How TVCcompares

Comparison reflects typical market practice; individual firms vary.

TVC
Typical local broker
Global investment bank
Access to Japanese strategic buyers
Direct, presented in Japanese
Limited
Selective; larger deals
Accounting, tax & legal in-house
Yes, in-country
Rarely
Separate advisers
Deal size focus
Small to mid-market
Small
Large-cap
Upfront fees
None
Often charged
Retainer is standard
Working languages
Japanese, English, local
Local, English
English

03 The guide

22 Tokyo Venture Capital The Owner’s Passage