Private Equity Investment & Consulting

Fumitoshi Fujiwara

- CEO, Founder

Mr. Fujiwara began his career at Shuwa Corporation in 1989, executing M&A transactions in the finance division for clients including Chujitsuya, Inageya, Isetan, Matsuzakaya and Maruetsu. He was subsequently seconded to Shuwa Investments Corporation in California, where he structured a USD 240 million refinancing across a 42-property portfolio anchored by ARCO Plaza (now City National Plaza), and participated in acquisition bids for Saks Fifth Avenue and Bloomingdale's.

In 1993 he joined Koei Co., Ltd. (now Koei Tecmo Holdings) as a core member of its Tokyo Stock Exchange listing team, and following the IPO served as Executive Officer and CFO, overseeing administration, corporate planning and investor relations. He was then the youngest CFO of a TSE-listed company. He also led the company's treasury and alternative investment activities, growing the investment division to contribute roughly 30% of group ordinary profit.

In 2000 he co-founded Spiral & Star Co., Ltd. as Director, CFO and CIO, investing in and supporting the listings of 13 companies including Digital Hollywood and IMJ (approx. JPY 5 billion deployed, 38% IRR).

In 2001 he founded AC Capital Inc. as Representative Director and Managing Partner, raising a JPY 20 billion buyout fund seeded by a JPY 10 billion commitment from the Development Bank of Japan alongside insurers, financial institutions and corporates. The fund completed six buyout and turnaround investments, including the take-private of Tully's Coffee Japan — the first full squeeze-out structure executed in Japan, later sold to Ito En — and the restructuring of OK Foods, the first case designated under Japan's Industrial Revitalization Law, later sold to Nippn. The fund delivered a 27% IRR.

He founded Eaglestone Capital Management Inc. in 2009 and serves as its Representative Director and Founder, combining proprietary investment with hands-on consulting. Mandates include the redevelopment of the former Seika Elementary School site in Namba, Osaka with Mapletree Investments (now the EDION flagship building, a JPY 20 billion project), the acquisition of Takefuji settlement claims alongside Fortress Investment Group (JPY 10 billion), 12 corporate and venture investments, and oversight of a NASDAQ listing project.

He concurrently serves as Director and CFO of MEDIROM Healthcare Technologies Inc. (2017–present), which he led to its NASDAQ listing in 2020 and through four M&A transactions; Managing Partner of Linden Capital Partners LLC (2023–present); and Independent Director and Chair of the Audit, Compensation and Nominating Committees of SBC Medical Group Holdings Inc. (2024–present).

He is the only Japanese executive to have taken companies public as CFO in both the Japanese and U.S. markets.