ reviews of their business portfolios create opportunities for carve-outs.
These trends expand the role of private equity firms in providing capital and hands-on management support to Japanese companies.
“In the Japanese market, the number of business succession transactions is increasing due to the ageing of business owners, and the restructuring of industry continues to advance. In addition, the number of carve-out transactions driven by large companies reviewing their business portfolios is also increasing. Against this backdrop, the role of PE funds in enhancing corporate value is becoming more important than ever through their provision of hands-on management support and capital to support the growth and transformation of corporations,” Itochu said in the announcement.
Japan’s private equity market continues to attract investor capital, supported by returns exceeding those in the US and sustained dealmaking. About $30 billion in private equity transactions closed in 2025, underscoring the country’s resilience as buyout activity remains uneven across many global markets.
Japanese private equity outperformed the US across key return metrics, with a median total value multiple (TVM) of 2.5x versus 2.1x in the US, and a median internal rate of return (IRR) of 31% versus 22%, according to a Bain & Co.’s report.
In September, Neuberger raised about 70 billion yen ($460 million) for its first dedicated Japan-focused private equity fund, as the investment manager seeks to expand its exposure to the country’s growing buyout market.
