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Team

Leadership
Toyoharu Tsutsui
Toyoharu Tsutsui
Chairman, Representative Director

Born in 1951 in Fukuoka, Japan. Built his career at Nomura Securities, Morgan Stanley, and CS First Boston (now UBS), where he served as Tokyo Branch Manager and Japan Representative, before establishing his own firm in 1996. For over 30 years he has led an independent financial holding company, and at CQC continues to be involved in final decision-making on outbound M&As by Japanese companies and inbound investment by foreign companies into Japan.

Wharton MBA · Harvard AMP · Over half a century of investment banking

Toyoharu Tsutsui led the acquisition of Tokyo Stock Exchange membership at two foreign investment banks and served as Tokyo Branch Manager and Japan Representative at CS First Boston Securities (now UBS), before launching his independent investment banking business on July 4, 1996. Over 30 years since establishment, he has built the firm into an independent financial holding company comprising six operating subsidiaries, engaged in securities, asset management, M&A advisory, private equity investment, and Vietnam operations. Mr. Tsutsui continues to oversee the entire group's management today.

Co-founding member and Japan Representative of Global Alliance Partners (GAP), an international cross-border M&A alliance. Established in Hong Kong in 2008, GAP now spans independent investment banks across more than 20 countries. The alliance forms the foundation for delivering neutral, cross-border solutions, uniquely available from an independent firm, for outbound M&As by Japanese companies and inbound investment by foreign companies into Japan.

Notable achievements at Nomura Securities include leading the 1981 Singapore IPO of Isetan (the first Singapore listing by a Japanese company, with a base of 2,500 individual shareholders) and securing the IPO mandate for Jurong Shipyard (IHI Group). Post-independence, key milestones include the 2003 acquisition of Prudential Life's Japan-based securities subsidiary (the launch of Capital Partners Securities), the successful execution of one of Japan's largest block trades, JPY 152.9 billion of Japanese equities, in March 2006, the formation in December 2006 of Japan's first Vietnam-focused fund (JPY 30 billion), and the launch of Capital Asset Management in 2010.

External roles: Chairman of the Foundation of Japan-Vietnam Cultural Association (April 2006 – present, approx. 20 years); Director of the Noda Ikuei Foundation (public-interest); Member of the Kojunsha Society; Member of the Tokyo Rotary Club.

Career

  • Joined Nomura Securities Co., Ltd. (Kyoto Branch, Sales)
  • Singapore Nomura, Director / Executive Vice President
  • Joined Morgan Stanley Securities
  • First Boston Securities (Head of Investment Banking, Tokyo Branch Manager / Japan Representative, Director of the Japan Securities Dealers Association)
  • Founded Capital Partners Holdings Co., Ltd.; Representative Director (current)
  • Co-founded Global Alliance Partners; Japan Representative (current)
  • Established Capital Financial Holdings Co., Ltd.; Representative Director (current)
  • Capital Quest Corporation, Ltd. — Chairman, Representative Director (current)

Education

  • Kyushu University, Faculty of Economics, B.A. in Economics
  • The Wharton School, University of Pennsylvania, MBA
  • Harvard Business School, Advanced Management Program (AMP/ISMP)
Toshiyuki Shoji
Toshiyuki Shoji
President & Executive Officer

Born in 1962 in Japan. Graduated from the University of Tokyo, Faculty of Law; Michigan MBA; CFA charterholder. Spent 23 years at Nomura Securities (including 8 years in New York) before joining Rakuten, MA Platform (Mori Trust Group), and Tokai Tokyo Securities, then joining Capital Quest. Brings deep expertise across M&A advisory, principal investment, and real estate finance, with broad involvement in real estate securitization (REITs, CMBS). At CQC he leads client-facing transaction decision-making at the front line.

