FT News Briefing Behind the Money: KKR, Bain and private equity’s push into Japan
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Dec 24, 2025 
David Keohane, Financial Times Tokyo correspondent, and Leo Lewis, Tokyo bureau chief, delve into the evolution of private equity in Japan. They discuss the dramatic shift from skepticism in the early 2000s to mainstream acceptance today, highlighting how firms like Bain and KKR have reshaped corporate landscapes. The duo explores the impact of an aging workforce, rising deal activity, and government policies favoring PE. They also address potential risks, including the cultural clash in management styles and the need for sustainable practices in the Japanese market.
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Listings Supply Rich Targets
- Japan has an unusually large number of listed companies, offering abundant targets for buyouts.
- David Keohane compares Japan's listing depth to the US despite a smaller GDP, making it attractive for PE.
Portfolio Deals Built Credibility
- Bain bought familiar Japanese chains like Domino's and Skylark early on to build credibility.
- The 2018 Bain acquisition of Toshiba's chip unit marked PE moving to the centre of Japan's corporate world.
International Firms Dominate Large Deals
- About 150–200 PE firms operate in Japan, dominated by large international players.
- David Keohane says domestic firms generally lack scale to compete for the biggest carve-outs.