JIC Portfolio
No.

①②Dateannounced

August 22,2024

June 28,2024

Fund name

Abies Ventures
Fund II
Investment
LimitedPartnership

BEE
ACCELERATEFUND2 LPAmountinvested*

JPY1.5billion

USD30
millionFund summary

Society
5.0

Unicorn

Identifies investment sectors in the four
deep tech areas of 1) robotics/mobility, 2)advanced information
processing/communication technology, 3)
new materials/environmental technology,and 4) space and invests in seed/earlystartups. Aims for creating global startups
with its strength in supporting theoverseas business development of its
investees and fundraising from overseas
investors.

✓✓

Invests in acceleration-stage companies
in a wide range of technology sectors,
including growth-stage fintech, ecommerce, and marketplaces, primarilyin India and Southeast Asia.
BEENEXT, the investment manager ofthis fund, is actively involved inconnecting Japanese companies withpromising portfolio startups in India andSoutheast Asia to increase the value of
its investments of its funds and provide
LP support.

✓Regional
technologies

Business
consolidation＊Amount of commitment(C) JIC. All Rights Reserved.

(August 22, 2024)

JIC Portfolio
No.

③④⑤Dateannounced

June 25,2024

May 16,2024

April 26,
2024

Fund name

Transpose
Platform BOV II,
L.P.

Headline Asia V,L.P.

Spiral Capital
Japan Fund III(C) JIC. All Rights Reserved.

Amountinvested*

USD30
million

USD27

million

JPY3billion＊Amount of commitment

Fund summary

Society
5.0

Unicorn

As fund of funds managed by Transpose
established in US and having helped tocreate numerous unicorns/decacorns,
invests in funds managed by Y
Combinator (YC), one of the world’s
leading accelerators, and aims toleverage its strong relationship with YC
and others to help revitalize theJapanese startup market.

✓✓

Invests in the Asian region with a focus
on Japan by leveraging the global
network of the Headline Group, a global
VC firm that operates fund series in fourregions (North America, South America,Europe, and Asia).

✓✓

Seeking to create unicorns, positions
fintech, healthcare, smart infrastructure,and AI as priority investment areas while
also investing in deep tech. Promotes
open innovation between investee
startups and domestic companies.

✓✓

Regionaltechnologies

Businessconsolidation(August 22, 2024)

JIC Portfolio
No.

⑥⑦Dateannounced

April 19,2024

April 11,2024⑧⑨February 29,2024

Fund name

MPI-3 Investment
LimitedPartnership

RGCM IInvestment
LimitedPartnership

Atomico Venture
VI SCSp
Atomico Growth
VI SCSp

Amountinvested*

JPY3billion

JPY1.8billion

USD20
million
USD30

Society
5.0

Unicorn

Aims to create startups originated fromJapan that will develop cutting-edge
medical devices to be used both in Japanand abroad through the incubation basedon the needs of the medical field. Aims topromote open innovation in the medical
device-related industry in Japan andcontribute to the development of the
medical device ecosystem in Japan.

✓✓

Targets mid- to late-stage startups that areexpected to IPO within the next few years,and employs a “direct secondary strategy”
in which it acquires existing shareholders’equity directly through a secondarytransaction. Aims to become a platform forstartups that have been forced to exit
through small IPOs, etc., to raise the growth
curve and create unicorns originating fromJapan.

✓✓✓✓

Fund summary

Investments mainly in technology in Europeand has contribute to the creation of many
unicorns. Aims to consider investments inJapan and contribute to the development ofthe startup ecosystem in Japan with therecord of investing in startups in Japan andstartups established by Japanese in Europe.

Regionaltechnologies

Business
consolidation

million(C) JIC. All Rights Reserved. ＊Amount of commitment(August 22, 2024)

JIC Portfolio
No.

⑩⑪⑫

Date announced

December 18,
2023

December 4,
2023

October 31,
2023(C) JIC. All Rights Reserved.

Fund name

DBC No.1
Investment
LimitedPartnership

AN VenturePartners I, LPKII3, LPS

Amountinvested*

Fund summary

Society
5.0

Unicorn

JPY2billion

Leverages its unique network and otherresources to focus on pre-seed/seed stage
investments. In particular, supports
startups in fields where market changes
are occurring due to technologicalinnovation, or in existing industries that areusing new technologies and businessmodels, such as AI, as a competitive
advantage, while also promoting thecreation of new businesses.

✓✓USD30
million

Focuses on creating global startups inthe life science field. In alliance with
ARCH Venture Partners, a US firm withover 30 years of life science investment
experience, leverages the US
ecosystem to promote social
implementation of outstanding Japanesescience and technology seeds.

