JIC Investment Activitiesin Accordance with
Extension of Operational Period
July 2024

July 16, 2024
Japan Investment Corporation(C) JIC. All Rights Reserved.

Table of Contents
1. Review of Activities

・・・・・・ P. 3

2. Operational Period Extension & Future Direction

・・・・・・ P. 15

Reference・・・・・・ P. 22(C) JIC. All Rights Reserved.

2

(C) JIC. All Rights Reserved.

1. Review of Activities

3

Investment focus areas & themes* “Japan Investment Corporation Investment Criteria” (2018, Ministry of Economy, Trade and Industry Notification No. 194)

Investment Focus Areas

Investment Themes

Driving the creation of new
businesses for Society 5.0

Creating“unicorn startups”

Leveraging promising
untapped regional
technologies

Promoting businessconsolidation across industries
and organizations

Support the creation of new
businesses where uncertainand discontinuous growth isrequired, and which demand asignificant amount of risk
capital over a long period.

Create unicorn startups
seeking sustainable growthwith a competitive edge in the
global economy.

Address the need for funding
among regional startups fromacademia and such with
under-utilized technologies
and high revenue potential.

Support enhancement ofindustrial competitiveness via
bold business consolidation
aiming at open innovation in the
sectors with potential
international competitiveness.

Deep Tech(June 2020)

Seed/Pre-Seed(Oct. 2021)

University Spin-off(Sep. 2020)

Carve-Out/Roll-Up(June 2021)

Life Science(June 2020)

Growth(June 2020)

Climate Tech
(Nov. 2021)

Secondary(Mar. 2022)

Open Innovation(Sep. 2021)

Go Global(Sep. 2022)(C) JIC. All Rights Reserved.

•

Investment themes that JIC needs toaddress have been set, centering on four
focus areas, through research on fields
with policy significance but which lackprivate risk capital.
4

Private fund managers invested by JIC for each investment
theme
Investment
Theme

GPs in which JIC Invests

Deep Tech(DT)
Life Science

Climate Tech

Seed/Pre-Seed

GrowthSecondary
University
Spin-off
Go Global

Open
Innovation
CarveOut/Roll-Up
Investee funds added since previous press conference (Dec. 2023)(C) JIC. All Rights Reserved.

5

JIC Group activities•

JIC invests in funds (LP investment) and makes direct investments through VGI and JICC under its umbrella⇒ Gained a certain level of understanding from market participants and policymakers through these activities.

•

JIC has added new initiatives in response to market trends, policy developments and expansion of its
management resources
Established VGI and JICC with the aim of supplementing private funds

Investment Activity

投
資
活
動

JIC
Committed investments in approx. 10 private funds each year while adding investment themes
Growth: VGF1 (2020) and VGF2 (2023)

VGI

Early-stage Deep Tech and Life Science: VGF2 (2023)
Secondary, After-IPO: Opportunity Fund (2023)

JICC

Business restructuring across organizations and industry boundaries

Providing growth capital for the creation of new industries

Ecosystem Building

エ
コ
シ
ス
テ
ム
形
成

FosterInvestment
Profession
als

Overseas
CollaborationResearch(C) JIC. All Rights Reserved.

Development of investment professionals: Foster investment professionals and management in
the JIC Group and bring them to the investment industry

Support for private VC: Support to establish fund trustee framework for accepting institutional
investors
Support for private VCs: Collaborate with overseas VCs
Attracting overseas LPs/VCs: Support for investment activities in Japan
Providing information to domestic startup ecosystem participants (domestic andoverseas): Publish research papers

6Outcomes of JIC activities•

Approximately four years have passed since JIC began its investment activities in September 2020 and JIC
recognizes that certain achievement have begun to emerge although it is too early to assess results.
•

Risk capital
supply•Ratio of total JIC commitments to Japanese VC to total Japanese VC commitments raisedfor 2018-23(*) is about 12% (same ratio for government owned institutions in Europe isaround 20%)
Cover supply shortages without disrupting the market's investment discipline•

