Investment funds: Independent local firms in Japan

Defined by its capacity to advise on a range of investment fund and asset management work, Anderson Mori & Tomotsune’s expertise covers public distribution and private placement, PE funds, VC funds, infrastructure funds, ETFs and hedge funds. The firm also has a strong track record in dealing with real estate investment funds for listed funds, including J-REITs, as well as cross-border transactions and offshore investment funds. Harume Nakano focuses on advising financial institutions and investment companies in and outside of Japan; she co-leads the team with Kunihiko Morishita, whose fortes are domestic and international banking, securities and asset management.

Specialising in advising foreign investors, Atsumi & Sakai is top of the market in assisting offshore funds in their engagements with Japanese target companies. The firm combines this expertise with strengths in litigation, regulation and governance matters. Other work includes advising on J-REITS, silent partnerships, joint ventures, private equity and venture capital. Akio Kawamura focuses on regulatory counselling for financial institutions and fund managers, cross border investments in Japanese companies and capital markets, as well as investigations and enforcement issues. He co-leads the team with fund structure, investment and formation expert Eiichiro Hata  and Ryuichi Nozaki, whose expertise includes asset management, cross-border investments, banking and structured finance.

Mori Hamada & Matsumoto is known for advising on public offerings and private placements of investment funds in Japanese and non-Japanese jurisdictions such as Cayman Islands, Ireland and Luxembourg. The firm specialises in assisting new non-Japanese funds that are publicly offered in Japan, including the provision of after care services. The firm was also selected to assist the Japan Securities Dealers Association and the Financial services Agency of Japan in reviewing the rules concerning foreign securities transactions. Investment fund and asset management specialists Yasuzo Takeno and Ken Miura lead the team and can call on the expertise of Nobuharu Onishi, who advises an international client base, with a particular focus on the US, EU, Hong Kong and the Cayman Islands.

Advising across the spectrum of investment fund issues, from documentation and compliance to product design and planning, Nishimura & Asahi provides comprehensive experience in the area. The firm handles traditional asset management activities, including investment trusts and investment advisors, as well as advising on the structuring, documentation and formation of alternative investments, notably private equity funds, infrastructure funds, venture capital investment funds, private-placement real estate funds and offshore funds. In addition to these seriveces, the practice can draw from the firm’s strengths in M&A and fundraising to assist with the investment and exit stage after fund formation. Makoto Igarashi representing investment managers in fundraising and investment; he co-leads the team with Kei Ito, whose expertise includes investment trusts, ETFs and alternative investments for institutional investors. Another key name is Yoshiharu Kawamata, who covers domestic and international investment fund matters.

Known for its strength in the real estate funds area, Nagashima Ohno & Tsunematsu also provides experience in the energy field, as well as private equity and alternative investment. Cross-border work is a forte for the practice that assists Japanese and global funds in a range of matters, including advising offshore fund sponsors in the formation of funds suitable for Japanese investors. Hidetaka Mihara leads the team that includes Keiko Shimizu , who represents traditional investment managers, private equity and other alternative investment fund managers in a range of matters; and Kensuke Suzuki , who focuses on fund formation and regulatory matters.

TMI Associates provides advice on domestic funding and investments to managers of funds established in Japan and abroad, including venture capital funds, buyout funds, distressed funds, corporate reconstruction funds, real estate funds and contents funds. An area of increasing activity is funds for investment in alternative energy sources and funds for infrastructure investment. Another service the practice offers is advice to clients engaged in venture capital funds investing in the IT and bio-related fields, drawing from the firm’s patent attorneys and technology field experts. Banking and capital markets expert Yoshiyasu Yamaguchi leads the team of diverse expertise, notable names being Kiyomi Kikuchi and Takuma Taki.