T CAPITAL PARTNERS

Thesis

T Capital Partners is a Japanese private equity firm founded in 1991, based in Tokyo, with a focus on the Japanese and Asia-Pacific markets. They specialize in buyout investments, targeting medium- and small-sized companies with stable results and growth potential, aiming to improve them through hands-on support. Their strategy includes mid-market buyouts, corporate carve-outs, and succession deals for family businesses, with a preference for companies having a major business base in Japan, stable cash flow, and long-term growth prospects. Key sectors of interest are healthcare (due to Japan's aging population) and business services (due to outsourcing demand), with additional interest in B2B/B2C healthcare and technology. They build long-term, collaborative partnerships with management, often taking majority board positions. The typical investment ranges from 4 to 14 billion JPY, with investee corporate values between 10 to 50 billion JPY. As of February 2021, their growth equity fund, T Capital VI, closed at ¥81 billion ($780 million), and their total AUM is ¥220.0 billion JPY. They explicitly state they do not make venture investments.

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