With respect to domestic private funds in which JIC has invested, the amount of committed
investments by private LPs that participated after JIC's commitment was about 1.7 times
the amount of JIC's investment commitment

Initiatives in
new fields••

Direct secondary funds that acquire equity stakes in startups
Provide growth capital to listed startups

VC support fordomestic/overseas
institutional fundentrustment•

The operational structure and partnership contracts of JIC’s portfolio VCs have been
improved to a level that is consistent with the expectations of institutional investors investing
globally
Follows up with GPs on an ongoing basis after commitments are made to address aspects offund management that require further development

Support for launch of
new GPs•

Attracting private
capital (VC fund level)••

Cooperation withoverseas GPs••

Research reports(C) JIC. All Rights Reserved.

•

The first, second and third funds for the GP account for more than two-thirds of JIC’s private
fund investments
First: 10; Second: 7; Third: 8
Invests in global funds managed by prominent overseas VC firms interested in investing inJapan, starting from January 2023, with the goal of promoting collaboration with domestic
VC firms/startups
Collaboration with domestic VCs and feedback for them and investment in domestic
startups have begun
Publish twice-yearly reports in English and Japanese focusing on trends in the domestic
startup and VC markets
Published research reports: “Ecosystem Support by Foreign Government-owned Investment
Institutions” and “The Challenge of Supplying Risk Money for Later-Stage Deep Tech Startups”* 2018-23: JIC also invested in VC funds that began operating in 2018, so the comparison is from 2018 onward7Support for VCs seeking funding from domestic
and overseas institutional investors••

Japanese VCs’ funding from operating companies and financial institutions has increased while future growth potential islimitedThe number of domestic GPs (VCs) receiving funding from domestic and foreign institutional investors has been gradually
increasing
2019: fewer than 10 VCs⇒

2024: expansion to approx. 20 VCs

Among JIC portfolio VCs, 7 VCs received their first commitment from domestic or overseas institutional investors following
JIC’s commitment

６

Limited number of fund managers whogrow beyond this stage is a bottleneckfor risk capital procurement by VCs

Investor
Category⚫ Domestic/overseas
institutional investorex.) pension fund, foundation)

5⚫ Domestic institutional investorex.) insurers, some pension funds

4⚫ Corporate/financial investor (strategic)⚫ Institutional investor with emerging fundmanager investment program⚫ Corporate investor⚫ Investor advocate⚫ Individual(C) JIC. All Rights Reserved.

2
1

Size of circle =Fund size

3

•
•
•

2010s: Operating companies andbusiness purpose financial
institutions supported VCs as LPs
Operating companies tend not tobe continuous LPs
Financial institutions tend to focus
on VCs with whom they haverelationships and who are starting
to see results

Fund Manager Track Record, Fund Management Duration

8

Fund launch support•

Most institutional investors consider investment opportunities after GP’s third fund because establishment of the third fundoften aligns with initial investment results from the GP's first fund becoming apparent•

Due to no realized returns for the first fund or uncertainty about the ability to generate returns, the consideration of
investment may be deferred to the GP’s fourth fund or even later•

To increase the number of GPs that can gain the trust of institutional investors and secure funding commitments from them,
JIC needs to work with GPs until they raise their third fund in many cases

JIC investee No. 1 fund

JIC investee No. 2 fund

JIC investee No. 3 fundInvestee funds added since previous press conference (Dec. 2023)

9

Policy for Go Global• Starting in 2023, JIC began making LP investments in overseas VCs with the aim of supporting the growth anddevelopment of the Japanese startup ecosystem and supporting Go Global activities of Japanese startups.

LP
investment

LP
investment

Domestic VCs

Create opportunities for LP investee VCs tocollaborate with each other in a global context

Domestic Startups

・Introduction ofdomestic startups
・Supporting Japan
expansion strategy ofoverseas startups

Overseas VCs・Overseas expansion
support・Overseas risk capital
supply(Investment in domestic SUs)
・Introduce investment
knowledge

Overseas VCs

Global accelerators＋
Jan. 2023 commitment

April 2023 commitment

Feb. 2024 commitment
June 2024 commitment(C) JIC. All Rights Reserved.

