Baker McKenzie has advised independent investment manager, Pleiad Investment Advisors ("PIA"), on the formation and successful closing of its debut closed-ended fund, Pleiad-Minerva Japan Growth Opportunities LP, a JPY 15 billion technology-focused growth private fund. The Firm also assisted PIA on the fund's two initial investments in Japanese technology companies.
Reflecting the growing momentum of Japan's technology sector, the fund attracted a broad range of investors including Japanese financial institutions, high net wealth individuals and international institutional investors.
Baker McKenzie fielded a cross-practice, multijurisdictional team for this deal, and advised across multiple aspects of the transaction, including fund structuring and formation, licensing and regulatory, and M&A.
The team was led by fund formation specialist Edwin Wong, with support from Elizabeth Mifsud and Da Wang, who are both lawyers in the Financial Services Group. Other team members involved were Partner Tetsuo Tsujimoto and Counsel Kosuke Yatabe who advised on the Japanese regulatory aspects, and Partner Yutaka Kimura who advised on the tech asset acquisition.
Commenting on the transaction, Edwin said: "This transaction is an important milestone for PIA as it marks an expansion into the private equity space, and we are very pleased to have been able to play a role."
Elizabeth added: "The transaction also signifies PIA as an early mover in a growing trend of rising investments in Japan's high-tech sector, which in part is driven by Japanese corporates increasing capital investments in technology in response to digital disruption. The Japanese government's policy of accelerating digital adoption and its plan to create a digital agency by the end of 2021 is also attracting the interest of many leading private equity firms and keeping the Japan's venture capital markets very buoyant."
Edwin continued: "It will be interesting to see how Japan's venture capital and private equity market will further develop. And we look forward to continuing to support PIA with their legal needs as they seek to expand their platform and asset class across Asia."