JIC is implementing the following four initiatives.
1
Active investment in emerging funds aimed at creating new players
We aim to address challenges through quantitative expansion and the promotion of participation by diverse players, such as expanding the pool of high-performing funds , addressing shortages of players in areas such as secondary and growth stages, and investing in GPs with diverse backgrounds.
Of the 53 private-sector funds to which JIC had committed by the end of December 2025, 37 funds were the first- to third-time funds, and JIC actively carried out LP investments even in young funds that institutional investors often find difficult to consider for investment.
In particular, for first-time funds, which are often difficult to launch, JIC has invested in 13 funds to date (approximately one quarter of the JIC portfolio) . In addition to providing risk capital, JIC has supported fund launches and conducted continuous follow-up to help attract further private-sector capital.
2020
3 Funds
No. 1
No. 2
No.3
2021
8 Funds
No. 1
PE
GREEN
PE
No. 2
No. 3
2022
8 Funds
No. 1
No. 2
Apricot Venture Fund
No. 3
2023
7 Funds
No. 1
No. 2
No. 3
2024
8 Funds
No. 1
No. 2
No. 3
2025
3 Funds
No. 1
No. 2
No. 3
2
Growth support for fund managers aiming to secure funding from institutional investors
We address challenges through qualitative improvements, including advice on contractual terms and management structures, from the perspective of institutional investors, guidance on returns and distributions to fund managers and the implementation of monitoring related to diversity.
3
Acceleration through collaboration with global VCs (Go Global Strategy)
Acceleration programs and conferences are implemented through collaboration between investee companies and global VCs. Through these efforts, we provide opportunities from a global-level perspective, enhance diversity, foster entrepreneurship, and provide continuous support in the deep tech field.
To date, we have invested in five overseas funds (GPs) and have promoted the creation of collaboration opportunities with domestic VCs and domestic startups.
4
Direct investment through JIC VGI
Through JIC VGI, a group company, we create unicorns by providing end-to-end support from the early stage through the growth phase and into the aftermarket.
JIC VGI Fund Cluster: Growth Path
For more information, please visit the JIC VGI website.
GLIN Impact Capital No.2 Investment Limited Partnership
GLIN Impact Capital No.2 Investment Limited Partnership
Publication date
April
21
,
2026
JIC investment amount (Commitment amount)
JPY3.0 billion
Fund Overview
Invest in growth‑stage startups and support both the enhancement of corporate value and the creation of social impact that contributes to achieving that value. By expanding investments in startups that aim to generate business growth and social impact in areas such as climate change, healthcare, and building an inclusive society, we seek to create role models of high‑growth startups. Through this, aims to foster a virtuous cycle in which mission‑driven, challenge‑driven innovation emerges autonomously and continuously.
KUC Fund II, Investment Limited Partnership KUC Partners II
KUC Fund II, Investment Limited Partnership KUC Partners II
Publication date
March
13
,
2026
JIC investment amount (Commitment amount)
JPY1.5 billion
Fund Overview
As Kobe University’s partnership fund, KUC has established a track record of strengthening partnerships with Kobe University, Kobe Biomedical Innovation Cluster and regional university research institutions and local governments centering in Kobe city to actively foster the creation of promising startups leveraging technological seeds. It will focus on investment in the deep tech startups making the most of these untapped regional management resources.
Established in 1977, it has created more than 100 unicorns to date and manages one of the largest pools of capital globally. With the aim of fostering globally competitive unicorns originating from Japan, it provides consistent support in the technology and healthcare sectors, from the early through the growth stage. In addition to sourcing investment opportunities in Japan, it seeks to enhance knowledge and support capabilities within the domestic startup ecosystem through dialogue and knowledge sharing with Japanese VCs and startups.
Established in 1977, it has created more than 100 unicorns to date and manages one of the largest pools of capital globally. With the aim of fostering globally competitive unicorns originating from Japan, it provides consistent support in the technology and healthcare sectors, from the early through the growth stage. In addition to sourcing investment opportunities in Japan, it seeks to enhance knowledge and support capabilities within the domestic startup ecosystem through dialogue and knowledge sharing with Japanese VCs and startups.
Invests primarily in deep‑tech startups from the seed to early stages. Rather than being influenced by short‑term market trends, it focuses on identifying next‑generation advanced technologies expected to achieve real‑world implementation in the next five to ten years, and we support promising startups from an early stage. Through knowledge sharing and ongoing dialogue with domestic vVCs and startups, it aims to enhance the capabilities and expertise of Japan’s startup ecosystem.
Focuses on supplying capital to the growth stage, where risk capital tends to be insufficient for nurturing unicorns. By targeting startups in the technology sector and expanding the availability of risk capital, it aims to accelerate the growth trajectory of domestic startups prior to their initial public offerings.