10

Overview of Go Global support• By strengthening collaboration with overseas VCs, JIC expects to support the growth and developmentof the Japanese startup ecosystem and accelerate Go Global activities of Japanese startups.
Strengthen collaboration between domestic, overseas VCs⚫
⚫

Establish points of contact for domestic & overseas VCs, provide opportunities for mutual networking
Support to share deal flow for investment in domestic startups expected to take Go Global actions• Investment review FB for domestic startups• Knowledge sharing to improve startup ecosystem• Support forcollaboration withoverseas VCs, etc.

US
Domestic VCs
Introduce domestic startups and consider
investment / FB on investment decisionmaking

SEA & India

EuropeHold joint events⚫
⚫

Knowledge sharing on overseas startup ecosystem formulation
Provide know-how of creating unicorn startups(C) JIC. All Rights Reserved.

11

Research
Drawing on comprehensive data and analysis of both domestic and international markets, policy
developments and emerging investment opportunities, JIC formulates its investment strategy. This research isthen shared publicly through the JIC website (Japanese and English).

(C) JIC. All Rights Reserved.

12

JIC fund portfolio status•••

Fund portfolio performance since its inception in September 2020 is as follows (as of December 31, 2023)
VCs: Aggregated by the vintage year of each fund. Funds that commenced their investments earlier havealready recorded unrealized capital gains.
PE: JICC investment just begun to be included as of end of December , and investments were in thenegative phase of the “J-Curve”.
Overview of fund investments (with VC performance by vintage)
Multiplier(vs. paid-in amount)
倍率（対払込済額）(as
of December 31, 2023)(JPY)（2023年12月末時点）

投資決定
Number
of
Funds
件数

合計
Total

Commitment
出資約束額
Amount39 16,310億円
39
1,631.0B

VC
うちVC

Progress
進捗率
Rate

分配金
Distribution
(DPI)
（DPI）

NAV
NAV
(RVPI)（RVPI）

219.2B
13.4%
2,192億円
13.4%

0.00x
0.00倍

0.99x
0.99倍

Paid-in
払込済金額
Amount

分配金
Distribution
+ NAV
+NAV
(TVPI)（TVPI）

Net

ネットIRR
IRR

0.99x ▲ 0.6%
0.6%
0.99倍

35
35

497.0B
4,970億円

161.4B
1,614億円

32.5%
32.5%

0.00x
0.00倍

1.00x
1.00倍

1.00x
1.00倍

0.3%
0.3%

(~2019)(2019年以前)

55

17.7B
177億円

16.8B
168億円

95.1%
95.1%

0.02x
0.02倍

1.29x
1.29倍

1.31x
1.31倍

15.1%
15.1%

(2020年)(2020)

33

125.0B
1,250億円

82.4B
824億円

65.9%
65.9%

0.00x
0.00倍

0.97x
0.97倍

0.97x
0.97倍

1.3%
▲ 1.3%(2021)(2021年)

55

292億円
29.2B

17.5B
175億円

60.0%
60.0%

0.00x
0.00倍

0.95x
0.95倍

0.95x
0.95倍

4.3%
▲ 4.3%(2022)(2022年)

14
14

66.5B
665億円

22.1B
221億円

33.1%
33.1%

0.01x
0.01倍

0.98x
0.98倍

1.00x
1.00倍

0.4%
▲ 0.4%(2023)(2023年)

88258.5B
2,585億円

22.6B
226億円

8.7%
8.7%

0.00x
0.00倍

0.96x
0.96倍

0.96x
0.96倍

8.7%
▲ 8.7%

44

1,134.0B
11,340億円

57.8B
578億円

5.1%
5.1%

0.00x
0.00倍

0.95x
0.95倍

0.95x
0.95倍

6.1%
▲ 6.1%PE
うちPE(C) JIC. All Rights Reserved.

