JIC makes LP investment in mint startup fund II Investment Limited Partnership

Tokyo, May21, 2025 – Japan Investment Corporation (“JIC”) has announced its decision tomake an LP investment of JPY2 billion in mint startup fund II InvestmentLimited Partnership (“MNT2”), managed by mint Inc. which focuses on pre-seed/seedstage investments.

JIC’smission is to create a virtuous cycle of risk capital that supports the nextgeneration of domestic industries by providing funds to help companies grow andstrengthen their competitiveness through open innovation, promotion of privateinvestment, and the development of investment professionals. To achieve itsmission, JIC invests in policy-relevant strategic business areas through LPinvestments in funds under JIC’s umbrella and in private funds.

About LPinvestment in MNT2

(1) Current status of investmentmarket

When creatingglobal unicorns, definedas privately held companies with an enterprise value of USD1 billion or higher with acompetitive edge and seeking sustainable growth on a global level, it isimportant to support promising startups from the seed/pre-seed stage to expandtheir base. Furthermore, long-term and large-scale risk capital investment isrequired in areas related to the Fourth Industrial Revolution—such as AI, IoT,and robotics—that are expected to contribute to the sustainable growth ofbusiness fields that enhance the competitiveness of Japanese industry andpromote a virtuous cycle of domestic investment and innovation.

(2) About MNT2

Ninetypercent of mint investees receive support from the pre-seed/seed stage. Througha free office support program for entrepreneurs during the preparation andstart-up stages of their business, mint provides opportunities for them toparticipate in the entrepreneurial community and network with experts andwell-known business leaders. mint also provides support for recruitment ofengineers. MNT2 will also be focusing on pre-seed and seed stage investments,leveraging mint’s investment track record to invest in the real-worldapplication of technologies such as AI and blockchain.

Throughthis investment, JIC expects to strengthen its investment activities in mint'spre-seed/seed stage startups and support the domestic startup ecosystem. Inaddition, JIC will seek to contribute to the creation of new businesses andindustries, focusing on the practical application of AI, blockchain and othertechnologies.

Furthermore,by providing fund management support to mint, JIC hopes to expand the supply ofrisk capital from institutional investors through funds managed by mint overthe medium to long term.

MNT2

Name:                                mint startup fund IIInvestment Limited Partnership

Established:                       January 2025

Duration:                            10 years (with a possible extension of 2years)

GP:                                    mint II Limited Liability Partnership

Outline of mint

Name:                               mint Inc.

Established:                     January 2018

Address:　           　　 　Shibuya-ku, Tokyo

Representative:　 　　　Tomoki Shirakawa

 (Reference) JIC 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 in September 2018 under the IndustrialCompetitiveness Enhancement Act. JIC’s investment focus areas are creating avirtuous cycle of domestic investment and innovation; creating  and fostering startups; leveraging promisinguntapped management resources lying dormant in local areas, including startupsfrom academia and medium-sized companies; and promoting business restructuring inresponse to changes in market and business environments. JIC provides riskcapital to these areas through funds independently established by JIC and LPinvestment in private funds to promote open innovation in Japan, strengthen thecompetitiveness of Japanese industries, and contribute to expansion of Japan’s investmentecosystem.