Focuses on direct secondary investments, where private capital remains scarce. By targeting mid- to late-stage startups that have previously been compelled to pursue early exits such as small-scale IPOs, it aims to provide a platform that accelerates their growth trajectory and contributes to the emergence of unicorns originating from Japan.
Genesia Venture Fund IV Investment Limited Partnership
Genesia Venture Fund IV Investment Limited Partnership
Publication date
June
27
,
2025
JIC investment amount (Commitment amount)
JPY3.5 billion
Fund Overview
Primarily invests in pre-seed/seed-stage startups. Despite being a Japanese VC, it has established a strong presence in Southeast Asia by supporting partnerships between Japanese companies and local startups, and has also expanded into India. In Japan, it backs promising startups that leverage digital technology to address industry-specific challenges, with the goal of promoting industrial DX.
mint startup fund II Investment Limited Partnership
mint startup fund II Investment Limited Partnership
Publication date
May
21
,
2025
JIC investment amount (Commitment amount)
JPY2 billion
Fund Overview
Focuses on pre-seed and seed stage investments to support the real-world application of technologies such as AI and blockchain. Through a free office support program for entrepreneurs during the preparation and start-up stages of their business, it provides opportunities for them to participate in the entrepreneurial community and network with experts and well-known business leaders. Also it provides support for recruitment of engineers.
Catalys Pacific Phase III Select Fund, LP (Formerly known as Catalys Pacific Post-POC Fund, LP）
Catalys Pacific Phase III Select Fund, LP (Formerly known as Catalys Pacific Post-POC Fund, LP）
Publication date
May
15
,
2025
JIC investment amount (Commitment amount)
USD14 million
Fund Overview
Invests in drug discovery startups from its existing fund portfolio that are developing drug candidates in Phase 3 clinical trials, and supports late-stage development through to new drug approval and subsequent commercialization.
Provides growth capital to mid- and later-stage startups and supports their development by introducing them to its domestic and international network. It aims to contribute to the diversity of domestic company management by leveraging a track record of investing in women entrepreneurs through existing fund.
Focuses on supporting the cutting-edge drug discovery technologies of academia, research institutes, pharmaceutical companies and other organizations from the startup stage. It primarily invests in Japanese drug discovery seeds to commercialize them. It leverages its overseas investment infrastructure and network to invest in early-stage global drug discovery startups.
Makes investments in deep tech field, where risk capital is in
short supply, including the energy, space, agriculture,
medical care, electronics, and new materials sectors across
the country. Aims at contributing to the development and
cultivation of a deep tech startup ecosystem in local areas
through the hands-on support for the social implementation
of new technologies and investments in startups that make
use of promising technological seeds.
Abies Ventures Fund II Investment Limited Partnership
Abies Ventures Fund II Investment Limited Partnership
Publication date
August
22
,
2024
JIC investment amount (Commitment amount)
JPY2 billion(Date of change: March 31, 2025）
Fund Overview
Identifies investment sectors in the four deep tech areas of 1) robotics/mobility, 2) advanced information processing/communication technology, 3) new materials/environmental technology, and 4) space and invests in seed/early startups. It aims for creating global startups with its strength in supporting the overseas business development of its investees and fundraising from overseas investors.
Targets a wide range of technology-related startups in India and Southeast Asia, including growth-stage fintech, e-commerce, and marketplace companies. BEENEXT, the fund’s investment management company, is also focused on promoting and strengthening open innovation by facilitating business partnerships between Japanese corporations and portfolio startups in India and Southeast Asia.
As fund of funds managed by Transpose established in US and having helped to create numerous unicorns/decacorns, invests in funds managed by Y Combinator (YC), one of the world’s leading accelerators, and aims to leverage its strong relationship with YC and others to help revitalize the Japanese startup market.
Invests in the Asian region with a focus on Japan by leveraging the global network of the Headline Group, a global VC firm that operates fund series in four regions (North America, South America, Europe, and Asia).
Seeking to create unicorns, positions fintech, healthcare, smart infrastructure, and AI as priority investment areas while also investing in deep tech. Promotes open innovation between investee startups and domestic companies.
Aims to create startups originated from Japan that will develop cutting-edge medical devices to be used both in Japan and abroad through the incubation based on the needs of the medical field. It aims to promote open innovation in the medical device-related industry in Japan and contribute to the development of the medical device ecosystem in Japan.
Targets mid- to late-stage startups that are expected to IPO within the next few years, and employs a “direct secondary strategy” in which it acquires existing shareholders’ equity directly through a secondary transaction. It aims to become a platform for startups that have been forced to exit through small IPOs, etc., to raise the growth curve and create unicorns originating from Japan.
Investments mainly in technology in Europe and has contribute to the creation of many unicorns. It aims to consider investments in Japan and contribute to the development of the startup ecosystem in Japan with the record of investing in startups in Japan and startups established by Japanese in Europe.