13

Status of JIC fund investments

Net IRR trend
7.5%

4.9%

5.5%
3.5%
1.5%
▲ 0.5%▲ 2.5%

0.0%

4.6%
3.5%

2.9%

▲ 4.1%

3.8%
2.6%
2.3%
1.0%
2.8%
0.3%
1.0%
0.8%
▲ 0.6%

0.5%▲ 2.6% ▲ 3.1%
▲ 3.0%▲ 4.5%▲ 6.5%▲ 0.5%

1.2%

6.2% 6.0%▲ 5.9%▲ 6.2%▲ 8.5%▲ 7.2%▲ 8.0%Net IRR (all)ネットIRR（全体）(C) JIC. All Rights Reserved.

Net IRR (VC)
ネットIRR（うちVC）

14

(C) JIC. All Rights Reserved.

2. Operational Period Extension& Future Direction

15

Extension of operational period•

JIC’s operational period (investment period) has been extended to make it possible to invest in funds whose
duration extends beyond March 2034
1) Continue to make LP investment in VC funds after 2024.
2) Funds whose duration exceeds 10 years can be targeted.

~2022

2023

LP investment in fundpossible until 3/2024

2024

2025

2026

･･･

2034

2050

Investment / return period for startups by funds
in which JIC commits to invest by 3/2024

Original

Private LP investment(end-March 2034)(end-March 2024)

Private
Funds
RevisedAllows LP investment in funds whose duration exceed 10 years

Private LP investment

VGF1 (investment period: 5 years)
PEF1 (investment period: 5 years)

2033(max. term)
2032(max. term)

Original

VGF2 (investment period: 5 years)JIC
VGI Opportunity Fund (investment period: 5 years)

Subsidiary

Revised(C) JIC. All Rights Reserved.

Actual 2034
(max. term)

Actual 2034
(max. term)

Possible to establish follow-on funds and funds with new strategies

16

Revision of JIC investment mandate(Minister of METI public notice)•

Investment mandate for JIC based on Article 102, Paragraph 1 of the Industrial Competitiveness
Enhancement Act were announced in June 2018 via the Minister of Economy, Trade and Industry public
notice. All JIC investment activities have been in accordance with these mandate.

•

Based on the revision of the Industrial Competitiveness Enhancement Act and the industrial policy orientingthat (“New Direction of Economic and Industrial Policies”), the public notice of the Minister of Economy, Tradeand Industry will be revised (public comment ongoing).

•

In the new mandate draft, the basic approach includes domestic investment for sustainable growth andaddressing social issues to realize a virtuous cycle of innovation, which will lead to the change of priority
investment areas accordingly.

Focus areas under current mandate

Focus areas under new mandate draft✓ Driving the creation of new businesses forSociety 5.0✓ Creating a virtuous cycle of domestic
investment and innovation✓ Creating “unicorn startups”✓ Leveraging promising untapped regional
technologies✓ Promoting business consolidation acrossindustries and organizations✓ Creating and developing startups✓ Utilization of untapped regional
management resources of university spinoffs, medium-sized companies and others✓ Promoting business restructuring in
response to changes in market andbusiness environment* JIC’s investment themes continue to be included.

(C) JIC. All Rights Reserved.

17

Key points of new investment mandate(METI Minister public notice)•

While new investment mandate draft retains the current priority investment areas, these areas are reconfigured.
Examples of specific industrial areas are added, and medium-sized companies are clearly mentioned as target.
Current

Revised (Draft)

