Integral (5842 JP)
Japanese private equity firm raising a sixth fund
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Disclaimer: This post reflects my personal opinions and is provided for general information only. It is not investment advice or a recommendation to buy or sell any security, and it does not take into account your objectives, financial situation, or needs. As of 9 August 2026, I do not hold a position in Integral, and I receive no compensation from Integral or any other company mentioned; my revenue comes solely from reader subscriptions. This post was prompted by an interview with Roderick van Zuylen, CIO of Night Watch Investment Management. He and his firm may hold or trade Integral; I have not independently verified their positions. The same applies to any other third party quoted or linked here. This disclosure reflects my position on the date stated and will not be updated. Asian Century Stocks uses information sources believed to be reliable, but accuracy cannot be guaranteed, and opinions are subject to change without notice. Do your own research and consult a licensed financial adviser before making any investment decision. Michael Fritzell, published by Delante Media Pte Ltd
Last week, Roderick van Zuylen mentioned the Japanese mid-market private equity firm Integral (5842 JP – US$631 million). So after the interview, I was keen to dig deeper.
You can think of Integral as Japan's version of KKR. It was founded as a spin-off from Unison Capital, led by former banker Nobuo Sayama.
Throughout the years, its high-profile deals have included rescuing the fashion brand Yohji Yamamoto and the airline Skymark Airlines from bankruptcy.
It also hit a jackpot when it took Tekscend Photomask private in 2020, and later relisted it on the Tokyo Stock Exchange.
Thanks to deals like this, Integral's Fund I-IV earned a simple average multiple of invested capital of 3.1x and a gross IRR of 30.5%, placing it at the top of Japan's private equity companies. At least so far.
