Sweden¡¯s EQT is buying a majority stake in a Japanese software startup specializing in human resource management, a rare attempt by a global private equity giant to boost returns through young enterprises in the Asian country.

EQT will own more than half of Tokyo-based HRBrain, while the startup¡¯s founder Hiroki Hori will retain a significant minority stake in the company. The private equity firm did not disclose the transaction value or other details of the terms.

¡°It should be good for a startup to really have a chance at growing big while it¡¯s still private,¡± said Tetsuro Onitsuka, a partner at EQT Partners Japan, in an interview. ¡°I don¡¯t think there¡¯s a lot of that mentality in Japan yet. Our deal could serve as an example.¡±

Young companies in Japan often choose to go public while they are still small, a move that usually helps the company gain more public recognition and brand value. But it has been touted as one of the reasons behind the lack of so-called unicorns, a term for unlisted enterprises with a valuation of $1 billion (?148.2 billion).

HRBrain is the third-largest among Japanese HR software companies in terms of revenue, according to EQT. The largest firm is Plus Alpha Consulting, which provides a service called Talent Palette, followed by Kaonavi. Plus Alpha was valued at $770 million and Kaonavi at $178 million based on their closing share prices Monday.

HRBrain, which offers software that allows companies to simplify and streamline internal talent evaluation, could grow into a unicorn over the long term, according to Onitsuka. He declined to comment on the startup¡¯s valuation or revenue figures.

EQT plans to ink similar deals with Japanese startups going forward, Onitsuka said, without elaborating. The acquisition of HRBrain was handled by the company¡¯s BPEA EQT Mid-Market Growth Fund.

¡°Like we do with all of our deals, we¡¯re bidding for a home run,¡± Onitsuka said.