2023年●月●日Press Release

March 22, 2023
Aizawa Asset Management Co., Ltd.

Aizawa Asset Management to complete third closing of its third
Secondary Strategy Fund (Ariake Secondary Fund III LP)
March 22, 2023, Tokyo, – Aizawa Asset Management Co., Ltd. (“AAM”), an alternative
investment management company in Japan, completed the third closing of its third
secondary strategy fund, Ariake Secondary Fund III LP (“ASF-III”), on February 22, 2023.
Through its Japan feeder fund, ASF-III has onboarded investors including Yamato Shinkin
Bank and Akatsuki Corp.
The Cayman Islands domiciled ASF-III, in accordance with its secondary strategy, is toacquire low liquidity assets such as fund LP interests of private equity funds, such as buyout funds and venture capital funds, domiciled in and outside Japan, held by Japanese local
investors, as well as unlisted company shares held by private equity funds. The partnershipfund is to co-invest along with top-tier Japanese private equity funds. Since the launch inApril 2022 to the end of September 2022, ASF-III participated in four co-investments, two
direct acquisitions of unlisted equities and one LP interest acquisition through thesecondary market.
AAM, through investment activities of secondary strategy funds including ASF-III, is toprovide the following two main functions in the Japanese market: First, to offer an optionof “exit before maturity” of low-liquidity assets held by Japanese investors. Fund LP
interests in private equity funds are often difficult to liquidate before maturity, but our role
includes acquiring such fund LP interests during the managing period, thus allowing forearly liquidation of their portfolio. Second, to offer an option of “exit at maturity” of private
equity funds to assist the liquidation of their investments in the portfolio. Through its
participation, AAM provides value on both ends by maximizing the collection of a portfolio’s
investments through continuous holding, and providing stable shareholder structure forcontinuation and further growth for the investees, consisting of Japanese local companies.
AAM has been providing liquidation solutions of low-liquidity assets for investors, involving
approximately 40 acquisitions of fund LP interest portfolios and 20 acquisitions of unlisted
Japanese company shares through its vintage funds in the form of Ariake Secondary Fund I
LP (“ASF-I”) and Ariake Secondary Fund II LP (“ASF-II”). The acquisitions and collections
generated ASF-I and ASF-II with stable and relatively high returns for participating global
institutional investors.
AAM seeks high returns in the limelight of Japanese secondary investment market uponcompletion of the third closing of ASF-III, to offer solutions for increasing needs of global
portfolio liquidation.

＜ For further inquires ＞
Aizawa Asset Management Co., Ltd. Contact: Client Solutions
TEL：＋81-(3)-6263-9690 Email：clientsolutions@aizawa-am.co.jp

Association：

Aizawa Asset Management Co., Ltd.
Kanto Local Finance Bureau No. 2076
https://www.aizawa-am.co.jp/

Japan Investment Advisory Association
Type 2 Financial Instruments Firms Association
Japan Venture Capital Association
Japan Private Equity Association
Alternative Investment Management Association

2023年●月●日
Additional Information
Name：

Aizawa Asset Management Co., Ltd.

Headquarter：

Kanto Local Finance Bureau No. 2076 (October 31, 2008)
TEL：03-6263-9690

FAX：03-6263-9679

E-Mail：aizawa-info@aizawa-am.co.jp

Business：

Investment Advisory and intermediary, Investment Management,
Type 2 Financial Instrument Firm

Registration Number：

Kanto Local Finance Bureau No. 2076 (October 31, 2008)

Association：

Japan Investment Advisory Association
Type 2 Financial Instruments Firms Association
Japan Venture Capital Association
Japan Private Equity Association
Alternative Investment Management Association

Major Risks with investment management agreement
Asset management under investment management agreement (including investment advisory agreement)
may cause loss due to deterioration of its contracted assets value by fall of portfolio asset prices, deteriorationof financial status, or bankruptcy of issuers of such portfolio assets, impact of foreign exchange variation as
investment objectives includes mainly domestic and foreign stocks, bonds and other securities. Hence, yourprincipal of investment is not guaranteed and may cause decline in the value of contract asset to suffer loss
and lower its principal value. In addition, in derivative transactions, it may cause more loss than its margindeposit due to impact from fluctuation of financial indices which derivative transactions refer to, as derivative
contracts trade more amount than the margin deposit as collateral. Due to differences in investment
strategies and changes in domestic / foreign market environments, ratio of margin deposit to derivativetransaction amount cannot disclose in advance.
Assets with investment management agreement should vary risks and natures due to difference in asset
classes, investment restriction, trading market and countries with each contract, please refer to pre-contract
documents before contracting the investment management agreement.

Fee for investment management agreement related to private asset investments
Fees and remuneration of investment management agreement will be determined through individual
negotiations between you and us, based upon contract amount, investment objectives, investment methods,terms etc. Hence, total amount of fees and remuneration of investment management agreement cannot beindicated in advance.
■ Fees and renumeration to us
We will ask for the investment management fee to you. Applicable rate or fee is subject to investment
objectives, contract amount, terms etc., hence we cannot indicate fees or its cap in advance.
■ Other expenses
You will owe other expenses than above (including brokerage fee and custody fees for securities). Those
expenses are subject to portfolio management etc., hence we cannot indicate such expenses or those caps inadvance. In addition, in case of investing into funds through investment management agreement, you will owe
its management fees and other expenses (including audit fee, brokerage fees and custody fee borne by suchfund) related to such fund investments.
Where we invest your funds in an investment fund for which we act as investment manager, we will adjust therate or amount of our investment advisory fees payable by you after taking into account our investment
management fees receivable from such investment fund. However, we cannot indicate in advance the size ofsuch an adjustment because such adjustment is affected by the ratio of your assets invested in suchinvestment fund to your total assets under our management.
For further information, please refer to pre-contract document or other documents.

Disclaimer
This material has been prepared by Aizawa Asset Management Co., Ltd., for information purpose only and is notintended to provide you with any investment products or any disclosure defined under Financial Instruments andExchange Act in Japan. You may not disclose this material to any third party without prior consent of Aizawa
Asset Management Co., Ltd. This material has been prepared from sources we believe it to be reliable, but we
do not guarantee its accuracy or completeness and do not accept liability for any loss arising from its use.