Hiroyuki Otsuka

CEO and Founder at Japan Activation Capital

Speaker

Hiroyuki Otsuka is Founder and Chief Executive Officer of Japan Activation Capital, an investment firm focused on mid- to large-cap listed companies in Japan. Established in October 2023, the firm supports the long-term, sustainable growth of its portfolio companies by working closely with management teams to align on strategic direction and enhance corporate value.

In April 2024, Japan Activation Capital launched its inaugural fund with commitments of approximately JPY 130 billion. In March 2025, the firm established a parallel second fund of approximately JPY 77 billion, bringing total commitments, including co-investment vehicles, to approximately JPY 235 billion. The firm has since announced investments in several Japanese listed companies, including Lion Corporation, Pigeon Corporation, Tadano Ltd., OMRON Corporation, Shimadzu Corporation, Meiji Holdings Co., Ltd., and Hoshizaki Corporation.

Prior to founding Japan Activation Capital, Mr. Otsuka served as Deputy Head of Carlyle Japan and Managing Director (Partner), where he led carve-out transactions involving Japanese conglomerates and served on the boards of multiple portfolio companies, including Chimney Co., Ltd., Tsubaki Nakashima Co., Ltd., CxS Corporation, SENQCIA Corporation (formerly Hitachi Metals Techno, Ltd.), Enewill Inc., Kokusai Kogyo Co., Ltd., and Totoku Inc. He also led the sourcing of the take-private transaction of Seiko PMC Co., Ltd.

Mr. Otsuka joined Carlyle Japan in 2001 at the inception of its Japan operations. In 2002, he joined Lazard, where he served in both New York and Tokyo and was later appointed Managing Director. He returned to Carlyle Japan in 2006 and remained there until 2023, leading investments in the industrial sector.

He began his career at Sumitomo Bank (now Sumitomo Mitsui Banking Corporation) in 1992 and later worked in the bank’s M&A team at Daiwa SBCM.

Mr. Otsuka also served as an independent board member of DeNA Co., Ltd. from 2015 to 2019. He has contributed to public policy discussions as a member of the Ministry of Economy, Trade and Industry (METI) study groups, including the Fair Acquisition Study Group (2023) and Challenges for M&A in Japan and Case Studies (2022–2023).

Mr. Otsuka holds a graduate degree in European Studies from the University of Oxford and a B.A. from Waseda University.