JIC makes LP investment in BEE ACCELERATE FUND2 LP・ Promoting open innovation between Japanese companies and startups in India andSoutheast Asia
・ Developing fund managers in India and Southeast Asia with a “Japan angle” strategy
・ Driving the creation of new businesses for Society 5.0Tokyo, June 28, 2024 – Japan Investment Corporation (“JIC”) has announced its decision tomake an LP investment of USD30 million in BEE ACCELERATE FUND2 LP (“BAF2”), which ismanaged by BEENEXT Capital Management Pte. Ltd. (“BEENEXT”), a fund that invests inacceleration-stage companies in a wide range of technology sectors, including growth-stage
fintech, e-commerce, and marketplaces, primarily in India and Southeast Asia.
JIC aims to stimulate a virtuous cycle of risk capital to support next-generation industries inJapan. To achieve this vision, JIC promotes open innovation as a means for supporting growthand enhancing the international competitiveness of businesses. JIC approaches thesechallenges by stimulating private sector investments in open innovation together with JIC’s own
investment, while fostering investment professionals.
To achieve its mission, JIC invests in policy-relevant strategic business areas through LP
investments in funds under JIC’s umbrella and in private funds.

About LP investment in BAF2
(1) JIC investment criteria
JIC’s investment criteria* identifies “Driving the creation of new businesses for Society 5.0”
as one of its focus areas. Specifically, JIC believes that it is necessary to provide long-term,large-scale risk capital for social implementation of technologies related to the Fourth IndustrialRevolution, such as AI, IoT, and robotics, as well as business fields that can be globallycompetitive, such as biotechnology, drug discovery, healthcare, mobility, space, materials, andelectronic devices.
*https://www.j-ic.co.jp/en/investment/criteria/(2) Current status of investment market
The creation of new businesses for Society 5.0 requires agile response to rapid changes inindustrial structure and international competitive conditions against the backdrop of the Fourth
Industrial Revolution and other factors, and the development of businesses that can contributeto resolving social issues. To address this challenge, Japanese companies are expected tomove away from their vertical and self-focused approach to R&D and business development
and actively engage in open innovation that transcends industries and organizations.
To promote open innovation among domestic companies, it can be effective for venture capital
firms with a “Japan angle” strategy that supports collaboration between Japanese companies

1and promising overseas startups with cutting-edge technologies and new business models tofunction as a bridge between the two. However, only a limited number of influential fundmanagers that invest in startups in the growing markets of India and Southeast Asia currently
adopt this “Japan angle” as their strategy.
(3) About BAF2
BAF2 invests in startups in a wide range of technology sectors, including fintech, e-commerce,and marketplaces, primarily in India and Southeast Asia.
BEENEXT, the investment manager of BAF2, is actively involved in connecting promising
portfolio startups in India and Southeast Asia with Japanese companies to increase the valueof its investments of its funds and provide LP support. In addition, through community building
activities for entrepreneurs, LPs, etc., it has a proven track record of expanding networks inIndia and Southeast Asia for Japanese companies.
Through its investment in BAF2, JIC will promote open innovation through business alliances
between Japanese companies and promising startups in India and Southeast Asia with theexpectation of contributing to the creation of new businesses and new industries.
BEENEXT, as an investment management company for funds investing mainly in startups inIndia and Southeast Asia, is one of the few fund managers with a “Japan Angle” strategy,
which promotes collaboration between Japanese companies and promising startups in India
and Southeast Asia that have cutting-edge technologies and new business models, supports
Japanese companies in their entry and expansion into the Indian and Southeast Asianmarkets, and supports the introduction of new technologies and business models into theJapanese market. JIC expects that its LP investment in BAF2 will enhance BEENEXT’spresence, lead to increased investment in its funds by Japanese companies, and eventually
result in growth in the number of fund managers with strategies similar to that of BEENEXT.

Overview of BAF2
Name:
Established:
Duration:GP:

BEE ACCELERATE FUND2 LP2022
10 years (with a possible extension of 2 years)BEE ACCELERATE FUND2 GP

Overview of BEENEXT
Name:
Established:
Address:
Representative & CEO:BEENEXT Capital Management Pte. Ltd.
2016
SingaporeTeruhide Sato2

(For reference)
JIC’s fund investment strategy(For reference)
Objectives of JIC’s LP investments
1. Stimulate the supply of risk capital to help companies grow and to enhance their competitiveness
JIC intends to provide capital to areas that are essential from the perspective of strengthening industrial
competitiveness but lack private investment capital (investment strategies, sectors, stages, regions, etc.)with the aim of stimulating private investment capital in the short term and medium-long term.
2. Create diverse investment teams, professionals, and strategies to support a virtuous cycle of risk capital1) Investment teams
JIC promotes growth of the investee funds as a leader in the intermediary of risk capital provided byinstitutional investors (pension funds, foreign investors, etc.) towards the establishment of future funds. This
will be achieved by expanding experience and track records among its fund investment team (managementcompany) and by further improving its ability to respond to institutional investors.
2) Investment professionals
With the cooperation of industry organizations such as JVCA, institutional investors, and investee
managers, JIC supports the research and introduction of best practices of managers and the developmentof human resources serving as investment professionals.
3) Investment strategy

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JIC will add diversity and depth to the market by making an LP investment in funds even for those withstrategies that are not common in Japan yet, in response to their fund raising, including at the time of its
establishment.

About Japan Investment Corporation (JIC)
Japan Investment Corporation (“JIC”) was established on September 25, 2018 under theIndustrial Competitiveness Enhancement Act. JIC’s investment focus areas are driving thecreation of new businesses for Society 5.0, creating "unicorn startups", leveraging promising
untapped regional technologies and promoting business consolidation across industries andorganizations. JIC provides risk capital to these areas through funds independently established
by JIC and LP investment in private funds to promote open innovation and contribute tostrengthening the competitiveness of Japanese industries and expanding the investment
ecosystem.
URL: https://www.j-ic.co.jp/en/

Press Contacts
Japan Investment Corporation
Corporate Planning, Communications Group:
Okumura (070-3960-3640), Mikado (080-8098-0445)
Tokyo Toranomon Global Square 9F,
1-3-1 Toranomon, Minato-ku, Tokyo 105-0001

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