Univ. of Tokyo · Michigan MBA · CFA · ~40 years in finance

Toshiyuki Shoji is CQC's head of execution, leveraging a 23-year career in investment banking and principal investment at Nomura Securities (8 years in New York), followed by experience in M&A advisory and principal investment at Rakuten, MA Platform, and Tokai Tokyo Securities.

At Nomura, he was engaged in real estate finance and investment in both the US and Japan, alongside principal investment activities. His US-Japan real estate transaction experience extended into broad involvement with REITs and CMBS (Commercial Mortgage-Backed Securities) and other real estate securitizations.

Post-Nomura, his career encompassed business development and corporate venture capital investment at Rakuten Group, large-scale international resort development strategy at MA Platform (Mori Trust Group), and M&A advisory at Tokai Tokyo Securities. This dual perspective, operating-company principal and advisor, has become CQC's distinct edge in translating between buyer- and seller-side logics to structure transactions.

Areas of expertise: capital markets transactions, alternative investment, M&A and capital-raising advisory, and real estate finance and investment.

Career

  • Nomura Securities (Tokyo & New York, 23 years total; 8 years in NY. Investment banking, real estate finance & investment, principal investment)
  • Rakuten Group (business development, venture and private equity investment)
  • MA Platform Co., Ltd. (Mori Trust Group; international resort development strategy)
  • Tokai Tokyo Securities and other financial institutions (M&A advisory)
  • Capital Quest Corporation, Ltd. — President & Executive Officer (current)

Education & Credentials

  • The University of Tokyo, Faculty of Law
  • University of Michigan, MBA
  • CFA Institute, Chartered Financial Analyst
Hiroaki Hasegawa
Hiroaki Hasegawa
General Manager, Investment Research Department

Graduated from Keio University, Faculty of Business and Commerce. Joined Nomura Investment Advisory's Systems Promotion Office in 1986 and spent approximately 39 years in quantitative asset management at Nomura Group. Held positions including Head of Quantitative Investment at Nomura Asset Management Toshin and Senior Portfolio Manager in the Product Development and Advisory Investment teams. As one of Japan's leading practitioners of multi-asset quantitative model management, he supports the analytical foundation behind CQC's investment decisions, transaction analysis, and fund formation.

Keio Univ. · CMA · IT Passport · Career in quantitative management at Nomura Group

Hiroaki Hasegawa is CQC's head of investment research, having spent approximately 39 years in Nomura Group's asset management division, including pioneer work in quantitative modeling and advisory investment, since joining Nomura Investment Advisory's Systems Promotion Office, a pioneer of quantitative management in Japan, in 1986.

From 1986 through 2001, over 15 years at Nomura Investment Advisory's Systems Promotion Office, he engaged in quantitative research, quantitative management, and overseas business alliances. His coverage spanned equity stock-selection models (alpha forecasting at the individual-stock level), asset allocation models (multi-asset allocation), foreign exchange models, and commodity models. He was at the core of the early adoption in Japan of quantitative management techniques imported from the US in the late 1980s.

In 2001, he was appointed Head of Quantitative Investment (concurrently Senior Portfolio Manager) at Nomura Asset Management Toshin. From 2004, as Senior Portfolio Manager in Nomura Asset Management's Product Development team, he led the structuring and management of new products for nine years. From 2013, as Senior Portfolio Manager in the Advisory Investment team, he oversaw bespoke investment advisory and dedicated mandates for pension funds and institutional investors over 12 years.

He brings to CQC his deep experience in long-term quantitative investment, new-product development, and institutional advisory at one of Japan's largest asset management firms, as the foundation supporting the quality of CQC's investment decisions, transaction analysis, and fund formation.

