The Qatar Investment Authority (QIA) has partnered with Tokyo-based Orix Corporation to establish a $2.5bn private equity fund targeting Japanese companies, in what marks QIA’s first investment in a Japan-focused buyout vehicle, according to sources cited by Bloomberg.

Orix will provide around 60% of the fund’s capital, while QIA will contribute the remaining 40%. Investment decisions will be made by a jointly managed entity, OQCI GP Ltd., according to people familiar with the matter.

The new fund will focus on mid-sized and large companies with enterprise values exceeding ¥30bn ($195m), investing in business succession deals, corporate carve-outs, and take-private transactions.

The move comes amid a surge in global private equity interest in Japan, as corporate governance reforms, generational ownership transitions, and conglomerate restructurings continue to open up attractive investment opportunities.

Japan has become one of Asia’s most active buyout markets, with firms such as KKR, Blackstone, and Bain Capital ramping up activity to capture the country’s increasing volume of private equity transactions.

Orix, which operates across banking, leasing, and real estate, said the partnership enables it to deploy capital more efficiently and diversify its exposure across sectors.

For QIA, the initiative marks a strategic expansion into Japan’s maturing private equity ecosystem, reinforcing its growing focus on Asia’s mid-market investment landscape.

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