Ex-Carlyle Executive Invests in Japan Baby Goods Firm Pigeon (1)

An investment company led by former Carlyle Group Inc. executive Hiroyuki Otsuka has bought shares of baby goods maker Pigeon Corp., betting on overseas demand for its products at a time when Japan’s birth rate stays near the lowest in the world.

Japan Activation Capital has already acquired Tokyo-based Pigeon’s stock and has a stake of less than 5%, according to a statement from the two companies. JAC will advise Pigeon’s management as a minority shareholder.

Birth rates are dropping across the world but in countries like the US they remain higher than Japan. JAC said it will support ...