Simpson Thacher represented Japan Activation Capital Co., Ltd. (“JAC”) in the formation and launch of a series of funds for Japan Activation Capital. The fund series closed with aggregate capital commitments of approximately JPY 235 billion at the final closing on June 8, 2026. Founded in 2023 by Mr. Hiroyuki Otsuka, former Deputy Head of Carlyle Japan, JAC is a Japan-based investment management firm focused on making minority “constructive engagement” investments in large- and mid-cap companies listed on the Tokyo Stock Exchange.
The Simpson Thacher team was led by Partners David Azcue and Xue Zhang and Senior Associate Li Jiang, and supported by Adam Furber, Ian Zatkin Osburn, Vasu Mittal, Lois Zhang, Angela Deng, Yuhei Watanabe and Caroline Bi (Asia – Private Funds); Andrew B. Purcell, Jasmine Hay and Tova W. Pfeffer (Tax); Makiko Harunari, Atsushi Usui and Zhendong Xu (Credit); Owen Lysak, Luqman Meedin and Bessy Zhu (London – Private Funds); and Jeanne Annarumma (ERISA).