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State-backed Toshiba Suitor Increases the Size of buyout Fund by More than $6 Billion

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Japan Investment Corporation (JIC), a potential bidder for Toshiba Corporation, has increased the size of its buyout fund by 4.5 times to 900 billion yen ($6.11 billion), according to a representative for the state-backed investment group. JIC is the leader of a consortium planning a bid.

It is up against private equity firm Japan Industrial Members (JIP), which, according to other reports, is having problems obtaining adequate equity commitments from potential consortium partners.

The industry ministry approved the fund increase for JIC on October 27, according to a spokesperson. As per the spokesperson, Japan has experienced an increase in large-scale buyouts in recent years, and the expansion is intended to allow JIC’s private equity arm to manage such transactions.

However, JIC does not have specific investing goals and will not comment on individual transactions.

Toshiba granted JIP preferred bidder designation in the second round of bidding last month, although the conglomerate is still accepting proposals from others.

JIC has been in talks with Bain Capital, one of several offshore investors that passed the initial round of bidding, as well as MBK Partners.

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