✓✓

JPY3billion

Collaborating with universities andresearch institutions, focuses oninvestment in deep tech, contributing to
the creation of promising startups thatutilize technology seeds lying dormant inacademia. Setting up an investment andmonitoring system for startups that solve
social issues, and also engages in
impact investments.

✓✓＊Amount of commitment

Regionaltechnologies

Business
consolidation(August 22, 2024)

JIC PortfolioNo.

⑬

Date announced

August 10,
2023

Fund name

Keppel Liquidity I,
LP

Amountinvested*

Fund summary

Society
5.0

Unicorn

Targets mid- to late-stage startups
that are expected to IPO within thenext few years, and employs a“direct secondary strategy” in which
it acquires existing shareholders’equity directly through a secondarytransaction. Aims to become aplatform for startups that have been
forced to exit through small IPOs,etc., to raise the growth curve andcreate unicorns originating fromJapan.

✓✓

JPY2billion

Provides risk capital to deep techstartups from academia. Supporting
startups from the seed/early stage,
the program aims to nurturetechnology startups and utilize
promising technologies that lie
dormant in local regions.

✓✓

JPY40
billionThrough direct secondary
investments and the provision ofgrowth capital to listed startups,
aims to be a source of support forthe creation of unicorns and thesustainable and rapid growth oflisted startups.

✓✓

JPY4.9billion(Date ofchange:May 31,2024)⑭⑮

August 4,
2023

Miyako Kyoto
UniversityInnovation III L.P.

July 31,2023

JICVGIOpportunity
Fund No.1
Investment Fund
LimitedPartnership

Regionaltechnologi
esBusinessconsolidati
on✓*Amount of commitment(C) JIC. All Rights Reserved.

(August 22, 2024)

JIC Portfolio
No.

⑯⑰⑱

Date announced

April 21,2023

February 24,
2023

February 6,
2023

Fund nameVertex Ventures(SG) SEA Ⅴ LP

Archetype
Ventures III
Investment
LimitedPartnership

SaiseiBioventures, L.P.

Amountinvested*

Fund summary

Society
5.0

Unicorn

USD30
millionVertex Group, which manages funds in14 locations around the world, targets
investment in Southeast Asia and India,and provides hands-on support,
including collaboration with operatingcompanies, to early-stage startups thatare looking to expand overseas in thefuture.

✓✓JPY3billion

Supports seed stage startups, mainly in
the B2B area, that have products but
have not yet reached the monetization
stage. Contributes to the expansion offuture unicorn candidates throughthorough hands-on support. Also
promotes investment in deep-tech.

✓✓

USD30
millionInvests mainly in seed and early-stage
startups in the life science field with afocus on cell and gene therapies andregenerative medicine. Aims toleverage the U.S. ecosystem tocommercialize technologies andresearch results owned by domestic
companies and academia.

✓✓

Regionaltechnologies

Business
consolidat
ion*Amount of commtment(C) JIC. All Rights Reserved.

(August 22, 2024)

JIC Portfolio
No.

Date
announced⑲⑳

January 31,2023

Fund name

New Enterprise
Associates 18,L.P.
NEA 18 Venture
Growth Equity,L.P.

Amountinvested*

Fund summary

Society
5.0

UnicornFounded in the U.S. in 1977, has a trackrecord of creating nearly 100 unicorns
and is one of the largest global
management firms. Provides consistent
support from early stage to growth stage
in the technology and healthcare areas.

✓✓

Following the investment strategy of thefirst fund, which focuses on supporting
growth-stage startups, this fundstrengthens support for early-stage andlater startups in the deep tech and life
science areas. Plans to create unicorns
and realize Society 5.0.

✓✓

JPY2.6billion

Purpose is to create 1 trillion yen
companies, including unicorns, throughvertically integrated support from thepre-seed/seed stage, including sourcing
through a unique acceleration program.

✓✓

JPY3billionSeeking to create unicorns, positions
fintech, healthcare, and smart
infrastructure as priority investmentareas while also investing in deep tech.
Promotes open innovation between
investee startups and domesticcompanies.

✓✓

USD50
million
USD50
millionJIC Venture㉑

December 16,2022

Growth FundNo.2 Investment

JPY200billion

LimitedPartnership㉒㉓

December 15,2022

December 9,2022(C) JIC. All Rights Reserved.

KUSABI No.1
Investment
LimitedPartnership

Spiral Capital
Japan Fund II*Amount of commitment

Regionaltechnologies

Businessconsolidation✓(August 22, 2024)

JIC Portfolio
No.

Dateannounced

Fund nameDNX Partners
Japan IV, LP㉔

Amountinvested*

Fund summary

Society 5.0

UnicornJPY6billion

With offices in Japan and the U.S., plans tocreate new businesses in the deep tech field forSociety 5.0, including social implementation ofdeep tech through the introduction of the SaaSmodel. Supports Japanese startups seeking toexpand overseas by leveraging its knowledge ofthe U.S. market.

