June 13, 2011 – TOKYO (Reuters) - Citigroup <C.N> will close its Japan office for Citi Venture Capital International as the high-growth focused fund management firm has failed to find any attractive investments, two people with direct knowledge of the closure said.
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Citi Venture Capital International, which manages $7 billion in equity investments and committed capital, opened its Japan office in September 2006.
A Tokyo-based Citigroup spokeswoman declined to comment.
CVCI has been active in other parts of Asia and investments include India's BGR energy Systems <BGRE.NS>, a power projects firm, and Belgium-based Hansen Transmissions International NV <HSNT.L> which also has operations in India, according to its website.
This month CVCI invested in Israel's Ness Technologies Inc <NSTC.TA> <NSTC.O>, an information technology service provider, for about $307 million in cash.
(Reporting by Junko Fujita; Editing by Edwina Gibbs)