JIC makes LP investment in KUC2 Investment Limited Partnership

Tokyo, March 13, 2026 – Japan Investment Corporation(“JIC”) has announced its decision to make an LP investment of JPY1.5 billion in KUC Fund II, Investment Limited Partnership KUC Partners II (“KUC2”), which is managed by Kobe University Capital, Inc. (“Kobe University Capital”).

Details are as follows.

(1) About KUC2
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‍As Kobe University’s partnership fund, KUC has established a track record of strengthening partnerships with regional university research institutions and local governments to actively foster the creation of promising startups leveraging technological seeds. KUC2 will continue to focus on investment in the deep tech startups making the most of these untapped regional management resources.

KUC2
Name:                  KUC Fund II, Investment Limited Partnership KUC Partners II
Established:        January 2026
Duration:             10 years (with a maximum possible extension of 2 years)
GP:                       KUC Partners II Limited Liability Partnership

Overview of Kobe University Capital　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　
Name:                   Kobe University Capital, Inc.
Established:         October 2010
Location:              Kobe City, Hyogo Prefecture
Representative:   Representative Director Yoshifumi Mizuhara

(2) Reason for Investment
‍Domestic market challenges:
・Supply of riskcapital to deep tech startups:
‍Advancingthe development of Japan’s deep tech sector requires a supply of medium- tolong-term risk capital for startups from academia seeking to commercialize promisingscientific research and innovative technological development being conducted atuniversities and other institutions.

・Leveraging untapped regionalmanagement resources:
‍Supportis needed by regional academic startups seeking to maximize the potential of technologieswith high earning and innovation potential because these technologies remainunderutilized due to a lack of risk capital and human resources. Currently, thevast majority of venture capital firms focus their investment activitiesprimarily in Tokyo.

・Fundraising frominstitutional investors:
‍Fundingfrom institutional investors for Japan’s deep tech sector, including this fund,remains insufficient. Expanding the supply of risk capital from domesticinstitutional investors over the medium to long term remains a key challenge.

Expected impacts of this investment:
・Creatingstartups from academia:
‍JIC expects thisinvestment to provide risk capital to deep tech startups utilizing thescientific and technological seeds found at Japanese universities and researchinstitutions—primarily centered around Kobe University—and supportcommercialization of these seeds and growth of the startups behind theseefforts.

・Developmentof local startup ecosystems:
‍Leveraging thenetwork KUC has built with universities and other institutions, JIC willactively support the supply of risk capital to deep tech startups utilizinguntapped technologies in local areas, contributing to the development andcultivation of startup ecosystems in these regions.

・Expandingthe supply of risk capital from institutional investors:
‍In addition toattracting risk capital, leveraging the support of JIC to pursue improvementsin fund management and organizational structure is expected to expand thesupply of risk capital over the medium to long term, including funds frominstitutional investors for the purpose of pure investment in subsequent funds.

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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 fosteringstartups; leveraging promising untapped management resources lying dormant inlocal areas, including startups from academia and medium-sized companies; andpromoting business restructuring in response to changes in market and businessenvironments. JIC provides risk capital to these areas through fundsindependently established by JIC and LP investment in private funds to promoteopen innovation in Japan, strengthen the competitiveness of Japanese industries,and contribute to expansion of Japan’s investment ecosystem.

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