✓✓

JPY3billion

Makes follow-on investments in promising
startups within its portfolio to encourage further
growth prior to initial listing. Aims to create
unicorns, mainly in the SaaS domain, whileproviding support for overseas expansion.

✓✓

As a fund specializing in environment andenergy, invests in startups with innovative
business models and technologies, contributing
to the realization of a sustainable society with afocus on decarbonization in the three investmentareas of Energy Transition, Mobility &Transportation, and Smart Society.

✓✓Promotes social implementation of technology
seeds owned by universities and otherinstitutions through support for deep-techstartups from academia. Promotes global R&Dand business development of portfolio startups
through collaboration with overseas universities,
research institutions, and VCs.

✓✓October 12,2022
DNX Partners
Annex Japan III,
LP

㉕

㉖

㉗

September16, 2022

August 23,2022

EEI Fund 5
Innovation &Impact
Investment
LimitedPartnership

WUV 1 Limited
Partnership(C) JIC. All Rights Reserved.

JPY6.2billion(Date ofchange:
December 26,2023

JPY3billion*Amount of commitment

Regionaltechnologies

Business
consolidation(August 22, 2024)

JIC PortfolioNo.

㉘

㉙

Date
announced

July 20,2022

July 6,2022㉚㉛

July 5,2022

Fund nameAmountinvested*

ANRI Investment
Fund Limited
Partnership No.
5Catalys PacificFund II, LP

GLOBIS 7thFUND
Investment
LimitedPartnership
GLOBIS 7th S
FUND
Investment
LimitedPartnership(C) JIC. All Rights Reserved. *Amount of commitment

Fund summary

Society
5.0

Unicorn

JPY5billion

Provides risk capital for deep tech andareas where digital technology
promotes the convergence of cyber andphysical spaces. Provides humanresource support for pre-seed/seedstage R&D startups, and promotes
diversity in the ecosystem by fostering
female capitalists and entrepreneurs.

✓✓

USD30
millionOut-licenses promising compounds
from domestic pharmaceuticalcompanies and promotes theirdevelopment on a global scale.
Contributes to cultivating a drug
discovery startup ecosystem throughknowledge sharing and humanresource development related to thecreation of open innovation throughcollaboration with drug discovery
startups.

✓✓

Investment strategy seeks to produce
leading Japanese startups withenterprise values of several hundredbillion to one trillion yen, including thosewith the potential to become global
unicorns. Seeks to function as a rolemodel for domestic VCs who create
global unicorns.

✓✓

JPY8billion

Regionaltechnologies

Business
consolidation(August 22, 2024)

JIC Portfolio
No.

DateannouncedFund nameAmountinvested*

Fund summary

Society
5.0

Unicorn

JPY2 billion

Focuses on investment in preseed/seed stage startups and actively
supports entrepreneurs who take up
the challenge of launching newbusinesses. Invests in areas that
contribute to the creation of new
businesses and new industries forSociety 5.0, with a focus on digitaltechnology.

✓✓

JPY3 billion

Invests in startups in the digitalbusiness, healthcare, and deep techfields, among others. Endeavors topromote open innovation and create
new businesses by supporting theestablishment of startups throughMBOs and spin-outs.

✓✓

With a focus on Kyushu, builds
relationships and partnerships with
Kyushu University and other regional
universities, actively seeking to
uncover dormant technology seeds
and investing in technology startups
originating at these institutions.

✓✓

Apricot Venture㉜

June 10,2022

Fund 2
Investment
LimitedPartnership

DIMENSION 2nd㉝

May 11,

Investment

2022

LimitedPartnership㉞

April 15,2022

QB II Investment

LimitedPartnership

JPY2.5billion

Regionaltechnologies

Businessconsolidation✓*Amount of commitment(C) JIC. All Rights Reserved.

(August 22, 2024)

JIC PortfolioNo.

Dateannounced

Fund nameAmountinvested*IA Partners I㉟

April 5, 2022

Investment

JPY10

LimitedbillionPartnership㊱

March 7,

WiL Ventures III,

2022

L.P.

Genesia Venture㊲

January 31,2022

Investment Fund
LimitedPartnership No.3

USD100
million

JPY7.15
billion(Date ofchange:March 31,2023)(C) JIC. All Rights Reserved. *Amount of commitment

Fund summarySociety
5.0

Unicorn

Focus of investment strategy is on carveout/roll-up of medium-sized companies,
primarily in the electronics, chemical,
healthcare, logistics, and consumer
goods sectors. Restructures existing
companies acrossindustries/organizations in fields where
Japan has the potential to beinternationally competitive.

