First Japanese-Led Search Fund Completes Acquisition of TEG Consulting in Record 9 Months
Akiyama Capital Inc. has raised $5.1 million and finalized the acquisition of TEG Consulting. This marks the first instance of a Japanese national executing a Search Fund in the US, achieving the deal at 2.5 times the industry average speed.
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- 📰 Published: May 28, 2026 at 19:00
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Akiyama Capital Inc. (Headquarters: Delaware, USA; Representative: Shinemon Akiyama) announced today that it has raised a total of $5.1 million (approx. 810 million JPY) through a third-party allotment of shares. The round saw participation from 24 investors, including ICJ Fund of Search Funds, Theta Times Ventures, and various individual and corporate investors.
The proceeds will primarily be used for the acquisition of TEG Consulting, post-merger integration, infrastructure development, and strengthening the organization for future acquisitions. A 'Search Fund' is a business succession model originating from US MBA programs where entrepreneurs raise capital to acquire and manage established SMEs. This deal is recognized as the first case of a Japanese national successfully forming a search fund in the US and completing an acquisition.
Akiyama Capital reached this milestone in approximately nine months since its expansion into the US in August 2025—roughly 2.5 times faster than the industry average of two years. The target, TEG Consulting, is a 30-year-old executive search firm specializing in the Private Equity sector. Operating across four East Coast locations, its clients include major firms such as BlackRock and Ansell. Financial highlights for TEG include annual revenue of approx. 600 million JPY and an EBITDA margin of around 25%. The acquisition was executed at a multiple of 5x EBITDA, significantly lower than the US PE market average of 10-12x.
Moving forward, Akiyama Capital aims to execute a 'Roll-up Strategy' starting with TEG. By capturing the immense business succession needs resulting from the retirement of the baby boomer generation, the company plans to utilize LBOs for consecutive acquisitions and eventually list on the US market.
The proceeds will primarily be used for the acquisition of TEG Consulting, post-merger integration, infrastructure development, and strengthening the organization for future acquisitions. A 'Search Fund' is a business succession model originating from US MBA programs where entrepreneurs raise capital to acquire and manage established SMEs. This deal is recognized as the first case of a Japanese national successfully forming a search fund in the US and completing an acquisition.
Akiyama Capital reached this milestone in approximately nine months since its expansion into the US in August 2025—roughly 2.5 times faster than the industry average of two years. The target, TEG Consulting, is a 30-year-old executive search firm specializing in the Private Equity sector. Operating across four East Coast locations, its clients include major firms such as BlackRock and Ansell. Financial highlights for TEG include annual revenue of approx. 600 million JPY and an EBITDA margin of around 25%. The acquisition was executed at a multiple of 5x EBITDA, significantly lower than the US PE market average of 10-12x.
Moving forward, Akiyama Capital aims to execute a 'Roll-up Strategy' starting with TEG. By capturing the immense business succession needs resulting from the retirement of the baby boomer generation, the company plans to utilize LBOs for consecutive acquisitions and eventually list on the US market.
FAQ
Akiyama Capitalが実施した資金調達の規模と使途は？
第三者割当増資により総額510万米ドル（約8.1億円）を調達しました。主な使途はTEG Consultingの買収、経営基盤整備、および今後の追加買収に向けた体制強化です。
買収対象となったTEG Consultingはどのような企業ですか？
創業30年の、プライベート・エクイティ（PE）ファンドに特化した経営幹部層向けエグゼクティブサーチ会社です。米国東海岸に4拠点を展開し、BlackRockなどの有力企業を顧客に持ちます。
Akiyama Capitalの買収スピードが「異例」とされる理由は？
サーチファンド業界では買収実行までに通常2年前後を要しますが、同社は2025年8月の渡米から約9か月で完了しており、業界平均の約2.5倍の速さで実行されたためです。
TEG Consultingの主な業績指標は公開されていますか？
直近の年間売上高は約6億円、EBITDAマージンは約25%です。買収倍率は5x EBITDAであり、米国PE市場の平均的な買収倍率（10〜12x）と比較して割安な水準で取得されました。
今後の成長戦略である「ロールアップ戦略」とは何ですか？
特定の領域で連続的に買収を行うことで規模を拡大する手法です。同社はTEGの人材・ネットワークを起点に、LBOを活用して米国の優良な地方企業を連続買収し、上場を目指す方針です。