# AJ Capital (Japan)

AJ Capital (Japan) is a Private Equity based in Tokyo, Japan.

## Overview

- **Organization type:** Private Equity
- **Headquarters:** Tokyo, Japan
- **Region:** Asia
- **Address:** Chiyoda, Tokyo, Japan
- **Founded:** 2018
- **Assets under management:** Undisclosed
- **Website:** www.ajcap.co.jp
- **Wikidata:** Q28402102

## Regulatory record

- **Reports private funds:** No

## About

AJ Capital (Japan) is a Tokyo-based private equity firm established in 2018 as a joint venture between Aozora Bank and Japan Asia Investment. The firm focuses on providing unique and specialized services to support the growth and development of regional businesses, including business succession and capital policy planning. AJ Capital operates several investment funds, including the Succession 1, AJC Corporate Development, and Succession 2 investment limited partnerships.

## Sectors

- Private Equity
- Investment Management

## People

- 小林 正行 — 代表取締役
- 大塚 邦博 — 取締役
- 山本 泰雅 — 取締役
- 橋 徳人 — 監査役
- 宮﨑 知明 — 取締役
- 岸本 謙司 — 取締役

## Questions

### How does AJ Capital source its deals, and are those deals generally intermediated by auction?

Its sourcing advantage rests on the institutional networks of its two joint-venture parents. Aozora Bank's regional lending relationships give AJ Capital early visibility into succession pressures well before a company reaches a broad auction. JAIC's principal investing heritage adds a second origination channel through its existing portfolio and advisory relationships. The firm positions itself less as an auction bidder and more as a proactive partner invited in by founders or their trusted advisors.

### What specific transaction structures does AJ Capital use?

The firm executes buyouts, management buyouts backed by special-purpose vehicles, and direct secondaries where it acquires an existing investor's stake. In the Tokuken Kogyo MBO, for example, AJ Capital supported a newly formed SPC controlled by the incumbent management team. It also participates in carve-out acquisitions and inter-family transfers where the buyer needs committed equity capital alongside bank financing.

### Does AJ Capital operate as a limited partner or does it deploy only direct capital?

The firm acts as a direct control investor through its own fund vehicles — Succession No. 1, Succession No. 2, and the AJC Corporate Growth Fund. There is no public evidence of AJ Capital allocating capital to third-party manager funds. Its sole deployment function is making direct private equity investments into Japanese operating companies.

## Related profiles

- [AIP Capital](https://altss.com/profile/aip-capital)
- [Al Ahly for Development & Investment](https://altss.com/profile/al-ahly-for-development-investment)

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Last updated: 2026-07-10T19:17:24.000Z

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