Points added to the draft proposal• Background: In addition to the realization of a Society 5.0 society, the creation of new
businesses and innovation to address new social issues have been added tomaintain and strengthen industrial competitiveness• Example: In addition to current business areas*, the following have been added:① Driving thecreation of new
businesses forSociety 5.0① Creating a virtuous
cycle of domestic
investment andinnovation➁ Creating “unicorn
startups”➁ Creating anddeveloping startups• Investment themes (seed, growth, secondary, etc.) as picked by JIC are added• Investment that will significantly accelerate development of the startup ecosystem③ Leveraging
promisinguntapped regional
technologies③ Utilization of untapped
regional management
resources of university
start-ups, medium-sizedcompanies and others• Targeting local university spin-off startups, medium-sized companies and others thatpossess technologies with high earning and innovation potential and which are not being
fully utilized due to a lack of risk capital and human resources④ Promoting
business
consolidation
across industries
and organizations④ Promoting businessrestructuring in
response to changes
in market andbusiness environments

Additional notes

In response to global social issues, business fields such as semiconductors, storage
batteries, industrial machinery, aircraft/next-generation air mobility, medical equipment,
etc., where demand is expected to increase domestically over the medium to long term,
and business activities that combine these, etc.

••

Targets: business sectors contributing to industrial competitiveness (①) and medium-sizedcompanies (③)
Provide funds to businesses that can respond to recent changes in the business environment
through business restructuring and renewal, and that are significant in policy involving medium- tolong-term growth investments and industry restructuring (If conducted by JICC, there must be
risk/reason that is difficult for the private sector alone to handle)• Ensuring the policy of complementing private sector, proactively collaborate with private investment funds, etc.
• Strive to improve the environment for fund managers so that domestic private funds can be nurtured, achieved
sustainable growth, and undergo renewal.
• Strive to develop new investment managers• Establish an appropriate structure, developing a medium-term support policy and financial plan of JIC➢ With respect to areas to be added under the new investment mandate, JIC will study market trends,
consider the JIC Group’s role and formulate a policy to proceed with initiatives(C) JIC. All Rights Reserved.

* Currently identified business areas: social implementation of technologies related to the Fourth Industrial Revolution, such as AI, IoT, and robotics, andbusiness fields that can be globally competitive, such as biotechnology, drug discovery, healthcare, mobility, space, materials, and electronic devices.

18

Changes in market environment / Policy development

2020

2021

2022

2023

2024

2025

2026

2027

2028

2030～
2050

Japan employment
population peak out?

Market

市
場

Growth investment stagnation

Growth investment boom

Rapid advance inremotecommunication

AI attracts
interest

VCs founded after 2015 have been
operating for more than 10 years

Going Private/Carve-Out deals for listed companies
increasing in terms of both number and size

New Direction of Economic and Industrial Policies

Policy政策

Semiconductor/ Digital
Industry
Japanese
Strategy
Government
CN
Declaration

SupplyChain
Resilience
ActionGuidelines
for Realizing
GX

Asset Mgmt
NationRealization
Plan

Startup Development Five-Year Plan
Corporate
Governance
Code Revision(C) JIC. All Rights Reserved.

TSE requests“Action to realize
management
conscious of costof capital, shareprice”

46%
reduction inGHGemissions(base:
2013)
Net zerodecarbonization

Growthsupport for
mid-sized
companies

19

Challenges in current investment themes andconsiderations for strengthening actions
Deep Tech
Life Science
Climate Tech

•
•
•
•
•

Risk Capital: Continued lack of private investment capital, especially for emerging managers struggling to raise funds
Global: Lack of players capable of supporting global business development and financing from the initial stage
Capitalist Diversity: Capitalists with science evaluation skills and experience in successful startups expected
Funds with terms longer than 10 years: Dealing with R&D projects that require a long period of time to go from seed stage tocommercialization and exit requires investment in funds with terms longer than 10 years
GX-related: In relation to GX-related transition finance, which is expected to require a long-term holding period, it is necessary
to research the capital structure to attract risk capital and, if applicable, the role of JIC.