Career

  • Joined Nomura Investment Advisory Co., Ltd., Systems Promotion Office (quantitative research, quantitative management, overseas business alliances; equity stock-selection, asset allocation, FX and commodity model development)
  • Nomura Asset Management Toshin, Head of Quantitative Investment (concurrently Senior Portfolio Manager)
  • Nomura Asset Management Co., Ltd., Senior Portfolio Manager, Product Development team
  • Nomura Asset Management Co., Ltd., Senior Portfolio Manager, Advisory Investment team
  • Joined the Group; General Manager, Investment Research Department (current)

Education & Credentials

  • Keio University, Faculty of Business and Commerce
  • CMA (Chartered Member of the Securities Analysts Association of Japan)
  • IT Passport (national qualification)
Members
Shogo Yumiba
Shogo Yumiba
Manager, Investment Research Department

Born in Nagasaki, Japan in 1984. Joined CQC in 2026 after working at a securities firm, Sumitomo Mitsui DS Asset Management, and Capital Asset Management. As Manager at the Investment Research Department, he leads financial analysis, the preparation of Information Memoranda and other materials, and buyer-approach strategy for cross-border M&A transactions. Involved in sell-side FA assignments between Japan and Southeast Asia, real-estate-related M&As, and structured finance transactions. Also authors research on Vietnam-centered Southeast Asian macro and equity markets and periodic reports for institutional investors.

Career

  • Capital Quest Corporation, Ltd., Investment Research Department, Manager (research, materials, and content production related to investment banking activities)
  • Capital Asset Management Co., Ltd., Marketing Division (distributor liaison, product onboarding, materials and content production)
  • Sumitomo Mitsui DS Asset Management Co., Ltd. (formerly Sumitomo Mitsui Asset Management), Investment Education & Support Department (training, seminars, distributor management)
  • Shinko Securities Co., Ltd. (now Mizuho Securities), individual and corporate asset management consulting
Yuko Sato
Executive Secretary
CFH
Keiko Nakagawa
Investment Banking Department

Graduated from Dokkyo University, Faculty of Foreign Languages, Department of English; studied at Iowa State University. Joined CQC in 2025 after working at Capital Partners Securities (Products) and Capital Asset Management (Marketing). At the Investment Banking Department, she oversees contract administration, product/transaction operations, and English-language proofreading of materials for institutional investors. Holds the EIKEN Grade 1, Class-1 Sales Representative, and Internal Control Manager qualifications.

Education

  • Dokkyo University, Faculty of Foreign Languages, Department of English
  • Iowa State University (study abroad)

Career

  • Capital Quest Corporation, Ltd., Investment Banking Department
  • Capital Asset Management Co., Ltd., Marketing Department
  • Capital Partners Securities Co., Ltd., Products Division

Qualifications

  • EIKEN (Test in Practical English Proficiency) Grade 1
  • Internal Control Manager
  • Class-1 Sales Representative (Securities)
  • Bookkeeping Test (Nikkei) Level 2
Minzhen Yan
Investment Banking Department

Born in mainland China in 2000. Graduated from China University of Political Science and Law (Bachelor of Laws); LL.M. from the University of Southern California. Held legal internships at King & Wood Mallesons and ByteDance (Beijing) before joining CQC in 2025. Supports cross-border transactions in China and Hong Kong at the Investment Banking Department, including contract review and on-the-ground research. Trilingual in Japanese, Chinese (Mandarin / Cantonese), and English.

Brings expertise in Chinese law and cross-border transaction practice to CQC's Investment Banking Department, supporting transactions in Greater China, including contract review, on-the-ground research, and trilingual communication and translation, to underpin the structuring and execution of Greater China transactions.

Education

  • China University of Political Science and Law, Faculty of Law
  • University of Southern California, LL.M.

Career

  • Capital Quest Corporation, Ltd., Investment Banking Department
  • King & Wood Mallesons (legal intern)
  • ByteDance (legal intern)

Languages & Qualifications

  • Trilingual in Japanese, Chinese (Mandarin / Cantonese), and English
  • Class-1 Sales Representative (Securities)
  • AI Passport

We support the activities of Japan-Vietnam Cultural Association

Foundation of Japan-Vietnam Cultural Association — Since 1992