Information on the target
ICJ Search Fund Investment has announced its participation in a capital increase of $5.1 million (approximately 810 million yen) in Akiyama Capital Inc., a Delaware-based company led by Shinemon Akiyama. This funding round included three institutional investors, including Theta Times Ventures, and 20 individual investors and business companies from both domestic and international markets. The raised capital will primarily be used for the acquisition of TEG Consulting, as well as for post-acquisition integration, management infrastructure development, and strengthening the framework for future acquisitions.
TEG Consulting, the target of this acquisition, is an executive search firm specializing in private equity funds, operating for 30 years. With a presence in four locations on the U.S. East Coast (New York, New Jersey, Rhode Island, and Maryland), TEG Consulting has a team of 14, including two senior partners and 11 consultants. The firm has a strong client base, including notable companies such as BlackRock, Clearwave Fiber, Con Edison, and Ansell, providing executive search services primarily to investment funds and their portfolio companies.
Industry overview in the target’s specific country
The U.S. market is currently experiencing a significant transition as the baby boomer generation of owner-managers approaches retirement. This demographic shift is expected to create a substantial business succession demand, estimated at around 600,000 cases annually, as reported by the McKinsey Institute for Economic Mobility. The aging of business owners and the lack of successors in the middle and small enterprise sector is becoming a critical social issue in the United States.
Akiyama Capital aims to address these challenges by building a new growth platform within this vast market. The firm is uniquely positioned as the first search fund established and operated by a Japanese individual in the U.S., with aspirations to become the largest roll-up search fund in the country, ultimately targeting a public listing in the U.S. market.
Typically, search funds take about two years from sourcing potential acquisition targets to executing the first acquisition. However, Akiyama Capital has demonstrated exceptional speed, closing its first acquisition just nine months after entering the U.S. market in August 2025. This rapid execution is approximately 2.5 times faster than the industry average, showcasing the firm's efficiency and strategic approach.
TEG Consulting's acquisition marks a pivotal step in Akiyama Capital's roll-up strategy, leveraging the firm's connections within the private equity industry and its ac…