•

Recognize that it will be necessary to provide resources with many challenges by great talents and projects that are selected
through early identification to create startup with huge success ; the major challenges are how to create an environment where
talented people take on more challenges and how to create successful startups••

Issue: Lack of players focusing on the growth stage✓
Current initiatives: Scale existing funds, and attract global players✓
Future Expectations: Emergence of players who can obtain investor traction and raise large sums of funding(including crossover and growth stage investments by listed stock managers)
Lack of post-IPO growth funds: addressed by VGI Opportunity Fund; expecting participation from private players

Secondary•Lack of direct secondary players remains an issue

Academia
Spin-off•

Many local VCs are small-scale, and it is necessary to devise measures to utilize technologies lying dormant at local
universities from the perspective of JIC LP investment support••

Collaborate with global accelerators to increase the number of Japanese entrepreneurs taking on overseas programs
Seek an opportunity to collaborate with global Deep Tech VCs that are interested in investing in Japan•JIC has made only two LP investments due to limited scope and number of targets for investment✓ Many private buyout funds achieve their fundraising goals✓ The number of funds investing mainly in carve-outs and roll-ups is limited•

Larger carve-out deals: Some deals require participation of government-backed funds due to a lack of private-sector risk capital✓ JICC: Actively considering participation as a co-investor in large private sector-led carve-out projects from the perspective ofcomplementing private sector funding

Seed/Pre-Seed

GrowthGo Global

Carve-Out/Roll-Up(C) JIC. All Rights Reserved.

20

Challenges in startup ecosystem and consideration ofactions•

Attracting
Overseas LPs••

Expanding
VC Diversity

Creating
Large-Scale
Success

Collaboration
betweenGlobalVCs/Accelerat
ors andDomestic
VCs/Startups•

Challenge: Limited number of global LPs investing in Japanese VC(Foreign LPs are highly interested in investing in mid-sized Japanese buyout funds)
Actions:✓ JIC members speaking at overseas conferences✓ JIC members communicate with overseas LPs to help cultivate interest in domestic VCs✓ Regular publication of English-language research papers on the Japanese market and other topics

Challenge: Recognize lack of diversity in domestic VC strategies, background and gender of capitalists and valueadded propositions for startups
Actions: Actively consider the first funds of managers who can realize diversity✓ Capitalist background✓ Investment strategies, value-added proposals for startups✓ Japan Fund by Global GP••

Challenge: Creation of mega-ventures/new industries
Actions✓ Communicate with GPs to raise VC return targets matching to global LP expectation✓ Risk capital: Increase funding from institutional investors for secondaries, after-IPOs, and crossover between
listed and unlisted✓ Global: Attract overseas VCs and support efforts to Go Global from founding stage••

Challenge: Startup ecosystem has little contact with global ecosystem
Actions✓ Hired personnel for collaboration and ecosystem support to promote collaboration between overseas VCs anddomestic VCs/startups which JIC has been working on since 2023
✓ JIC will provide support for strengthening the ecosystem other than LP investment including support fororganizing events, starting in 2024

(C) JIC. All Rights Reserved.

21

Reference(C) JIC. All Rights Reserved.

22

Measures for increasing the supply of risk capitalto the startup ecosystem⚫

Individual fund
① VC structure: Increase in the number of funds with a management structure and sophisticated operations that are trusted
and accepted by domestic and overseas institutional investors② Attractive returns: “3x net and meaningful distribution performance” or “2x net + a convincing story” are required to attract
investments from domestic and overseas institutional investors⚫ Startup: Increase in projects with high potential for success including global market expansion••

Improve investment
structure

Increasing risk capital supply is an outcome, not an
objective
Putting the increase in the fund supply itself as the objective
and resulting in the significant increase will lead to poor
expected return and make sustainable market growthdifficult

Sophisticated fundmanagement and investor
relationsOperate at the appropriate
fund size①②③

Increase in startups
expected to make huge
success(C) JIC. All Rights Reserved.

Investments in leading
Japanese startups by
global GPs
More attractive domestic
VCs as an asset class
Increase in VCs attracting
funds from domestic andoverseas institutional
investors••

Inflow of domestic
and overseas direct
investment funds
Inflow of funds to VCs
from domestic andoverseas institutional
investors

Attractive VC returns

23Startup investment trends in Japan•••

Investment in domestic startups has expanded about 10-fold over the past 10 years and currently stands at about JPY800
billion per year.
During the same period, the driving force has been investment by operating companies as one of the efforts for open
innovation.
The goal of Keidanren and the government’s Startup Development Five-Year Plan is the investment size of 10 trillion yen peryear by FY2027. All parties involved are expected to work toward the creation of the next generation of growth companies.

