Neuberger has raised about 70 billion yen ($460 million) for its first dedicated Japan-focused private equity fund, as the investment manager seeks to expand its exposure to the country’s growing buyout market.
The NB Japan Private Equity Opportunities Fund attracted capital from institutional investors, family offices and private wealth investors, according to a statement.
The fund will invest through a combination of commitments to Japanese private equity funds and direct co-investments, giving investors diversified exposure to the market while aiming to improve capital deployment efficiency.
Neuberger has previously committed more than 110 billion yen through its commingled funds and custom accounts across Japan-focused primary funds, co-investments and secondaries. The new vehicle is its first fund dedicated exclusively to Japanese private equity.
The fundraising was completed in less than a year despite what Neuberger described as a challenging fundraising environment, according to Jonathan Shofet, managing director and head of private investment portfolios and co-investments.
Japan’s private equity market has benefited from corporate governance reforms, which have increased pressure on companies to focus on shareholder returns and contributed to a pipeline of corporate carve-outs and take-private transactions, Neuberger said. Demographic changes are also driving ownership transitions among founder-led companies.
“Japan represents one of the most compelling private equity markets globally,” Kent Chen, managing director and head of Asia private equity at Neuberger, said in a statement.
The fund will draw on Neuberger’s private markets platform, which manages more than $170 billion in investor commitments across primaries, co-investments, secondaries, private credit and specialty strategies. The firm has a Tokyo-based team supporting the strategy.
Neuberger manages about $613 billion across equities, fixed income, private equity, real estate, and hedge fund portfolios as of June 30, 2026.
