Tokyo Star Bank emerged in 2001 from the bankruptcy in 1999 of Tokyo Sowa Bank through a partial buyout and capital injection by the U.S. PE fund Lonestar.
The next year, Advantage Partners made a tender offer bid and acquired all outstanding shares for JPY 250 billion, of which JPY 170 billion was financing provided by syndicate whose members included Lonestar, Shinsei Bank, and Credit Agricole.