Investment funds: International firms and joint ventures in Japan

Morgan Lewis & Bockius LLP

Morgan Lewis & Bockius LLP‘s practice is well-placed to advise its clientele on the establishment and operation of funds in Japan. The team also handles the full breadth of regulatory matters for asset managers. Practice head Carol Tsuchida is a go-to for institutional and sovereign wealth investors, whom she advises on investments across a broad range of asset classes, from infrastructure to private equity. Tomoko Fuminaga is an expert in regulatory matters and is a key contact for banking and securities companies based in Japan and abroad. Tadao Horibe continues to advise on the financing aspects of investment fund transactions.

Responsables de la pratique:

Carol Tsuchida


Autres avocats clés:

Tomoko Fuminaga; Tadao Horibe


Les références

‘They help facilitate foreign investment firms and asset managers to enter the Japanese market smoothly, given their long presence and depth of experience in Japan.’

‘They are good at explaining Japanese laws and regulations to non-Japanese people.’

‘Morgan Lewis’ team has many years of experience advising investment fund clients in Japan and possesses extensive knowledge of the industry.’

Principaux dossiers


Simpson Thacher & Bartlett LLP

Simpson Thacher & Bartlett LLP's offering is reputable for its Japan-focused buyout fundraisings work. Domestic and global sponsors feature in the team's client roster, and it has strong capabilities assisting with energy, infrastructure and real estate-focused funds, in particular. David Azcue oversees the team and has considerable experience advising on the formation and launch of major funds. Hong Kong-based practitioners Adam Furber and Michael Ceulen support Azcue at the helm.

Responsables de la pratique:

David Azcue; Adam Furber; Michael Ceulen


Les références

‘Deep expertise in the Japanese PE market. The team has worked with almost all GPs, so they helped create the market standard.’

‘We worked closely with David Azcue. David probably has the most experience with Japanese PEs in the market.’

‘David Azcue is very responsive and hardworking.’

Principaux clients

Advantage Partners


Ares


Aspirant Group


Blackstone


D Capital


DigitalBridge


Endeavour United


Integral Corporation


JAFCO


Japan Activation Capital


J-INC


J-STAR


Japan Growth Investment Alliance (J-GIA)


Japan Post Investments


Kyoto Pacific Capital


Morgan Stanley


Nippon Investment Company


Nissay Asset Management


NSSK


PAG


Polaris Capital Group


Seven Seas Advisors


Tor Investment Management


Unison Capital


Advantage Partners


Ares


Aspirant Group


Blackstone


D Capital


DigitalBridge


Endeavour United


Integral Corporation


JAFCO


Japan Activation Capital


J-INC


J-STAR


Japan Growth Investment Alliance (J-GIA)


Japan Post Investments


Kyoto Pacific Capital


Morgan Stanley


Nippon Investment Company


Nissay Asset Management


NSSK


PAG


Polaris Capital Group


Seven Seas Advisors


Tor Investment Management


Unison Capital


Principaux dossiers


  • Represented D Capital, Inc. (“D Capital”) in connection with the formation of D Capital II, L.P., which held its first and final closing on March 10, 2025, after four months in the market.
  • Represented Aspirant Group, Inc. (“Aspirant Group”) in connection with the formation of the AG IV Series Funds, which closed on December 17, 2024 with aggregate capital commitments of ¥86.7bn.
  • Represented Nippon Investment Company (“NIC”) in connection with the formation of the NIC III Series Funds, which held their first and final closings on June 14, 2024, after less than four months in the market.

White & Case LLP - White & Case Law Offices (Registered Association)

White & Case LLP - White & Case Law Offices (Registered Association)‘s practice is well-regarded for its capabilities advising major fund managers and Japanese institutional investors, amongst others. The team is well-positioned to advise on both GP and LP-side mandates, particularly in the private equity and real estate sectors. Team lead Eriko Sakata has a broad practice which encompasses fund formation, fundraising, fund investments and regulatory matters. ESG expert Sayako Shiraki regularly assists clients with cross-border fund structuring, formation and management, while Mao Muraguchi advises on sovereign wealth and pension funds.

