# Yamagata Co-Creation Partners

Yamagata Co-Creation Partners is a Private Equity based in Yamagata, Japan.

## Overview

- **Organization type:** Private Equity
- **Headquarters:** Yamagata, Japan
- **Region:** Asia
- **Address:** Yamagata-shi, Japan
- **Assets under management:** Undisclosed
- **Website:** hybrid-yamagata.co.jp

## Regulatory record

- **Reports private funds:** No

## About

やまがた協創パートナーズは、従来の金融の領域を超え、資本性資金の供給とハンズオン支援に加え山形銀行グループの総力で地域を支える企業の課題を解決し、お客さまの企業価値を最大限に高めることを追及する。課題解決後の出口では企業価値および地域ポテンシャルの最大化を第一義に検討し、投資先の存続・発展を通じ雇用の維持・拡大、地域サプライチェーン強化、持続可能な地域社会の形成を実現する。事業内容は有価証券等の取得・保有・売却、投資事業組合財産の運用及び管理、企業経営コンサルティング、M&A・業務提携の斡旋など。

## Sectors

- Industrial Tech
- Infrastructure
- Consumer
- Business Services

## People

- 須田 秀秋 — 代表取締役社長
- 阿部 徹 — 代表取締役社長（2023年6月26日付退任）

## Questions

### How does Yamagata Co-Creation Partners source its deals?

Virtually all deal flow originates through the Yamagata Bank group's corporate lending relationships. The bank identifies owner-operated companies in its loan book facing succession dead ends, then refers them to the fund as an alternative to liquidation or distressed M&A. This captive origination model compresses competitive auction pressure and gives the firm a proprietary window into small-cap industrial and services companies in Yamagata and Tohoku that external PE funds struggle to reach.

### What is the investment strategy and typical check size?

The firm pursues control buyouts and growth-equity investments centered on business succession, restructuring, and management buyouts. It acquires majority or full ownership stakes — the Kobayashi Duct Industries transaction was a 100% share purchase — then embeds operational directors to professionalize accounting, sales, and HR. The firm does not disclose individual check sizes, but its portfolio spans small-cap businesses such as regional motor manufacturers, duct fabricators, and whisky distilleries.

### Is Yamagata Co-Creation Partners structured as an independent GP?

No. The firm operates as a subsidiary of the Yamagata Bank group — a regional bank serving Japan's Tohoku area — and deploys the group's committed capital through dedicated investment vehicles. Its investment committee and capital base are effectively internal to the bank, making it a captive direct-investment platform rather than an independent fund manager raising third-party capital from institutional LPs.

### What types of businesses does the firm invest in?

The portfolio concentrates on small-to-mid-sized industrial and infrastructure-related businesses: motor manufacturing, HVAC duct fabrication, civil engineering, construction equipment leasing, automobile maintenance, machinery wholesale, and spirit distilling. The common thread is profitable owner-operated companies in Yamagata and neighboring prefectures with succession voids, where the firm can insert management capacity and extend the operating life of the business.

### Does the firm co-invest alongside external funds?

Yes. Yamagata Co-Creation Partners has acted as a limited partner in a vehicle managed by a Tokyo-based bank-affiliated fund to acquire a small-motor manufacturer, and has co-invested directly with Succession Japan Fund in Central Lease. This hybrid approach lets the firm access deals that require larger capital pools or multi-regional expertise while retaining its local operational role.

## Related profiles

- [Yamada Consulting Group](https://altss.com/profile/yamada-consulting-group)
- [Yamaguchi Capital](https://altss.com/profile/yamaguchi-capital)

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Last updated: 2026-08-11T15:08:42.881Z

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