(Bloomberg) -- When veteran money manager Shuhei Abe met with Warren Buffett in Tokyo earlier this year, they exchanged similar thoughts about value investing in Japan.Most Read from BloombergTrudeau Is Stuck in India With Faulty Aircraft After Hearing Criticism From ModiIndia’s G-20 Win Shows US Learning How to Counter China RiseMeloni Tells China That Italy Plans to Exit Belt and RoadBiden Doubts China Able to Invade Taiwan Amid Economic WoesBoss of Failed Crypto Exchange Gets 11,000-Year Sent
Now the founder of Sparx Group Co. is seeking to put his ideas into action with a so-called engagement fund to invest in well-run but undervalued Japanese businesses. He’s seeking to attract about $1 billion from global institutional investors over the next three months, and $2 billion by 2024, for the Sparx Owners’ Commitment Fund.
Aware of the shifting tide, investors in the US and Europe want to build positions in Japan for the first time, according to Abe, who is offering his dollar-denominated fund as a way in. Still, with less than $100 million in commitments, it has a long way to go. They “want to work with us,” Abe said. “This strategy is very difficult to convince Japanese investors. Foreign investors understand my proposal because they’ve done it in the States.”
“He was the first representative of independent investment in Japan and he’s proud of that,” said Haruhiro Nakano, the former chief executive officer of Saison Asset Management Co., who has known the Sparx CEO for more than a decade. It took more than a year for Sparx to become friendly with management at Maruwa, and talks are still ongoing. Maruwa didn’t respond to a request for comment on working with the asset manager.
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