KKR Homes In On Japan Property
KKR is doubling down on its operations in Japan, betting that the Covid-19 pandemic has opened up new opportunities in a country that was already its richest source of potential deals in Asia. The US private equity firm is planning to participate in a wave of transactions generated by railway companies, manufacturers and other corporations with substantial but underused property and land assets, according to Hirofumi Hirano, the head of KKR in Japan. As part of that expansion into real estate and infrastructure, KKR is beefing up its team on the ground. Last summer it poached Daisuke Hiramoto from PAG, the Hong Kong-based private equity firm, and hired former Goldman Sachs banker Takatsune Hirayama in May. Last month Robert Lewin, KKR’s chief financial officer, said the company had raised about $11bn for its fourth pan-Asian private equity fund — already the largest of its type in the world — and was on track to meet its target of $12.5bn. Under Mr Hirano’s leadership KKR has invested at least ¥1tn ($9.4bn) in Japan. The two largest deals involved buying non-core businesses jettisoned by Nissan and Hitachi.
Tags : INTERNATIONAL