Japan-focused PE firm Sunrise Capital raises $500m for latest fund

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Sunrise Capital KK, the Japan-dedicated private equity strategy of pan-Asia investment firm CLSA Capital Partners, has raised $500 million for its latest fund Sunrise Capital V.

The fund was oversubscribed and closed within five months. It received support from existing investors, which accounted for 81% of the total number of commitments, according to a company announcement.

“The demand for Sunrise V far exceeded the hard cap, which is a remarkable achievement. This is a strong endorsement of Sunrise Capital’s investment strategy and investors’ appetite for opportunities in Japan,” said Megumi Kiyozuka, President and Representative Director at Sunrise Capital KK.

The first and final close came nearly four years after Sunrise Capital raised $450 million for Sunrise Capital IV. The third fund closed in 2017 at its hardcap of $400 million.

Sunrise Capital has raised approximately $2 billion to date. As with the predecessor funds, the firm said Fund V will continue to invest in established, mid-cap companies with strong growth potential in Japan.

“With this additional capital, we will continue to pursue our dedicated private equity strategy,” Kiyozuka said.

Fund V secured commitments from endowments, foundations, pension plans, financial institutions, fund of funds, sovereign wealth funds, and family offices from Japan, broader Asia, North America, Europe, and the Middle East.

Sunrise Capital KK was formerly known as CLSA Capital Partners (Japan) KK. It changed its company name last month and relocated to a new office in Tokyo.

The firm has made at least 50 investments, including both standalone and follow-on investments, since 2006.

CLSA Capital Partners, on the other hand, is the alternative investment business of CLSA, comprising private equity, private credit, and private real estate strategies.

Aside from Sunrise Capital, CLSA Capital’s strategies also include its flagship China-market strategy with CITI Securities, CLSA China Growth Fund; pan-Asian PE strategy ARIA Investment Partners; APAC-focused secured private credit strategy Lending Ark; Asia real estate assets investor Fudo Capital; and a number of transportation and real assets-focused private equity strategies.

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