# M&A BASE M&A BASE is a Private Equity based in Tokyo, Japan. ## Overview - **Organization type:** Private Equity - **Headquarters:** Tokyo, Japan - **Region:** Asia - **Address:** Tokyo, Japan - **Founded:** 2019 - **Assets under management:** Undisclosed - **Website:** mabase.co.jp ## About M&A BASE is a Japanese private equity firm executing buyout and succession transactions across the lower middle market. The firm targets profitable small-to-medium enterprises where aging founders lack a successor — a structural demographic imbalance that makes Japan one of the richest succession deal pipelines globally. M&A BASE acquires controlling stakes, stabilizes operations, and retains existing management where possible. The firm's investment committee screens for businesses with defensive market positions, recurring revenue streams, and cash-flow generation sufficient to service acquisition debt. Typical targets operate in business services, niche manufacturing, logistics, and consumer services. M&A BASE structures its acquisitions as majority-control buyouts, often holding companies for 5–7 years while professionalizing back-office functions and expanding management capacity. No fund-level track record, portfolio companies, or co-investors have been publicly disclosed. Team size, AUM, and deployment figures remain unpublished. The firm maintains a single office in Tokyo. Recent activity cannot be confirmed from public record. M&A BASE's structural differentiator is pure succession-driven sourcing — a strategy that bypasses auction processes and instead relies on direct origination through regional banks, tax accountants, and local business associations. In a market where 60% of SMEs lack a succession plan, the firm operates as a structured buyer of last resort, converting an owner's retirement event into an institutional ownership transition. ## Sectors - IT Services - Software - E-commerce & Retail - Digital Media ## People - Naohiro Kojima — Representative Director & Partner - Masaya Ishii — Director - Shinichi Saijo — Founder ## Questions ### How does M&A BASE source deals in Japan's IT M&A market? M&A BASE sources primarily through the parent group Excite Holdings' internet ecosystem and the professional networks of its leadership. Naohiro Kojima's sell-side M&A intermediary background gives the firm access to succession-mandate IT businesses, while Shinichi Saijo's deep venture capital relationships from WiL and XTech provide buy-side connectivity. The firm's search fund arm also actively originates proprietary deals by identifying owner-operated IT businesses without heirs. ### Is M&A BASE an advisory firm, a search fund, or both? Both. The advisory business runs sell-side and buy-side M&A mandates for IT companies on a success-fee basis. The search fund business uses the firm’s own capital to acquire and operate small-to-medium IT enterprises, particularly those facing succession challenges. The search fund arm functions as a holding company, combining deal sourcing with direct operational control. ### What is M&A BASE's relationship to Excite Holdings? M&A BASE is a subsidiary of Excite Holdings, a Tokyo Stock Exchange-listed internet group taken private in 2018 by Shinichi Saijo's XTech and later re-listed on the Standard Market. Excite Holdings' CFO Masaya Ishii serves as a director of M&A BASE, and founder Saijo is the group CEO, embedding the firm within a publicly traded corporate structure unusual for Japanese M&A intermediaries. ### Does M&A BASE disclose assets under management or committed capital? No. M&A BASE has not publicly disclosed assets under management, committed capital, or total deployment figures. Its advisory business is transaction-driven, while the search fund arm operates with on-balance-sheet capital from the parent group, making standard AUM reporting not applicable. ### Which industries does M&A BASE explicitly target? M&A BASE is IT-industry specialized, targeting internet services across curated and portal media, SaaS, e-commerce and D2C brands, software development, staffing and SES, IT advertising agencies, and consulting firms. The firm operates exclusively in this sector, citing an 'IT industry strong network' as a core differentiator. ### What is the typical fee structure for M&A BASE's advisory work? M&A BASE operates on a fully success-fee basis with no retainer or upfront fees, per the firm's website. The model is designed to lower barriers for owner-operators exploring sale or succession options. Basic enterprise valuation assessments are also offered at no cost. ### Who leads investment decisions at M&A BASE? Representative Director Naohiro Kojima leads the firm's M&A advisory and search fund investment decisions, drawing on experience from SMBC Nikko Securities and a major Japanese M&A intermediary. Founder Shinichi Saijo provides strategic oversight as the architect of the Excite Holdings group, while Director Masaya Ishii manages financial governance through his dual role as parent CFO. ## Related profiles - [MA Asset Management](https://altss.com/profile/ma-asset-management) - [MacAndrews & Forbes](https://altss.com/profile/macandrews-forbes-holdings) --- Last updated: 2026-08-11T02:43:31.692Z Canonical page: https://altss.com/profile/m-a-base Maintained by Altss — https://altss.com — methodology: https://altss.com/methodology