Responsables de la pratique:

Eriko Sakata


Autres avocats clés:

Sayako Shiraki; Mao Muraguchi


Les références

‘The White & Case team investment funds practice is knowledgeable and can provide advice on our marketing activities in various countries through their global network firms.’

‘Mao Muraguchi has a flexible mind and could come up with tailored and practical solutions even if we made a non-straightforward request.’

‘Very good team – strong white-collar and compliance support for fund due diligence.’

Principaux dossiers


Clifford Chance (Gaikokuho Kyodo Jigyo)

Clifford Chance (Gaikokuho Kyodo Jigyo)'s practice draws on the firm's global network to advise on cross-border structuring, launches and operational matters. Regulatory work is a key element of the team’s workload, wherein it is experienced advising both sponsors and investors. Natsuko Sugihara advises Japanese and international clients, and co-leads the team alongside Leng-Fong Lai. Yoshiaki Shimizu comes recommended for his real estate fund mandates expertise.

Responsables de la pratique:

Natsuko Sugihara; Leng-Fong Lai


Autres avocats clés:

Yoshiaki Shimizu


Les références

‘Great culture, long-term partners, hands-on approach, extremely smart, very proactive and overall clients would be very pleased if they work with Natsuko Sugihara.’

‘Treats people with respect, appreciates the efforts of their juniors, works together as one team, very collaborative! Not to mention that they are very knowledgeable of the market.’

‘One of the unique strengths of this practice is its ability to maintain seamless and timely communication tailored to Japan Standard Time, while also collaborating smoothly with the New York office. This enables the team to provide truly global insights without being constrained by time zones, which is highly valuable for international transactions.’

Principaux dossiers


King & Spalding

King & Spalding's team has a funds offering that is relied upon by fund sponsors, managers and investors, amongst others. The team is well-versed in advising on matters spanning the range of asset classes, including infrastructure and energy transition funds. The ‘proactive and creative’ Mark Davies is a seasoned practitioner who handles fund formation and asset management advice and heads up the practice.

Responsables de la pratique:

Mark Davies


Les références

‘Mark Davies is proactive and creative.’

‘The team was creative and proactive in helping us structure our investments, considering multiple legal and commercial considerations.’

‘Mark Davies was a great partner.’

Principaux clients

Keppel Capital


Japan International Cooperation Agency (JICA)


AP Ventures III


Intermediate Capital Group (ICG)


Principaux dossiers


  • Advising Intermediate Capital Group (ICG) on co-investment arrangements with multiple investors.
  • Advising Japanese governmental institutional investors on numerous fund investments.
  • Advising Keppel Capital on fund formation and co-investment arrangements.

PwC Legal Japan

PwC Legal Japan's team has a specialism handling the range of regulatory investment funds matters. Team head Tomohiro Kandori has particular experience with real estate funds and REITs, handling mandates therein both domestically and internationally. Makoto Hibi regularly assists Kandori with regulatory matters and in handling structuring issues. Both are noted as being 'well-respected in Japan and overseas’ by clients.

Responsables de la pratique:

Tomohiro Kandori


Autres avocats clés:

Makoto Hibi


Les références

‘The team is one of the most preeminent teams in Japan and the region. The team’s extensive breadth and depth of coverage in legal as well as market knowledge, plus reach to respective policymakers and other decision makers, is unrivalled.’

‘A full onshore Japanese law firm that still adopts a client-centric, solutions-oriented, pragmatic and proactive hands-on approach, which is refreshing.’

‘Tomohiro Kandori and Makoto Hibi are truly distinctive professionals who are well-respected in Japan and overseas. They are the driving force behind how the team operates in its consistent and seamless delivery of quality legal as well as pragmatic advice.’

Principaux dossiers