Asia-focused investment firm PAG has appointed Koichi Ito and Yoichi Tamagawa as co-heads of its private equity business in Japan, effective January 1 2021.

The two will lead PAG’s Tokyo-based private equity team as the firm continues to accelerate its investments in Japan. “PAG expects to invest several billion dollars in Japanese companies in coming years, as long as opportunities present themselves,” says company spokesman Tim Morrison.

PAG has been active in Japan for more than two decades, with investments in private equity, real estate and absolute return strategies. PAG Real Estate, formerly known as Secured Capital, began operations in 1997 and is one of Japan’s leading real estate investment groups.

In private equity, PAG’s investments include Universal Studios Japan, the theme park operator, and safety equipment manufacturer Joyson Safety Systems (formerly Takata).

Globally, PAG invests in market-leading businesses with a strong Asia focus, primarily in sectors including consumer, healthcare, technology, and business and financial services. Portfolio companies include real estate services firm Cushman & Wakefield, streaming music company Tencent Music Entertainment, restaurant operator Craveable Brands and biopharmaceuticals firm Hisun Bioray.

Before joining PAG, Ito served as managing director and head of investment banking and capital markets in Japan at Credit Suisse. He has 30 years of experience in investment banking, including senior roles at SMBC Nikko Securities, Nomura Securities and Lehman Brothers.

Before joining PAG, Tamagawa served as managing director and a member of the investment committee at private equity firm Marunouchi Capital. He also has 30 years of experience in investment and business development at Mitsubishi Corporation, including secondments to private equity firms Ripplewood Holdings and Marunouchi Capital.