JIC makes LP investment in Red No. 1 Healthcare Investment Limited Partnership

Tokyo, August 7, 2026 – Japan Investment Corporation(“JIC”) has announced its decision to make a JPY2 billion LP investment in Red No. 1 Healthcare Investment Limited Partnership (“Red No.1 Fund”), which is managed by Red Capital Co., Ltd. (“Red Capital”).

 

(1) About Red No.1 Fund

Red No.1 Fund is the first fund of Red Capital, a venture capital (VC) firm that focuses on investments in the healthcare sector. Red Capital was founded by two professionals with deep expertise in science and technology and 18 years of investment experience. Red No.1 Fund targets startups in the healthcare sector—including biotech, medical devices, and healthcare services—and aims to support healthcare startups from the applied research through late-stage development.

Red No.1Fund

Name:                 Red No. 1 Healthcare Investment Limited Partnership
Established:       2025
Duration:            12 years (with a maximum possible extension of 3 years)
GP :                     Red Capital Limited Liability Partnership

Red Capital

Name:                 Red Capital Co., Ltd.
Established:       2024
Location:            Shibuya-ku, Tokyo
Representative: Representative Directors Tomoko Inoue and Maiko Katadae

 

(2)Reason for Investment

Domestic market challenges:

・Supply of risk capital to the healthcare sector

Startups in the healthcare sector—including biotechnology, drug discovery, healthcare, and medical devices—require a long period of time and substantial funding to progress from the research and development stage to market launch. Although funds supporting the healthcare sector have been established in recent years, the supply of risk capital remains limited, and fundraising for these funds continues to be challenging.

・Raising funds from institutional investors:

Funding from institutional investors to domestic VCs remains insufficient, and expanding the supply of risk capital from domestic and international institutional investors over the medium to long term remains a key challenge. As such, more domestic VCs capable of attracting capital from institutional investors are needed.

・Enhancing diversity and expertise in the domestic startup ecosystem:

Achieving diversity within Japan’s startup ecosystem continues to be a challenge when compared to other countries. In terms of diversity, the proportion of female professionals in investment decision-making positions at domestic VCs and the ratio of female entrepreneurs both remain low. From the perspective of expertise, the number of fund managers holding doctorates and other advanced degrees is also limited. Therefore, expansion of both diversity and expertise is required.

 

Expected impacts of this investment:

・Strengthening the healthcare startup ecosystem:

Through this investment, JIC seeks to promote the supply of risk capital to startups in the healthcare sector—which has significant funding needs—and aims to create a sustainable flow of risk capital and the development of the ecosystem in this sector.

・Increased supply of risk capital from institutional investors:

Beyond the catalytic effects of risk capital, the enhancement of governance and organizational structure with the support of JIC is expected to further expand the supply of risk capital over the medium to long term through capital commitments from institutional investors for the purpose of financial return in successor funds.

・Strengtheningdiversity and specialized expertise in the domestic startup ecosystem:

Red Capital is one of the few VCs  co-founded by two female professionals, both of whom hold PhDs and possess a high level of expertise. Through this investment, JIC will support the growth of funds managed by fund managers with diverse backgrounds and contribute to the promotion of DE&I within the domestic startup ecosystem.

 

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About Japan Investment Corporation (JIC)

Japan Investment Corporation (“JIC”) was established in September 2018 under the Industrial Competitiveness Enhancement Act. At JIC, we are united by our mission: “Investing in the future, opening up Japan,” JIC’s investment focus areas are creating a virtuous cycle of domestic investment and innovation; creating and fostering startups; leveraging promising untapped management resources lying dormant in local areas, including startups from academia and medium-sized companies; and promoting business restructuring in response to changes in market and business environments. JIC provides risk capital to these areas through funds independently established by JIC and LP investment in private funds to promote open innovation in Japan, and contribute to strengthening the competitiveness of Japanese industries and expanding the country’s investment ecosystem.

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