Mikihisa Hirai, representative director and chairman of IDERA Capital Management, the Japanese real estate investment management firm owned by Fosun, is set to retire.
As of beginning July, Hirai stepped down and assumed the role of a senior advisor to IDERA.
PERE understands that the succession planning process at IDERA has been in play ever since Fosun Capital acquired the boutique firm in May, 2014.
Hirai has over 30 years of real estate, financing, and managing experience in Japan and the US. He played an integral role during the merger of Atlas Partners Japan – where Hirai was the president – with MK Capital Management to create IDERA in 2012. He previously also worked with GMAC Commercial Holding Asia as chief executive and was instrumental in completing the acquisition of the real estate business of the former Japan Leasing.
Additionally, Natsuo Imai, president and representative director has also left IDERA. He is now working with Mapletree Investments as its director of finance in Japan.
Takuya Yamada has succeeded Imai in the leadership position and will be assuming the role of representative director, president and chief executive, according to a company statement. Yamada joined the firm in early 2015 as its chief executive from Invesco where he was managing director, head of Japan and Asia Pacific.
IDERA Capital Management has been investing in Japanese real estate through separate accounts, club deals and funds. In March, the firm announced a €210 million closing of its third Japan Residential Property Fund with PGGM as the sole investor. This followed the two smaller-sized funds that closed at $40 million and $20 million in 2015 and 2013 respectively. PERE also understands that the firm is currently in the process of raising institutional capital for another separate account mandate, for non-residential investments, by the end of this month.