JIC makes LP investments in Atomico Venture VI SCSp and Atomico Growth VI SCSp

・  Developing opportunities for collaborationbetween overseas and domestic VCs to create global unicorns, and utilizing knowledgeof overseas VCs

・   Introducingglobal standards and practices to the domestic market

・   Attractingrisk capital from foreign investors to the domestic VC market

Tokyo, February 29, 2024 – Japan Investment Corporation (“JIC”)has announced its decision to make LP investments of USD20 million and USD30million, respectively, in Atomico Venture VI SCSp ("Atomico VentureVI") and Atomico Growth VI SCSp ("Atomico Growth VI"), which aremanaged by Atomico (UK) Partners LLP ("Atomico"), a Europeantechnology-focused investment company.

JIC aims to stimulate a virtuous cycle of risk capital to supportnext-generation industries in Japan. To achieve this vision, JIC promotes open innovation as a means forsupporting growth and enhancing the international competitiveness of businesses. JICapproaches these challenges by stimulating private sector investments in openinnovation together with JIC’s own investment, while fostering investmentprofessionals.

To achieve its mission, JIC invests in policy-relevant strategic businessareas through LP investments in funds under JIC’s umbrella and in private funds.

About Atomico Venture VI and Atomico Growth VI

(1) JIC investment criteria

JIC’s investment criteria* identifies“Creating unicorn startups” as a focus area. A long-term, large-scalesupply of risk capital is required for the creation of unicorns—defined as privatelyheld companies with an enterprise value of USD1 billion or more—that can growtheir business sustainably with competitive global economic strength.

*https://www.j-ic.co.jp/en/investment/criteria/

(2) Current state of investment market

With the size of the domestic marketshrinking amid a declining birthrate and aging population, it has becomeimportant to enter global markets to grow startups with the corporate value ofunicorns or greater. Successful business expansion in the global market can befacilitated by receiving support from VCs who make investments globally, basedon the knowledge and experience they have gained addressing regulations,business practices, and other issues that differ by country and region. Globalunicorns also benefit from consistent VC support throughout the growth stages,including support for the development of multimarket business models, capitalpolicy, global standard organizational structures, investment contract terms,and growth financing.

(3) About Atomico Venture VI and AtomicoGrowth VI

Atomico was established in 2008 as a VCfirm specializing in the technology sector. Its founder has a track record of growingtechnology companies such as Skype into world-class companies. The firm has astrong presence in Europe, having been involved in the creation of numerousunicorns through its Growth Acceleration Team, which assists companies inacquiring human resources and entering global markets, etc., and its InsightsTeam, which provides data-based support. Atomico Venture VI focuses on early-stageand Atomico Growth VI on growth-stage investment in technology companies inAtomico's focus areas in Europe.

"Go Global" is listed as one of JIC’s priority investment areas,and the organization is committed to investing in overseas VCs to strengthenties between domestic VCs/startups and overseas VCs.

Atomico has invested in Japanese startups launchedboth in Japan and in Europe, and has a growing interest in the expandingJapanese startup market. Atomico is eager to actively contribute to thedevelopment of the startup ecosystem in Japan and to consider growth-stage investmentsin Japan.

Through the LP investments in AtomicoVenture VI and Atomico Growth VI, JIC hopes to introduce Atomico toopportunities for co-investment with domestic VCs in domestic startups, and toencourage Atomico to share its knowledge and experience relating to investmentstrategies for creating global unicorns, leading to collaboration betweenAtomico and domestic VCs. In addition, Atomico has knowledge on the developmentand financing of products and services targeting overseas markets, tailored toeach stage from early to late, as well as global standards regarding capitalpolicies and organizational structures for startups. JIC hopes that this willlead to the introduction of new methods and practices into the domestic market.JIC expects these efforts to ultimately contribute to increased interest amongforeign investors in the Japanese startup market.

Overview of AtomicoVenture VI

Name:          　                Atomico Venture VI SCSp

Established:                    2022

Duration:                         11.5 years (withpossible extension of up to 3 years)

GP:                　               Atomico Advisors VI S.à.r.l.

Overview of AtomicoGrowth VI

Name:                              Atomico Growth VI SCSp

Established:                    2022

Duration:                         11.5 years (withpossible extension of up to 3 years)

GP:               　                 Atomico Advisors VI S.à.r.l.

Overview of management company

Name:                               Atomico(UK) Partners LLP

Established:                     2008

Locations:                        London, U.K. / Berlin,Germany / Paris, France / Stockholm, Sweden          

Representative:　　　 　Niklas Zennström

(For reference)

JIC’s fund investment strategy

(For reference)

Objectives of JIC’s LPinvestments

1. Stimulate the supply of risk capital to helpcompanies grow and to enhance their competitiveness

JIC intends to provide capital to areas that areessential from the perspective of strengthening industrial competitiveness butlack private investment capital (investment strategies, sectors, stages,regions, etc.) with the aim of stimulating private investment capital in theshort term and medium-long term.

2. Create diverse investment teams, professionals, andstrategies to support a virtuous cycle of risk capital

1) Investmentteams

JIC promotes growth of the investee fundsas a leader in the intermediary of risk capital provided by institutionalinvestors (pension funds, foreign investors, etc.) towards the establishment offuture funds. This will be achieved by expanding experience and track recordsamong its fund investment team (management company) and by further improvingits ability to respond to institutional investors.

2) Investmentprofessionals

With the cooperation of industryorganizations such as JVCA, institutional investors, and investee managers, JICsupports the research and introduction of best practices of managers and thedevelopment of human resources serving as investment professionals.

3) Investmentstrategy

JIC will add diversity and depth to themarket by making an LP investment in funds even for those with strategies thatare not common in Japan yet, in response to their fund raising, including atthe time of its establishment.

About Japan Investment Corporation (JIC)

Japan InvestmentCorporation (“JIC”) was established on September 25, 2018 under the IndustrialCompetitiveness Enhancement Act. JIC’s investment focus areas are driving thecreation of new businesses for Society 5.0, creating "unicornstartups", leveraging promising untapped regional technologies andpromoting business consolidation across industries and organizations. JICprovides risk capital to these areas through funds independently established byJIC and LP investment in private funds to promote open innovation andcontribute to strengthening the competitiveness of Japanese industries andexpanding the investment ecosystem.