Marunouchi Capital has completed the first close of its $303-million third fund, while Crescent Capital has reportedly closed its seventh Australia and New Zealand mid-market fund at $670 million.
Marunouchi Capital completes first close of Fund III
Mitsubishi Corporation’s wholly owned subsidiary, Marunouchi Capital, has completed the first close of its $303-million third fund, according to a press release.
The company plans to get more investors and expand its target to a scale of 100 billion yen. Marunouchi has received 40.2 billion yen in investments as of March.
In 2018, the company had announced the close of Marunouchi Global Fund II and Marunouchi Capital No 2 Limited Partnership that secured a combined ¥94.2 billion ($830 million). For Marunouchi Capital No. 2 alone, the target was reportedly ¥100 billion ($883 million). The hard cap for Global Fund II was not known.
Marunouchi Capital started raising capital for Capital No 2 in 2016, and it was marketed as a corporate buyout fund aimed primarily at enterprises in Japan. The company invested the second fund in Japanese companies such as Akomeya Tokyo, Moji Metal Products, Misuzu life etc.
Founded in 2008, Marunouchi Capital focuses on business succession and carve-outs, with Seijo Ishii and Joyful Honda figuring prominently among its investments.
Crescent Capital closes $670m seventh fund
Sydney-based private equity firm Crescent Capital closed its seventh Australia and New Zealand mid-market fund at $670 million, reported AVCJ.
The only disclosed limited partner (LP) is Clean Energy Finance Corporation, an Australian agency which contributed A$80 million, as per the report.
Formed in 2000, Crescent Capital is a middle market private equity firms with its last three funds ranked as top quartile global funds (measured in either USD or AUD), as measured by Cambridge Associates.
The company invests in middle market companies located in Australia and New Zealand with enterprise values between A$50 million and A$300 million. Crescent capital has a diverse portfolio across healthcare, industrial, financial services, technology, education, and consumer brands.
Crescent capital has raised six funds since 2000, with the aim to expand Australian businesses into Asia with over 50% of portfolio companies having an Asian presence