Ex-Steel Partners Exec. Launches Japan Activist Fund

Feb 12 2007 | 2:51pm ET

A group of hedge fund managers including former Steel Partners Japan founder Kenzo Kuroda recently launched a Japan-focused activist fund. The Fugen Capital Japan Fund launched with internal capital on Nov. 22 and began taking in outside money just last month, according to sources familiar with the firm.  It is currently managing over $25 million and is set to add another $5-10 million from investors on March 1.

The fund’s investor base includes a mix of Japanese and European family offices, individual investors, corporations and funds of funds.

The fund is a value relational vehicle targeting companies with a high net cash flow, a low EBITDA multiple and stable earnings, according to sources. The new offering is focusing on companies that have a market cap of between $100 million to $1 billion, and the fund will not invest in the financial services sector. It has limits of 20% of its total portfolio in any one position and is currently running a diversified portfolio of 15 names.

The new offering charges fees of 2/20 with a minimum investment requirement of $1 million or ¥100,000,000. Redemptions are quarterly and there is a one-year lockup.


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