Unhedged From Behind the Money: Private equity’s push into Japan
26 snips
Jan 1, 2026 
David Keohane and Leo Lewis from the Financial Times dive into the evolution of private equity in Japan. Keohane discusses how global firms initially faced backlash, labeled as 'vulture funds.' Lewis explains Japan's risk-averse corporate culture that clashed with private investors’ methods. They highlight major deals and the current surge in private equity activity, driven by demographic shifts and government support. The duo also flags potential risks, pondering how the future landscape of Japan's corporate world might transform.
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'Vulture' Drama Shaped Public Perception
- The TV drama Vulture captured public fear of foreign buyout firms entering Japan in the 2000s.
- Leo Lewis recalls it was a water-cooler phenomenon that shaped attitudes toward private equity.
PE As A Solution To Corporate Stagnation
- Private equity now presents itself as a solution to Japan's corporate problems like succession and consolidation.
- David Keohane says private equity is everywhere and suited to Japan's reform needs.
Post-Bubble Risk Aversion
- After the 1980s bubble burst, Japanese CEOs adopted a defensive, risk-averse mindset focused on avoiding mistakes.
- Leo Lewis explains this culture reduced appetite for aggressive corporate change.