KKR, Bain and private equity’s push into Japan

KKR、贝恩投资及私募股权界进军日本

Behind the Money

2025-11-26

21 分钟
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When international private equity groups first entered Japan at the turn of the 20th century, newspapers criticised them as vulture funds and politicians steered clear of public contact. Today, it’s a different story. Dozens of buyout groups have set up in the country and the establishment is courting them. The FT’s Tokyo correspondent David Keohane and Tokyo bureau chief Leo Lewis explain why there’s been a shift, and how private equity’s presence may rejuvenate Japanese corporates. Clips from Toho.   The FT does not use generative AI to voice its podcasts. - - - - - - - - - - - - - - - - - - - - - - - - - -  For further reading: Is Japan private equity’s next frontier? Buyout firms play the long game beyond Tokyo Investors sense this time is different for Japan KKR-owned auto parts supplier Marelli files for US bankruptcy protection  - - - - - - - - - - - - - - - - - - - - - - - - - -  Follow David Keohane (@DavidKeo) and Leo Lewis (@Urbandirt) on X. Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more.  - - - - - - - - - - - - - - - - - - - - - - - - - -   To sign up for free to the new FT Alphaville newsletter on substack, go to ftav.substack.com Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.
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  • What you're hearing is a trailer from an old Japanese drama.

  • It's called Vulture, or in Japanese, My colleague Leo Lewis,

  • the FT's Tokyo bureau chief, loves this.

  • Hear how locked in he becomes when we watch this trailer together the other day.

  • That is just magnificent, isn't it?

  • That's brilliant.

  • Okay, do you want me to comment on it?

  • Yeah, go ahead.

  • I mean, it was a big phenomenon at the time.

  • It was the water cooler conversation in offices.

  • Vulture was about a foreign fund that exploits struggling Japanese companies.

  • First, it was a TV show.

  • And two years later, it was made into a film in 2009.