Bain Capital, an American private investment firm, expands in Japan as competition among the world’s largest private equity firms grows.

Last year, Bain increased its Tokyo headcount by 25 percent to score more deals with businesses undertaking overhauls. The private equity firm now has more than 50 employees in Tokyo and is looking forward to hiring more, according to Bloomberg.

In 2020, the US-based company put more than $2 billion into its Japanese transactions, which included a take-private deal by nursing-home provider Nichiigakkan Co.

Managing Director David Gross-Loh also explained that while there has been a lot of uncertainty due to the COVID19 pandemic, Japan continues to be an extremely attractive investment destination for Bain.

According to Gross-Loh, changes in consumer behavior, structural reform in healthcare service delivery and accelerated digital transformation in Japan offer long term opportunities for investment firms like Bain.

Other private equity firms like Carlyle Group Inc. and KKR & Co. have also been hiring in Tokyo as changing consumer behavior during the pandemic has pushed these companies to expand more and revamp their existing business.