FT News Briefing Behind the Money: KKR, Bain and private equity’s push into Japan
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Dec 24, 2025 
David Keohane, Financial Times Tokyo correspondent, and Leo Lewis, Tokyo bureau chief, delve into the evolution of private equity in Japan. They discuss the dramatic shift from skepticism in the early 2000s to mainstream acceptance today, highlighting how firms like Bain and KKR have reshaped corporate landscapes. The duo explores the impact of an aging workforce, rising deal activity, and government policies favoring PE. They also address potential risks, including the cultural clash in management styles and the need for sustainable practices in the Japanese market.
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'Vulture' Captured Early Backlash
- The TV drama Vulture captured public hostility towards foreign buyout firms in Japan when they first arrived.
- Leo Lewis recalls it was water-cooler conversation and vividly reflected fears of "barbarians at the gate."
Private Equity As A Solution
- Private equity has repositioned itself in Japan as a solution to corporate problems like succession and consolidation.
- David Keohane says private equity is now "everywhere" and aligned with Japan's need for reform.
Big Firms Arrived Mid-2000s
- Major US buyout firms entered Japan around 2005–06 after a wave of distressed assets.
- David Keohane cites firms like Carlyle, Bain, KKR and Blackstone as early movers.