Regionaltechnologies

Business
consolidat
ion✓

Maintains offices in Tokyo and Silicon
Valley (US) and invests in promisingdomestic and overseas startups.
Promotes open innovation througheducational and support activities fordomestic companies while using its
overseas office/network to foster
business alliances between domestic
companies and overseas startups. Seeks
to create Japanese unicorns bysupporting the overseas expansion ofdomestic portfolio companies.

✓✓

An independent VC in Japan that actively
invests in pre-seed/seed stage startups.
One of the few funds that supports
partnerships between Japanese companies
and Southeast Asian startups. Has a trackrecord of entering local startup ecosystems
to conclude business and capital alliances.

✓✓(August 22, 2024)

JIC Portfolio
No.

㊳

Date
announced

January 26,2022

Fund nameANRI-GREEN

JPY4

Investment FundbillionLimited(Date ofPartnershipNo.1㊴㊵Amountinvested*change:June 30,2023)

December 24,

Sozo Ventures III,

USD50

2021

L.P.

millionDecember 13,
2021

UC Healthcare
Provider LimitedPartnership

JPY24billion

Fund summary

Society
5.0

Unicorn

Invests in deep tech startups in theClimate Tech area via upfront investment
and long-term management. Seeks topromote research and development andsocial implementation through the inflow ofprivate investment funds, industry
development, and support for academiabased startups in this field.

✓✓Investment strategy focuses on investingin leading North American startups andproviding business alliance opportunities
to Japanese companies. Supports
international expansion of Japanesestartups by leveraging deep connections
to startups, startup ecosystems, andacademia in the U.S. and elsewhere.

✓Provides support to local medical
institutions and healthcare providers andcontribute to productivity improvements in
the healthcare industry and efficient
provision of quality healthcare incollaboration with related organizations.
Goal is to create first comprehensive
healthcare provider in Japan.

✓Regional
technologies

Business
consolidation✓*Amount of commitment(C) JIC. All Rights Reserved.

(August 22, 2024)

JIC Portfolio
No.

Date
announced

Fund nameAmountinvested*DRONE FUND III㊶

December 3,

Investment

JPY3

2021

Limitedbillion

Partnership

㊷

㊸

㊹

May 7,
2021

April 19,2021

MIYAKO Kyoto
University
Innovation II L.P.

ANRI Investment
Fund Limited
Partnership No. 4

JPY4.1billion

JPY2.95 billion

February 26,

Catalys Pacific

USD30

2021

Fund, LP

million(C) JIC. All Rights Reserved.

*Amount of commitment

Fund summary

Society
5.0

Unicorn

Regionaltechnologies

A rare VC firm specializing in drone/airmobility. In addition to both hardware andsoftware, the firm supports development
and provision of drone-related services
and related technologies. Focuses on
discovering projects from local regions.

✓✓✓

Provides risk capital to deep tech startups
from academia, supports the developmentof highly specialized technologies andtheir social implementation toward forSociety 5.0. Contributes to utilization ofpromising local technologies and fosters atechnology startup ecosystem bycollaborating with universities in variousregions.

✓✓✓

Provides risk capital in the deep tech field
and at the convergence of the Internet anddeep tech. Provides human resource
support for R&D startups and promotes
diversity in the ecosystem by fostering
female capitalists and entrepreneurs.

✓✓

In-licenses compounds from domestic
pharmaceutical companies anduniversities for global development.
Contributes to cultivating a drug discovery
ecosystem by sharing knowledge andfostering human resources for the creationof open innovation through collaboration
with drug discovery startups.

✓✓

Business
consolidation(August 22, 2024)

JIC Portfolio
No.

Date
announced

Fund nameAmountinvested*

Beyond Next㊺

December 8,Ventures 2

JPY42020

Investment LimitedbillionPartnership㊻
JIC PEF1 LimitedPartnership

JPY200billion

September 9,2020Fund summary

Society
5.0

Unicorn

Regionaltechnologies

Business
consolidation

Supports commercialization of superior
technology seeds owned by universities,
research institutes, and companies in the
medical and healthcare fields. Makes
incubation investments in technology
startups through industry-academia
collaboration.

✓✓✓

Provides large-scale, long-term, neutral
risk capital to create new businesses andnew industries, strengthens theinternational competitiveness of domestic
industries, and restructures industries torealize Society 5.0.

✓✓

Jointly invests with JIC in a major
business restructuring to strengtheninternational competitiveness.

✓✓Provides risk capital in venture and growthareas to increase Japan's international
competitiveness and resolves industrial
and social issues through pump-priming
investments, promotion of industry
collaboration, and acceleration of open
innovation.

✓JPY900㊼
JIC PEFJ1 Limited
Partnershipbillion(Date ofdecision tochange:
October 27,2022）

JIC Venture Growth㊽

July 8,Fund No.1

2020

Investment Limited
Partnership

JPY120billion✓✓*Amount of commitment(C) JIC. All Rights Reserved.

(August 22, 2024)