Jiro Yasu, CFA

Mr. Yasu founded Tokyo-based VARECS Partners, Ltd. in 2006. Jiro has served as portfolio manager for the VPL-I Trust since 2006. Over that time he has conducted extensive fundamental research on Japanese small cap companies while developing a network of deep relationships with public company executives. Previously, he worked at First Eagle Investment Management, LLC in New York as a member of the product development team, multi-manager portfolio management team, and its Asian equity investment team. Prior to First Eagle, he was an equity sales trader covering Japanese and U.S. accounts at Daiwa Securities America. Jiro holds a BA in Economics with a specialty in Econometrics from Keio University.

Patrick Rial, CFA, CAIA

Mr. Rial joined VARECS Partners in 2015 as Senior Analyst. He joined from J.P. Morgan Securities Japan where he worked in equity strategy and small cap research. Prior to J.P. Morgan, he was a product manager at Morgan Stanley MUFG Securities. Mr. Rial began his career as a financial journalist covering Japanese equity markets. He has been a CFA charterholder since 2011 and a CAIA holder since 2018. He holds a BA in economics and history from Georgetown University.

Yusaku Enoki

Mr. Enoki joined VARECS Partners in 2023 as Senior Analyst. He joined from Brookfield Asset Management where he was responsible for deal sourcing, investment, and post-investment value creation in Private Equity business. Prior to that, he was an investment member at several private equity firms such as Baring Private Equity Asia (now EQT) and L Catterton Asia as well as project manager at Mitsui & Co. He holds MS and BA in Aeronautics and Astronautics from University of Tokyo.

Jeff Musial, CFA

Mr. Musial joined VARECS Partners in 2021 as Senior Analyst. He joined from Burgundy Asset Management in Toronto where he was the Vice President of Asian Equities, focused on Japan. Prior to that, he worked in Asian Equities at RBC Global Asset Management in Hong Kong. Mr. Musial has been a CFA charterholder since 2015, and holds an International MBA from the Schulich School of Business in Canada. He also holds a BA in Psychology from the University of Western Ontario, and attended Nanjing University on a 1-year Mandarin studies scholarship.

Yoshitaka Fukunaga, CFA

Mr. Fukunaga joined VARECS Partners as an Investment Analyst in 2020. Prior to VARECS, he worked at J.P. Morgan Securities Japan in the Equity Capital Markets division since 2018. He holds a BA in Economics from the University of Tokyo.

Yosuke Yano

Mr. Yano joined VARECS as an Investment Analyst in 2009. He also assists with trading and risk monitoring. Prior to VARECS, Yosuke was a proprietary trader at Jyujiya Securities Co., Ltd. investing in Japanese equities since 2003. He holds his MBA from Hitotsubashi University and BA in Accounting from Chuo University. He is a Chartered Member of the Securities Analysts Association of Japan (CMA).

Yoshinori Kushibe

Mr. Kushibe joined VARECS Partners as Chief Compliance Officer in 2023. Prior to VARECS, he worked for Compliance and Risk Management of NN Investment Partners (Japan) Co., Ltd who merged with Goldman Sachs Asset Management Co., Ltd for 12 years. Prior to that, he worked as a fund manager of Japanese equity funds in NN Investment Partners (Japan) Co., Ltd and Resona Bank, Limited. He holds BSc in Applied Chemistry from Keio University. He is a Chartered Member of the Securities Analysts Association of Japan (CMA).