Mitsubishi UFJ Financial Group Inc. is preparing to launch a fund that provides debt financing to Asian startups in an effort to win investment-banking business through subsequent initial public offerings.
Japan’s largest lender will start a $300 million (¥34 billion) fund early next year after upsizing its first joint-venture fund earlier this year, Chief Executive Officer Hironori Kamezawa said in an interview. It will specifically target so-called unicorns, companies with a valuation of at least $1 billion, or those nearing that stage, he said.
"If these companies become successful, they will go on to do an IPO,” he said.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.