Taiyo Fund, which is jointly managed by Taiyo Pacific Partners, LP and by WL Ross & Co. LLC, announced today that it has accumulated a position in excess of 5% in Nagaileben Co. Ltd. (7447). The Taiyo Fund is known for its cooperative investment style working with senior management to enhance shareholder value.

Wilbur L. Ross Jr., Chairman of the Taiyo Fund investment committee said, "As the Fund has grown and our interaction with management has increased, we have found that there is a great receptivity among Japanese companies to work more closely with non-traditional shareholders."

Brian K. Heywood, Chief Executive Officer of Taiyo, added, "Nagaileben is an excellent example of the strong fundamental value, intellectual curiosity, and senior management leadership that we look for in a portfolio company."

When asked for comment, Mr. Ichiro Sawanobori, president of Nagaileben said, "In the midst of a rapidly changing public equity environment, we recognize the importance of an effective capital management strategy. The Taiyo Fund has helped us understand the importance investors place on a balanced capital management plan that can properly enhance shareholdersaddSchoolForm returns. We are open to their input and will continue our internal efforts to enhance our corporate value. "

The Taiyo Fund was organized in July 2003 with an initial equity investment of $200 million by CalPERS, the State of California Public Employees Retirement System. The Fund is co-managed by WL Ross & Co. LLC and by Taiyo Pacific Partners LP. The Ross firm has sponsored $2.5 billion of alternative investments since its founding in 2000. Taiyo Pacific Partners, located in Monterey, California, was founded in 2003 by bilingual professionals dedicated to friendly shareholder activism in Japan.

For information contact:

Wilbur L. Ross
212-826-2111
wlross@wlross.com

Brian K. Heywood
425-986-5301
bheywood@tppllc.com

Added on July 19, 2005

Filed Under

All, Japan, Press Releases by Blog