30 September 2022
WM Partners Co., Ltd.
Alternative Investment Capital Limited
Announcing the Completion of the Offering of “Japan Private Equity Opportunity
2021” Fund: Secondary Investment in Private Equity Funds
WM Partners Co., Ltd (President: Yasuo TOKUNAGA, “WM”) and Alternative

Investment Capital Limited (President: Reijiro SAMURA, "AIC") announced thatJapan Private Equity Opportunity 2021 Investment Limited Partnership (“theFund"), which jointly operates WM as a general partner and AIC as its investment
adviser, completed an offering on September 30, 2022, with the final fund size
reaching the maximum offering amount of approximately 10 billion JPY.
The Fund was established on September 30, 2021 for the purpose of investment in"LP Secondary," which is the secondary acquisition of limited partnership interestsof private equity funds such as buyout funds and venture capital funds ("PE Funds").
Through the operation of the Fund, WM and AIC provide appropriate liquidation
opportunities to domestic investors and propose structures that contribute tosecuring flexibility in fund management, such as extending the fund term, to fundmanagers of PE funds.
With broad support for the significance of these efforts, we received applications
that exceeded the target amount from a diverse range of investors, including regionalbanks, securities companies, credit unions and other financial institutions, mutual
aid associations, operating companies and asset management companies, in addition
to our initial investors, Sumitomo Mitsui Banking Corporation and the Development
Bank of Japan Inc..
Through the achievement of this fund, we intend to contribute to the further
development of the domestic PE fund market.
WM President and Managing Partner Yasuo Tokunaga"The Partnership started investing last year and has already acquired limited
partnership interests in domestic buyout funds from domestic investors. Overseas,
there are frequent transfers of fund equity interests from domestic investors.

However, there are not many examples of transactions in Japan. Some investors inPE funds, which are low liquidity and long-term holdings, are faced with thechallenge of preferring to transfer fund equity interests in a mid-term way throughasset control, portfolio rebalancing, and review of investment strategies. We willfurther accelerate our efforts in the future as a solution to such issues for investors."
AIC President /CIO Reijiro Samura"Along with the market expansion, PE funds have become a key asset class forinvestors. Securing liquidity is becoming an increasingly important issue for bothinvestors and fund managers. With the rising volatility of the market and theprolonged investment horizons, there are more occasions for consultations from fundmanagers, and we expect the domestic secondary market to expand in multiple
dimensions, both quantity and quantity."＜Contact for inquiries＞
WM Partners Co., Ltd.
Kakimi koujimachi Annex Bldg.4F, 3-2 Kojimatchi, Chiyoda-ku, Tokyo 102-0083
JapanTEL 03-6261-4601
Contact person: Shohei SUZUKI
E-mail jpeof@wmpartners.jp
Alternative Investment Capital Limited
6F, Tekko Building 1-8-2 Marunouchi, Chiyoda-ku, Tokyo 100-0005, JapanTEL 03-5218-5228
Contact person: Yuichi NAKAHAMA
E-mail secondaries_group@aicapital.co.jp