INVESTMENT APPROACHA Disciplined Process Before Commitment
Before commitment, our role is not simply to identify which opportunities are available. It is to determine whether a manager stands up to rigorous institutional review — and whether the opportunity is appropriate for a specific investor account.
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Manager Evaluation in Practice
We identify Japanese private equity managers selectively and evaluate them through disciplined due diligence. Desktop review covers offering materials, DDQs, track-record schedules, financial models, and supporting documents. Interviews extend beyond the CEO and senior management to mid-level investment professionals and key control functions across legal/compliance, valuation, and reporting. In selected cases, especially first-time managers, we may also speak with former colleagues and existing investors.
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Commitment Discipline
Due diligence and commitment are separate decisions. The Due Diligence Committee evaluates the manager and fund on their merits. A separate Investment Committee then considers whether a fund that has passed diligence is appropriate for a specific investor account, taking into account objectives, constraints, pacing, concentration, and portfolio role.