TOKYO -- Tokyo-based private equity firm New Horizon Capital will establish a fund to support the reconstruction of businesses by purchasing nonperforming loans from financial institutions, Nikkei has learned, as the pandemic continues to wallop the economy.
New Horizon will set up a new company, tentatively named Post Corona Recovery or PCR, that will manage the NPL fund. PCR is aiming to raise 20 billion yen ($192 million) to 30 billion yen mainly from regional banks to buy the NPLs of struggling companies at market price from creditors. It expects to purchase NPLs of around 100 billion yen in book value.
