JIC makes LP investment in Transpose Platform BOV II, L.P.
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Creating global unicorns from Japan with the support of global accelerators
Increasing the number of domestic startups pursuing global expansion from the early stage
Strengthening Japan’s startup ecosystem by sharing knowledge of the global market, etc.

Tokyo, May 24, 2024 – Japan Investment Corporation (“JIC”) has announced its decision tomake an LP investment of USD30 million in Transpose Platform BOV II, L.P. (“BOV II”), which
is managed by Transpose Platform Management, LLC (“Transpose”). Transpose wasestablished in the United States and manages a global formation-focused fund that invests
directly in startups and VC firms.
JIC seeks to stimulate a virtuous cycle of risk capital to support next-generation industries inJapan. To achieve this vision, JIC promotes open innovation as a means for supporting
growth and enhancing the international competitiveness of businesses. JIC approaches
these challenges by stimulating private sector investments in open innovation together with
JIC’s own investment, while fostering investment professionals.
To achieve its mission, JIC invests in policy-relevant strategic business areas through LP
investments in funds under JIC’s umbrella and in private funds.
About LP investment in BOV II(1) JIC investment criteria
JIC’s investment criteria* identifies “Creating unicorn startups” as a focus area. A long-term,large-scale supply of risk capital is required for “creating unicorns aspiring to grow theirbusinesses sustainably and competitively on a global level.”*https://www.j-ic.co.jp/en/investment/criteria/(2) Current status of investment market
As the domestic market shrinks in relative terms due to the declining birthrate and aging
population, it is important for startups that aspire to grow into unicorns and startups withenterprise values exceeding those of unicorns to expand into the global market. Overseas
startup studios and accelerators provide educational programs and access to networking
opportunities to entrepreneurs and early-stage startups, helping to create global startups withenterprise values beyond those of unicorns.
We believe that obtaining early-stage support from notable startup studios and accelerators
operating globally in respect to developing products, services, and business models whilelooking to expanding overseas, adopting capital policies in line with global standards, andbuilding organizational structures is an effective way for domestic startups to grow into global
unicorns, and it is necessary to increase opportunities for Japanese startups to obtain suchsupport.

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(3) About BOV IITranspose, including funds in which it has invested, has helped to create numerous unicorns
and decacorns. BOV II invests in funds managed by Y Combinator (“YC”), one of the world's
leading accelerators, and has developed a deep relationship with YC. YC has made phased
investments in companies participating in its educational program for startups and has invested
in more than 4,000 investments to date. It has also produced numerous global unicorns byproviding a variety of support through its educational programs, sharing its knowledge ofsuccessful entrepreneurial practices and utilizing its network of leading VC firms and global
investors. Given Japan's wealth of technological talent and research institutions including
universities, Transpose aims to leverage its relationship with YC and others to help revitalize
the Japanese startup market.
JIC has been committed to investing in overseas VCs to strengthen ties between domestic
VCs and startups and overseas VCs, which pursues “Go Global” as one of the priority
investment areas for the development of Japan's startup ecosystem.
Through the investment in BOV II that will invest in funds managed by YC, JIC expects that
Transpose will work with YC to organize educational programs and networking events in Japanto provide an opportunity for Japanese entrepreneurs and early-stage startups which areapplied to/entitled to the activities to receive feedback. JIC also expects that these initiatives
will lead to the increase of domestic startups that will be invested by YC in the future. JIC
further expects that increasing the number of high-quality early-stage startups looking to global
expansion and enabling them to raise funds from global investors will lead to the creation ofglobal unicorns from Japan. In addition, JIC expects that the knowledge of global accelerators
about the creation of unicorns and global practices will be shared with entrepreneurs, startups
and VCs to contribute to strengthening the domestic startup ecosystem.

Overview of BOV II
Name:
Established:
Duration:
GP:

Transpose Platform BOV II, L.P.
2024
12 years (with a possible extension of 2 years)
Transpose Platform BOV II GP, LLC

Overview of Transpose
Name:
Transpose Platform Management, LLC
Established:
2015
Address:
Texas, U.S.
Co-Founder & General Partner: Alex Bangash, Trang Nguyen

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(For reference)
JIC’s fund investment strategy(For reference)
Objectives of JIC’s LP investments
1. Stimulate the supply of risk capital to help companies grow and to enhance their competitiveness
JIC intends to provide capital to areas that are essential from the perspective of strengthening industrial
competitiveness but lack private investment capital (investment strategies, sectors, stages, regions, etc.)with the aim of stimulating private investment capital in the short term and medium-long term.
2. Create diverse investment teams, professionals, and strategies to support a virtuous cycle of risk capital
1) Investment teams
JIC promotes growth of the investee funds as a leader in the intermediary of risk capital provided byinstitutional investors (pension funds, foreign investors, etc.) towards the establishment of future funds. Thiswill be achieved by expanding experience and track records among its fund investment team (managementcompany) and by further improving its ability to respond to institutional investors.
2) Investment professionals
With the cooperation of industry organizations such as JVCA, institutional investors, and investee
managers, JIC supports the research and introduction of best practices of managers and the developmentof human resources serving as investment professionals.
3) Investment strategy

3JIC will add diversity and depth to the market by making an LP investment in funds even for those withstrategies that are not common in Japan yet, in response to their fund raising, including at the time of its
establishment.

About Japan Investment Corporation (JIC)
Japan Investment Corporation (“JIC”) was established on September 25, 2018 under the
Industrial Competitiveness Enhancement Act. JIC’s investment focus areas are driving thecreation of new businesses for Society 5.0, creating "unicorn startups", leveraging promising
untapped regional technologies and promoting business consolidation across industries andorganizations. JIC provides risk capital to these areas through funds independently established
by JIC and LP investment in private funds to promote open innovation and contribute tostrengthening the competitiveness of Japanese industries and expanding the investment
ecosystem.
URL: https://www.j-ic.co.jp/en/

Press Contacts
Japan Investment Corporation
Corporate Planning, Communications Group:
Okumura (070-3960-3640), Nonomiya (080-1339-5207)
Tokyo Toranomon Global Square 9F,
1-3-1 Toranomon, Minato-ku, Tokyo 105-0001

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