Trustees

What Trustees does

Trustees is a Tokyo-headquartered multi-entity professional services firm founded in 2006, providing integrated M&A advisory, tax, accounting, valuation, and legal support to Japanese listed companies, large corporations, investment funds, and high-net-worth individuals. The firm operates through four legal entities (Trustees Terada Matsuzaki Accounting Office, Trustees FAS Inc., Trustees Consulting LLP, and Trustees Advisory Inc.) and delivers eight core service lines: M&A structure advisory, M&A strategy execution, private restructuring/legal support, valuation, real estate fund advisory, investment fund advisory, international tax, and asset tax. Its professional team combines certified public accountants and tax accountants with Big4 and major trust banking pedigree, handling 100+ M&A engagements annually and an average of 5 listed-company timely disclosures per year.

The firm's monetization is anchored in professional service fees tied to engagement complexity, supplemented by a growing proprietary fund management business. Trustees has built three investment funds: Fund 1 (mezzanine, total size 34 billion yen as of mid-2024), Fund 2 (mezzanine, 12 billion yen formed in February 2026), and Fund 3 (energy storage systems, 6 billion yen formed in February 2026). Go-to-market is referral-based, relying on relationships with financial institutions, M&A intermediaries, private bankers, and law firms rather than active sales motion. The firm's Singapore liaison office (established 2015) supports cross-border work, though the primary operating geography is Japan.

Notable enterprise engagements include 鬼怒川ゴム工業 (Kinegawa Rubber Industries, 600 billion yen LBO valuation/FA), ワークスアプリケーションズ (Works Applications, 200 billion yen MBO valuation and special committee), 大都魚類 (Daitogyorui, 4 billion yen subsidiary acquisition), 東京美装興業 (Tokyo Biso Kogyo, 10 billion yen LBO), and サコス (Sakos, 18.5 billion yen subsidiary acquisition). The firm holds Type 2 Financial Instruments Business and Investment Advisory registrations (since 2009), 経営革新等支援機関 certification (since 2018), and has received MS-Japan's Best Professional Firm award in 2019 and 2020.

Name

Trustees

Legal name

トラスティーズ・寺田松崎会計事務所

Website

https://trustees.jp

Company type

Private

Founded year

2006

Operating status

Operating

Headcount range

11–50 employees

Short description

Trustees is a Tokyo-based multi-entity professional services firm providing integrated M&A advisory, tax, accounting, valuation, and proprietary investment fund management for Japanese listed companies, large corporations, and high-net-worth individuals.

Ownership category

akta.pro rank

Product category

Management Consulting / M&A Advisory

NAICS

Trusts, Estates, and Agency Accounts (52592)

SIC

Investment Advice (6282)

akta.pro primary industry

Institutional Consulting RIAs (OCIO/Endowments/Foundations/Pensions) (FSAAACAG)

Keywords

• M&A advisory services
• Corporate valuation services
• Tax consulting services
• Investment fund advisory
• Business succession planning

Headquarters

HQ city

Tokyo

HQ country

Japan

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Tax Compliance Services: Bookkeeping, various tax filing services for corporate and individual clients. Managed at approximately 21 companies per compliance staff member.
2. M&A Advisory Services: M&A scheme advice, FA (financial advisory) services, valuation, tax due diligence, special committee advisory. Over 100 M&A-related engagements per year.
3. Valuation Services: Valuation of ordinary shares, preferred shares, share subscription rights, stock options, and other equity-linked instruments for litigation, M&A, and compliance purposes.
4. Fund Management: Trustees Fund operations including mezzanine investments. Fund 1 total: 34 billion yen, Fund 2 and 3 investments in battery storage (6 billion yen) and mezzanine (12 billion yen).

Pricing tiers

Go-to-market motion2 records

Distribution channels1 record

Marketing channels3 records

Core offering

Trustees is a Tokyo-based professional services firm delivering integrated M&A advisory, corporate valuation, tax (domestic and international), accounting, corporate rehabilitation, and investment fund structuring services. Through four group entities, the firm advises listed companies, large corporations, business owners, and funds on transactions, restructuring, succession planning, and proprietary mezzanine and energy-storage investment funds.

Product overview

Trustees is a professional services firm providing integrated M&A advisory, tax, accounting, and financial advisory services through eight core service offerings: M&A Structure Advisory, M&A Strategy Execution Support, Private Restructuring/Legal Support, Valuation, Real Estate Fund Advisory, Investment Fund Advisory, International Tax, and Asset Tax. The firm operates four entities (Trustees Terada Matsuzaki Accounting Firm, Trustees FAS Inc., Trustees Consulting LLP, and Trustees Advisory Inc.) and manages proprietary investment funds including the Trustees Fund No. 1 (mezza nine fund, 2.1 billion yen), Fund No. 2 (1.2 billion yen), and Fund No. 3 (energy storage systems, 600 million yen).

