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.