Carlyle says cut size of its Japan fund in 2009

TOKYO, March 4 (Reuters) – Global private equity firm Carlyle
[CYL.UL] reduced the size of its fund designated for Japanese
investments by 50 billion yen ($610 million) to 165.6 billion yen
at the end of 2009 due to a dearth of deals in the country at the
time, a company official said on Friday.

Carlyle, which in 2006 launched the 215.6 billion yen fund,
known as Carlyle Japan Partners ll, cut the size as the country’s
private equity market had dwindled in the wake of the global
financial crisis.

“The situation back then had clearly changed since we started
the fund in 2006,” Tamotsu Adachi, co-head of Carlyle in Japan,
told Reuters.

He added that the Japanese market has been picking up since
then and that the firm plans to raise another fund focused on
Japan “when the time comes”.

Carlyle and Advent International are the only two global
private equity firms with funds dedicated to Japan, although
Advent has not made any investments pubicly since it set up its
fund in 2008.

Investors in private equity funds typically commit a certain
amount, but only need to provide money when the firm makes a
request to drawdown funds.

Adachi declined to comment on the period for which Carlyle’s
Japan fund is allowed to make investments.

Carlyle earlier this week said it would purchase Japanese
ball bearing maker Tsubaki Nakashima from the private equity unit
of Nomura Holdings (8604.T: Quote, Profile, Research).
(Reporting by Junko Fujita; Editing by Joseph Radford)