Differentiator

Problem solved

Functional benefit

Products and services

• M&A Structure Advisory (M&A ストラクチャーアドバイス) Integrated M&A scheme design, tax and accounting structuring advisory, and tax authority pre-consultation for corporate buyers, sellers, and special committees.
• M&A Strategy Execution Support (M&A 戦略実行支援) End-to-end M&A execution support including project management, due diligence, price/condition negotiations, integration planning, and post-merger monitoring.
• Private Restructuring & Legal Support (私的整理・法的支援業務) Corporate rehabilitation support including creditor negotiations, rehabilitation planning, financial statement preparation, and tax advice on debt-relief gains.
• Valuation (バリュエーション) Valuation of common stocks, preferred stocks, stock options, and other equity-linked instruments for price negotiations, court proceedings, M&A, and financial reporting using DCF, comparable-company, Black-Scholes, and Monte Carlo models.
• Real Estate Fund Advisory (不動産ファンド) Real estate fund and renewable energy (solar) fund advisory covering fund structuring, accounting opinions, tax opinions, and fund management support for Japanese GK/TK vehicles.
• Investment Fund Advisory (投資ファンド) Investment fund advisory covering fund structuring for domestic and foreign investors, acquisition methods, financing schemes, and exit strategies from tax and accounting perspectives.
• International Tax (国際税務) International tax advisory covering inbound and outbound investments, PE issues, transfer pricing, tax haven issues, thin capitalization, and withholding tax treatment.
• Asset Tax (資産税) Asset tax advisory for business owners addressing income tax, corporate tax, gift tax, and inheritance tax issues, with focus on business succession planning and wealth management.
• Trustees Fund No. 1 (トラスティーズ1号ファンド) Proprietary mezzanine investment fund providing mezzanine financing to portfolio companies. Total fund size 34 billion yen.
• Trustees Fund No. 2 Mezzanine Investment Fund (トラスティーズ2号メザニン投資ファンド) Second-series proprietary mezzanine investment fund with total size of 1.2 billion yen.
• Trustees Fund No. 3 Energy Storage Investment Fund (トラスティーズ3号系統用蓄電所投資ファンド) Third-series proprietary energy storage system (蓄電所) investment fund with total size of 600 million yen.

Quantifiable outcome

• 100+ M&A engagements per year
• +2 more outcomes

Named customers5 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Six partnerships are on record, tiered core and moderate.

• Financial Institutions (Banks)coreChannel Partner/ Reseller/ DistributorStrong referral relationships with banks that introduce clients for M&A, restructuring, and tax advisory services. Banks serve as key referral sources for the firm's professional services.
• M&A Intermediary CompaniescoreChannel Partner/ Reseller/ DistributorReferral network with M&A intermediary companies that introduce clients requiring specialized tax and valuation advisory services during transactions.
• Private BankerscoreChannel Partner/ Reseller/ DistributorStrong relationships with private bankers who refer high-net-worth clients for succession planning, asset tax, and entity structuring services.
• Law Firms (律师事务所)coreImplementation/ SI/ Consulting PartnerCollaborative relationships with law firms for integrated legal and tax advisory services, particularly in M&A structuring and corporate rehabilitation cases.
• Audit Firms (監査法人)moderateImplementation/ SI/ Consulting PartnerCoordination with audit firms for pre-consultation on accounting issues and integrated service delivery on corporate restructuring and organizational change matters.
• National Tax Agency (国税庁)moderateOthersFormal consultation with tax authorities (国税局) for advance rulings on complex tax structures, particularly for fund and international tax matters.

Scale indicators10 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Nihon M&A Center: Japan's largest dedicated M&A intermediary specializing in SME succession M&A — directly comparable in serving mid-market Japanese companies on M&A and valuation, though Trustees differentiates with deeper tax/accounting and proprietary fund offerings.
• M&A Capital Partners: Listed Japanese M&A intermediary focused on SME succession deals. Competes with Trustees for advisory mandates on smaller-cap M&A transactions and competes for similar referral relationships with banks and regional institutions.
• Yamada Consulting Group: Japan-based consulting firm offering M&A advisory, business succession, and tax/valuation services to mid-market companies — closely comparable to Trustees' multi-disciplinary model serving SMEs and business owners.
• Recof (RECOF M&A Data / Mitsubishi UFJ Capital affiliate): Japanese M&A advisory and data firm — Trustees is ranked 8th in Recof's Japan M&A advisory ranking. Recof runs the deal league tables Trustees is benchmarked against and co-hosts the seminars in which Trustees positions thought leadership.
• Frontier Management: Japanese M&A advisory boutique specializing in mid-market transactions and succession-related deals — a direct competitor for the same SME/large-corporate M&A mandates that drive Trustees' deal flow.

Broad incumbents

• Deloitte Tohmatsu FAS: Big4-affiliated financial advisory practice offering M&A, valuation, restructuring, and forensic services in Japan. Trustees is essentially a boutique competitor to Deloitte FAS, and Trustee managers/many professionals have Deloitte alumni pedigrees.
• EY Advisory (Japan): Big4 advisory practice offering transaction advisory, valuation, restructuring, and tax services in Japan. Trustee manager Nozomi Matsushita is an EY alumna, illustrating the talent-flow overlap and direct competitive positioning.
• PwC Advisory (Japan): Big4 deal advisory practice in Japan covering M&A, valuation, due diligence, and tax structuring — directly overlapping with Trustees' integrated service lines. Trustee director Aya Ito is a PwC Advisory alumna.
• KPMG FAS: Big4-affiliated deal advisory practice in Japan providing M&A advisory, valuation, restructuring, and PMI services. Trustee founding partner Kumagai previously worked at KPMG FAS, and the two compete for the same Japanese M&A and valuation mandates at different scales.

Regional players

• Japan Investment Advisors (JIA): Japanese private investment and advisory firm focused on mezzanine and structured equity investments — comparable to Trustees' own fund management operations (Funds 1, 2, 3) and a likely competitor/co-investor in Japanese mezzanine deals.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Trustees