Hiroyuki Otsuka is Chief Executive Officer and a Founder of Japan Activation Capital.

Before founding Japan Activation Capital in October 2023, he was the Deputy Head of Carlyle Japan and Managing Director (Partner) leading the carve-out deals from Japanese conglomerate companies. At Carlyle Japan, he drove a number of significant transactions and served as a board member at several portfolio companies, including Chimney Co., Ltd. (currently TSE listed), Tsubaki Nakashima Co., Ltd. (currently TSE listed), CxS Corporation, SENQCIA Corporation (formerly Hitachi Metals Techno, Ltd.), Enewill Inc., Kokusai Kogyo Co., Ltd., and Totoku Inc. (previously a listed subsidiary of Furukawa Electric Co., Ltd.). He has also led the sourcing of the going- private deal of Seiko PMC Co., which was a listed subsidiary of DIC Corporation. He committed to creating value for the portfolio companies and supporting their business transformation to achieve sustainable growth with higher margin, and made significant returns to Carlyle Japan investors.

Also served as an independent board member of DeNA Co., Ltd. (TSE listed) from 2015 to 2019. 

He started his career at Sumitomo Bank (currently Sumitomo Mitsui Banking Corporation) in 1992. Since 1998 after returning back from sponsorship scholarship in UK, he joined Sumitomo Bank (Daiwa SBCM)’s M&A team and worked on multiple collaborative transactions, including the establishment of strategic alliance with Lazard.

In 2001, he joined Carlyle Japan, when Carlyle started its business in Japan, and took a lead on Industrial Sector. In 2002, he joined Lazard and served as a Director at their New York Headquarters as well as in Japan office, leading multiple cross border and domestic transactions. Later, he was promoted to Managing Director and Chief Operating Officer of Japan. 

He returned to Carlyle Japan in 2006, and heading Industrial Sector and invested into multiple transactions where he continued to work until he founded Japan Activation Capital in the late 2023.

He was a member of the “Fair Acquisition Study Group” (2023) and “Challenges for M&A in Japan and Case Studies” (2022/2023) study groups formed by the Ministry of Economy, Trade and Industry

Member of Japan Association of Corporate Executives

Mr. Otsuka received Graduate Degree on European Study from Oxford University in UK and B.A. from Waseda University in Japan.