KKR has acquired Japanese insurance distributor Hoken Minaoshi Hompo Group from local private equity shop Advantage Partners, according to an announcement.
The firm did not disclose the value of the transaction, but Nikkei reported it to be worth over 30 billion yen ($204 million).
The US-based investment firm said this investment was predominantly made from its Asian Fund IV and K-Series – which includes evergreen funds designed for wealthy individuals.
KKR said it will support Hoken Minaoshi Hompo in both organic growth and bolt-on acquisitions.
Hoken Minaoshi Hompo has an omnichannel presence including in-store services, call centres, and online operations. The company’s flagship brand, Hoken Minaoshi Hompo, offers in-store services at around 350 strategic retail locations across Japan and offers a wide range of insurance products from more than 40 insurance companies.
Advantage Partners had invested in the insurance distributor in 2022 through a corporate carveout.
KKR’s latest acquisition builds on its deep insurance experience globally, including Global Atlantic, KKR’s insurance business; Ascend Asia, the first platform for financial advisory firms in Singapore; and USI Insurance Services, one of the largest insurance brokerage and consulting firms in the US; among others.
Prior to this transaction, KKR has backed system integrator Fuji Soft and planned to launch a tender offer to acquire all outstanding shares and share acquisition rights of technology manufacturer Topcon.
Other investments in Japan include third-party logistics company Logisteed and SME financial and accounting software provider Yayoi, among others.
KKR also reportedly emerged as the lead bidder to buy Nissan Motor’s headquarters.
Japan has recently become one of the most attractive private equity market in Asia, buoyed by new opportunities in carveouts, privatisation, regulatory reforms, and a liquid public market.
Private equity exits in this market in 2024 stacked up to 1.9 trillion yen ($13 billion), on a par with 2021 levels and about 19% higher than the preceding year, per Bain & Co data.
