October 19, 2021
WM Partners Co., Ltd
Alternative Investment Capital Limited

Announcing the launch 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") are proud toannounce the launch of Japan Private Equity Opportunity 2021 Investment Limited
Partnership ("the Fund") for the purpose of making secondary investments in limited
partnership interests of mainly domestic private equity funds, etc. ( "PE funds"). WMand AIC have started this new and exciting joint management of the Fund, with WM
as the general partner and AIC as the investment advisor.
Secondary transactions for PE funds have been expanding globally, although they arestill at a rising stage in Japan. However, as domestic investors expand theirinvestment in illiquid assets such as PE funds, the option to be able to liquidate
existing assets is essential, and thus the demand for secondary transactions in Japanis expected to increase further in the near future.
Through the course of managing the Fund, WM and AIC will provide appropriate
liquidity opportunities for PE Funds to domestic investors. We will also contribute tofurther energize the domestic secondary market and also enhance further developmentof the PE market as a whole, by proposing beneficial liquidation structures to fundmanagers of PE funds.
The Fund has secured its first close and has accepted Sumitomo Mitsui Banking
Corporation (President and CEO: Makoto TAKASHIMA, hereafter referred to as"SMBC") and Development Bank of Japan Inc. (President: Hajime WATANABE,
hereafter referred to as "DBJ") as limited partners. WM and AIC aim to raise
additional capital from domestic investors to reach a total of 10 billion JPY by the endof September 2022.

WM, as one of the pioneers of secondary investment in Japan, has a long track recordof investment management. AIC, through its fund of funds management, discretionary
account management and advisory business, has continuously invested in blue-chip PE
funds both domestically and globally, since its establishment. By leveraging thestrengths of both WM and AIC to jointly manage the Fund, our goal is to strive to meetthe expectations of investors and fund managers of PE funds.

＜Contact for inquiries＞
WM Partners Co., LtdKakimi koujimachi Annex Bldg.4F, 3-2 Kojimatchi, Chiyoda-ku, Tokyo 102-0083 JapanTEL 03-6261-4601
Contact person: Eiko AKITA , 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, Hiroaki ANDO
E-mail secondaries_group@aicapital.co.jp

【Fund Overview】
Name

Japan Private Equity Opportunity 2021 Investment
Limited PartnershipLocation

Chiyoda-ku, Tokyo

General Partner

WM Partners Co., Ltd

Investment Advisor

Alternative Investment Capital Limited

Limited Partner

Sumitomo Mitsui Banking Corporation
Development Bank of Japan Inc.
Alternative Investment Capital Limited

Target Fund Size

10 billion JPY(JPY)Fund Management

10 years

PeriodFinal Closing Date

End of September, 2022(Tentative)【General Partner company profile: WM】
Name

WM Partners Co., Ltd

President

Moriyoshi MATSUMOTO, Yasuo TOKUNAGA

Location

Kakimi koujimachi Annex Bldg.4F, 3-2 Kojimatchi,
Chiyoda-ku, Tokyo 102-0083 Japan

Shareholders

WMP CO., LTD(100% Holding company of thePartners)
Development Bank of Japan Inc.

Main businessPrivate equity fund management business (Privateactivities

Equity Investment, Management of investment funds,Consulting activities)【Investment Advisor company profile: AIC】
Name

Alternative Investment Capital Limited

President, CEO

Reijiro SAMURA

Location

6F, Tekko Building 1-8-2 Marunouchi, Chiyoda-ku,
Tokyo 100-0005, Japan

Shareholders

Sumitomo Mitsui Banking Corporation
Daido Life Insurance Company
Mitsubishi UFJ Trust and Banking Corporation

Main businessSpecialized in private equity fund investment:activities

・Asset Management Service(Management of Fund-of-funds: DiscretionaryInvestment Management)
・Investment Advisory Service
・Monitoring Service