据公告，伊藤忠商事已收购日本本土私募股权机构Aspirant Group 20%的股权，由此该基金成为伊藤忠商事按权益法核算的关联企业。此次交易的财务细节并未对外披露。
has acquired a 20% stake in domestic private equity firm Aspirant Group making the fund manager an equity-method affiliate, according to an announcement. Financial terms of the transaction were not disclosed.
Aspirant成立于2012年，专注于日本市场的企业传承及业务拆分投资业务。这家独立基金管理机构目前已向28家企业进行了投资，管理资产规模超过1700亿日元（约合10.7亿美元）。
Founded in 2012, Aspirant focuses on business succession and corporate carve-out investments in Japan. The independent fund manager has invested in 28 companies and manages more than 170 billion yen ($1.07 billion) in assets.
此次收购是伊藤忠商事与Aspirant长期合作关系的延伸。此前伊藤忠商事便曾向Aspirant管理的基金出资，并为其投资组合企业提供各类支持。
The acquisition builds on Itochu’s relationship with Aspirant. The trading house has invested in Aspirant-managed funds and supported its portfolio companies.
伊藤忠商事表示，此次投资有助于整合Aspirant的投资与运营专长，再结合自身的行业认知及全球网络，从而创造更多商业机遇。此外，伊藤忠还将借助自身的数字价值链平台，助力Aspirant投资组合企业实现数字化转型，包括人工智能技术的应用推广。
Itochu said the investment would help generate new opportunities by combining Aspirant’s investment and operational expertise with its industry knowledge and global network. It also plans to support digital transformation at Aspirant’s portfolio companies, including the adoption of artificial intelligence, through its Digital Value Chain platform.
当前，日本企业主老龄化趋势正推动企业传承类交易需求上升，同时各大企业纷纷调整业务布局，也为业务拆分交易创造了大量机会。这些趋势使得私募股权机构在为日本企业提供资金及实操层面的管理支持方面发挥着愈发重要的作用。
The deal comes as Japan’s ageing business owners drive demand for business succession transactions, while large corporations’ reviews of their business portfolios create opportunities for carve-outs. These trends expand the role of private equity firms in providing capital and hands-on management support to Japanese companies.
伊藤忠商事在公告中称：“在日本市场，受企业主老龄化影响，企业传承类交易数量持续增加，行业结构调整也在不断推进。与此同时，各大企业为优化业务布局而发起的业务拆分交易也日益增多。在此背景下，私募股权基金通过提供实操管理支持与资金助力企业成长转型，其在提升企业价值方面的作用也变得比以往任何时候都更为重要。”
“In the Japanese market, the number of business succession transactions is increasing due to the ageing of business owners, and the restructuring of industry continues to advance. In addition, the number of carve-out transactions driven by large companies reviewing their business portfolios is also increasing. Against this backdrop, the role of PE funds in enhancing corporate value is becoming more important than ever through their provision of hands-on management support and capital to support the growth and transformation of corporations,” Itochu said in the announcement.
日本私募股权市场继续吸引投资者资金，其回报率高于美国，且交易活动持续进行。2025年，日本私募股权交易成交额约为300亿美元，凸显了该国的韧性，尽管全球许多市场的并购活动仍然不均衡。
Japan’s private equity market continues to attract investor capital, supported by returns exceeding those in the US and sustained dealmaking. About $30 billion in private equity transactions closed in 2025, underscoring the country’s resilience as buyout activity remains uneven across many global markets.
根据贝恩公司（Bain & Co.）的一份报告，日本私募股权在关键回报指标上优于美国，其中中位数总价值倍数（TVM）为2.5倍，而美国为2.1倍；中位数内部收益率（IRR）为31%，而美国为22%。
Japanese private equity outperformed the US across key return metrics, with a median total value multiple (TVM) of 2.5x versus 2.1x in the US, and a median internal rate of return (IRR) of 31% versus 22%, according to a Bain & Co.’s report.
9月，纽伯格（Neuberger）为其首只专注于日本的私募股权基金募集了约700亿日元（相当于4.6亿美元），因为该投资管理公司希望扩大其在日本日益增长的并购市场中的敞口。
In September, Neuberger 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.