Nihon PMI Partners, a Japanese healthcare-focused buyout firm, has returned its entire debut fund to investors following a single exit. The 2022-vintage Fund I achieved more than 1x DPI (distributed paid-in capital) after the sale of its stake in home-based care provider Longlife Holdings to the founding family on September 18. The transaction marks a rare early full return for a first-time fund, signaling strong performance despite limited deal history.

Nihon PMI, known for its healthcare specialization, demonstrated disciplined capital deployment and exit timing. The return of capital to limited partners reflects confidence in the firm’s strategy and execution. PE International notes that such outcomes are uncommon for debut vehicles, especially in Japan’s competitive private equity landscape.

The exit underscores growing investor appetite for healthcare-focused funds in Japan, driven by demographic trends and policy support for eldercare services. Nihon PMI did not disclose financial terms, but sources indicate the return met or exceeded investor expectations. The firm is now preparing for its second fundraise, capitalizing on this successful track record.