Unhedged From Behind the Money: Private equity’s push into Japan
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Jan 1, 2026 
David Keohane and Leo Lewis from the Financial Times dive into the evolution of private equity in Japan. Keohane discusses how global firms initially faced backlash, labeled as 'vulture funds.' Lewis explains Japan's risk-averse corporate culture that clashed with private investors’ methods. They highlight major deals and the current surge in private equity activity, driven by demographic shifts and government support. The duo also flags potential risks, pondering how the future landscape of Japan's corporate world might transform.
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Huge Number Of Listed Companies
- Japan has almost as many listed companies as the US despite a much smaller economy, creating abundant PE opportunities.
- David Keohane notes this breadth lets many strategies be deployed locally.
Household Brands Bought By PE
- Bain bought familiar consumer names like Domino's and Skylark, showing PE moves into mainstream Japanese brands.
- David Keohane highlights these early household deals as turning points.
International Firms Dominate Big Deals
- Large international PE firms now dominate big carve-outs of Japanese conglomerates.
- David Keohane says global players outsize domestic firms on major auctions.