Investments in Japan Startups by Investor Type
(単位：億円)(Unit:
100M yen)

14,000
Other
その他

12,000

金融機関
Financial institutions
海外法人
Overseas corporations

10,000Business corporations / CVC
事法・CVC
Overseas VCs
海外VC

8,000

Domestic VCs
国内VC

6,000

4,000
2,000
0

2014

2015

2016

2017

2018

Note: “Overseas corporations” in 2021 includes PayPal’s acquisition of Paidy for JPY300 billion(C) JIC. All Rights Reserved.

2019

2020

2021

2022

2023

Source: Compiled by JIC based on INITIAL “Japan Startup Finance H1 2023”

24

VC fundraising amounts• Currently, the amount of fundraising by VC firms which are investing in domestic startups is about JPY500 billion per year
which is still small in scale, compared to US VCs which are approximately JPY20 trillion.
• The annual amount of European VC fundraising which was about JPY500 billion 10 years ago had expanded to JPY3 trillion
by 2021-2022. This growth in the European VC market may serve as a useful reference for Japan’s VC market growth andexpansion

Japan (by launch year)
金額(10億円)
Amountin billion JPY

ファンド設立数(本)No.
of funds established

1,000

800

U.S.
180

調達額(VGI除く)
Funding procured (excl. VGI)VGIファンド総額
VGI fund total
ファンド数
Number of funds

EuropeNo. of funds

Amount in USD billion

金額($B)(investments)
ファンド数(件)

200

1800

Amount in EUR billion

金額(€B)

400
Funding procured (excl. VGI)

調達額

1600

ファンド数
Number of funds

25

ファンド数
Number of funds

1400

150
120

1200

600
90

ファンド数(件)30

Funding
調達額 procured (excl. VGI)150

No. of funds(investments)

300
20

1000
100

15

200

800

400
60

600
50

200

10
100

400

30

5
200

0

0
14 15 16 17 18 19 20 21 22 23

00
14 15 16 17 18 19 20 21 22 23

00
14 15 16 17 18 19 20 21 22 23(Notes)• JIC-related investments included in the above VC funding in Japan are as follows:- VGI: 120 billion yen (2020), 200 billion yen (2022), 40 billion yen (2023)- Commitments by JIC to private domestic VCs: 69.5 billion yen (funds established 2018-2022)
A simple calculation shows that the investment amount by the JIC Group mentioned above accounts for 12% of the total market (fund creation year 2018-2023 cumulative).

Source: Compiled by JIC based on INITIAL, PitchBook, Investment Europe(C) JIC. All Rights Reserved.

25

Cautionary statement• This publication has been prepared solely for informational purposes. This
document is not or relate to disclosure materials mandated by the Financial
Instruments and Exchange Act of Japan.
• This publication should not be viewed as a current or past recommendation
or a solicitation of an offer to buy or sell any financial product, transaction or
investment strategy.
• The information contained herein is only as current as of the date indicated,and may be superseded by subsequent market events or for other reasons.
• The information in this document has been developed internally and/or
obtained from sources believed to be reliable; however, neither JIC nor theauthor guarantees the accuracy, adequacy or completeness of suchinformation.
• The information and analysis herein do not constitute advice of any kind,
are not intended to be used for investment purposes, and neither JIC nor
any of its subsidiaries or their respective officers, directors, shareholders,
employees or agents accept any responsibility or liability with respect to theuse of or reliance on any information or analysis contained in this document.
• The report is a copyrighted work of JIC and may not be published,transmitted, broadcast, copied, reproduced or reprinted in whole or in partwithout the explicit written permission of JIC.

(C) JIC. All Rights Reserved.

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