Global private equity firm Hillhouse Investment is ramping up its presence in Japan, planning to deploy between $1bn and $2bn annually while nearly doubling its local team by the end of 2025, according to Reuters.

Co-Chief Operating Officer Adam Hornung highlighted Japan’s growing appeal, driven by corporate governance reforms and a rising number of asset sales and take-private deals. “The Japanese market now has a tremendous number of opportunities that maybe weren’t as available five or ten years ago,” Hornung said.

Hillhouse is currently investing from its $20.5bn fifth fund series, with $6bn in dry powder, and is preparing to launch its sixth buyout fund. To support its expansion, the firm has already hired 10 professionals in Japan and plans to double that figure by late 2025. It will also relocate to dedicated office space in Tokyo’s Marunouchi district by mid-year.

Notable new hires include former Bain Capital partner Tomohiro Kikuta and ex-PepsiCo executive Wern-Yuen Tan. Hillhouse is targeting investments in healthcare, business services, consumer businesses, and advanced manufacturing. Its current Japanese portfolio includes real estate developer Samty Holdings and restaurant software provider Dinii.