Law firms

‘Candy land for private equity’ – why elite law firms are looking to Tokyo

‘Candy land for private equity’ – why elite law firms are looking to Tokyo

When Ropes & Gray private equity partner Tsuyoshi Imai represented Bain Capital on its listing of memory chip company Kioxia at the end of 2024, no one knew how successful the float was destined to be.

Six years prior, Imai had advised Bain, which first set up in Japan two decades ago, on its $18bn acquisition of Kioxia – formerly Toshiba Memory. Earlier this year, Kioxia briefly became Japan’s single most valuable company by market cap, with a nearly 700% surge in its share price from January to June.

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