JIC makes LP investment in Minerva Growth Partners II LP

Tokyo, January14, 2026 – Japan Investment Corporation (“JIC”) has announced its decision to makean LP investment of JPY3 billion in Minerva Growth Partners II LP (“Minerva2”),which is managed by Minerva Growth Partners (“Minerva”) through Minerva GrowthPartners II GP Limited.

(1) About Minerva2

With its first fund, Minerva has built a proven track record of growth stage investmentsin startups to support further growth prior to initial public offering. Minerva2 will continue to target growth-stage startups requiring growth capital, focusing on investments in the technology sector, primarily in internetand software.

Minerva2
Name:　　            Minerva Growth PartnersII LP
Established:　　  December 2025
Duration:              10 years (with a maximum possible extensionof 2 years)
GP:                        Minerva Growth Partners II GPLimited

Overview of Minerva
Name:                  Minerva GrowthPartners
Established:        November 2021
Address:              Minato-ku, Tokyo
Representative:  Founding Partner　Kensuke Murashima, Kei Nagasawa          

(2) Reasonfor Investment　

Domestic marketchallenges:
・Growth stage funding:
‍There is a need for a supply of long-term, large-scale risk capital toventure capital firms that support growth-stage startups, which require capitalto expand their businesses.

・Creating a virtuouscycle of domestic investment and innovation:
‍Recognizing thatglobal societal challenges—such as resource and energy constraints and climate change—can be sources of growth, creating new businesses and fostering innovationthrough GX and DX to solve these challenges is considered essential formaintaining and strengthening Japan’s international competitiveness.

・Fundraising frominstitutional investors:
‍The supply of growth stage funding from domestic institutional investors, including thisfund, remains insufficient, and increasing the supply of risk capital fromdomestic institutional investors over themedium to long term remains a challenge.

Expected impact ofthis investment:
・Growth ofpromising Japanese startups:
‍Havingachieved the necessary scale (fund size) to provide capital to startups duringtheir growth stage, JIC expects Minerva2 to significantly boost the growthtrajectories of domestic startups prior to their initial public offerings and help them grow into promising domestic startups.

・Positivecycle of innovation:
‍JIC believesthat investment in promising domestic startups providing services that solveindustry-specific challenges through digital technology will expand, leadingto a virtuous cycle of innovation.

・Catalysteffect:
‍Inaddition to the initial effect of priming the risk capital pump, JIC seeks tocreate a medium- to long-term catalyst effect by improving fundmanagement and organizational structures, thereby attracting funds frominstitutional investors for net investment in subsequent funds.

‍

About Japan Investment Corporation (JIC)

Japan Investment Corporation (“JIC”) wasestablished in September 2018 under the Industrial Competitiveness EnhancementAct. JIC’s investment focus areas are creating a virtuous cycle of domesticinvestment and innovation; creating and fostering startups; leveragingpromising untapped management resources lying dormant in local areas, includingstartups from academia and medium-sized companies; and promoting business restructuringin response 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.