Behind the Money KKR, Bain and private equity’s push into Japan
36 snips
Nov 26, 2025 
David Keohane, FT Tokyo correspondent, and Leo Lewis, Tokyo bureau chief, explore the evolving landscape of private equity in Japan. They discuss the shift from initial skepticism and media criticism to mainstream acceptance of PE, highlighting key demographic changes and labor shortages that make PE's role crucial. The duo delves into Japan’s unique corporate culture, softer takeover methods, and the government's newfound support for PE, while also addressing concerns about potential risks and the future of investment in the region.
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Vulture Drama Shaped Public Perception
- The TV drama Vulture captured public hostility to early foreign buyouts in Japan.
- Leo Lewis recalls it was water-cooler conversation and shaped perceptions of private equity as predatory.
Private Equity Reframed As A Solution
- Private equity has repositioned itself as a solution to Japan's corporate problems.
- David Keohane says succession, consolidation and reform make Japan a perfect PE cocktail.
Japan’s Deep Pool Of Listed Targets
- Japan has an unusually large number of listed companies relative to its GDP.
- David Keohane notes this creates abundant targets for private equity strategies.