Simpson Thacher represented J-STAR Co., Ltd. (“J-STAR”) in connection with the successful closing of a new series of continuation funds (the “Continuation Series Funds”) that is investing in a newly formed Japanese waste-management conglomerate (the “HoldCo”) that will integrate the operations of four existing portfolio companies acquired from the J-STAR No.3, No.4 and No.5 Series Funds. The Continuation Series Funds closed on approximately ¥17.9 billion in capital commitments from a lead secondary buyer and re-investments from existing limited partners in the J-STAR No.3 and No.4 Series Funds and will invest a portion of the aggregate commitments to fund the acquisition of the existing portfolio companies from the J-STAR No.3, No.4 and No.5 Series Funds. A portion of the Continuation Series Funds’ capital commitments will be reserved to fund future bolt-on investments by or through the HoldCo.~~J-STAR and their management team rolled significant sale proceeds into the Continuation Series Funds. The Continuation Series Funds is investing in the HoldCo alongside J-STAR’s flagship funds, the J-STAR No.5 Series Funds, and certain other investors, including legacy shareholders of the portfolio companies that are being transferred.~~The transaction is understood to be the first ever successful GP-led secondary transaction in Japan.~~J-STAR is a leading Japanese private equity fund sponsor founded in 2006 that has won, or been shortlisted for, the PEI private equity firm of the year in Japan almost every year in the past decade. J-STAR focuses on providing customized investment solutions to stakeholders of Japanese small and medium-sized enterprises.~~The Simpson Thacher team included David Azcue, Adam Furber, Haozhou Qiu and Mai Kristofferson (Asia – Private Funds); Ian Ho, Valerie Fung and Shirley Foo (Asia – M&A); Nancy Mehlman, Caroline Phillips and Matt Lester (Tax); Makiko Harunari, Atsushi Usui and Anuj Shah (Credit); Owen Lysak (London – Private Funds); Rony Rothken (New York – Private Funds); and Jeanne Annarumma (ERISA).