Investments mainly in technology in Europe and has contribute to the creation of many unicorns. It aims to consider investments in Japan and contribute to the development of the startup ecosystem in Japan with the record of investing in startups in Japan and startups established by Japanese in Europe.
Leverages its unique network and other resources to focus on pre-seed/seed stage investments. In particular, it supports startups in fields where market changes are occurring due to technological innovation, or in existing industries that are using new technologies and business models, such as AI, as a competitive advantage, while also promoting the creation of new businesses.
Focuses on creating global startups in the life science field. In alliance with ARCH Venture Partners, a US firm with over 30 years of life science investment experience, it leverages the US ecosystem to promote social implementation of outstanding Japanese science and technology seeds.
Collaborating with universities and research institutions, focuses on investment in deep tech, contributing to the creation of promising startups that utilize technology seeds lying dormant in academia. It sets up an investment and monitoring system for startups that solve social issues, and also engages in impact investments.
Targets mid- to late-stage startups that are expected to IPO within the next few years, and employs a “direct secondary strategy” in which it acquires existing shareholders’ equity directly through a secondary transaction. It aims to become a platform for startups that have been forced to exit through small IPOs, etc., to raise the growth curve and create unicorns originating from Japan.
Provides risk capital to deep-tech startups originating from academia. It supports companies from the seed and early stages, aiming to foster technology-driven startups and unlock the potential of promising technologies emerging from regional institutions.
JICVGI Opportunity Fund No.1 Investment Fund Limited Partnership
JICVGI Opportunity Fund No.1 Investment Fund Limited Partnership
Publication date
July
31
,
2023
JIC investment amount (Commitment amount)
JPY40 billion
Fund Overview
Through direct secondary investments and the provision of growth capital to listed startups, aims to be a source of support for the creation of unicorns and the sustainable and rapid growth of listed startups.
A fund within the Vertex Group, which operates funds across 14 locations worldwide, that focuses on investments in Southeast Asia and India. It provides hands-on support—including facilitating collaborations with corporate partners—to early‑stage startups that are considering future global expansion.
Archetype Ventures III Investment Limited Partnership
Archetype Ventures III Investment Limited Partnership
Publication date
February
24
,
2023
JIC investment amount (Commitment amount)
JPY3 billion
Fund Overview
Supports seed stage startups, mainly in the B2B area, that have products but have not yet reached the monetization stage. It contributes to the expansion of future unicorn candidates through thorough hands-on support, and also promotes investment in deep tech.
Invests mainly in seed and early-stage startups in the life science field with a focus on cell and gene therapies and regenerative medicine. It aims to leverage the U.S. ecosystem to commercialize technologies and research results owned by domestic companies and academia.
Founded in the U.S. in 1977, has a track record of creating nearly 100 unicorns and is one of the largest global management firms. It provides consistent support from early stage to growth stage in the technology and healthcare areas.
Founded in the U.S. in 1977, has a track record of creating nearly 100 unicorns and is one of the largest global management firms. It provides consistent support from early stage to growth stage in the technology and healthcare areas.
JIC Venture Growth Fund No.2 Investment Limited Partnership
JIC Venture Growth Fund No.2 Investment Limited Partnership
Publication date
December
16
,
2022
JIC investment amount (Commitment amount)
JPY200 billion
Fund Overview
Following the investment strategy of the first fund, which focuses on supporting growth-stage startups, this fund strengthens support for early-stage and later startups in the deep tech and life science areas. It aims to create unicorns and realize Society 5.0.
Purpose is to create 1 trillion yen companies, including unicorns, through vertically integrated support from the pre-seed/seed stage, including sourcing through a unique acceleration program.
Seeking to create unicorns, positions fintech, healthcare, and smart infrastructure as priority investment areas while also investing in deep tech. It aims to promote open innovation between investee startups and domestic companies.
With offices in Japan and the U.S., plans to create new businesses in the deep tech field for Society 5.0, including social implementation of deep tech through the introduction of the SaaS model. It supports Japanese startups seeking to expand overseas by leveraging its knowledge of the U.S. market.
Makes follow-on investments in promising startups within its portfolio to encourage further growth prior to initial listing. It aims to create unicorns, mainly in the SaaS domain, while providing support for overseas expansion.
EEI Fund 5 Innovation & Impact Investment Limited Partnership
EEI Fund 5 Innovation & Impact Investment Limited Partnership
Publication date
September
16
,
2022
JIC investment amount (Commitment amount)
JPY6.2 billion (Date of change: December 26, 2023)
Fund Overview
As a fund specializing in environment and energy, invests in startups with innovative business models and technologies, contributing to the realization of a sustainable society with a focus on decarbonization in the three investment areas of Energy Transition, Mobility & Transportation, and Smart Society.
Promotes social implementation of technology seeds owned by universities and other institutions through support for deep-tech startups from academia. It aims to promote global R&D and business development of portfolio startups through collaboration with overseas universities, research institutions, and VCs.
Provides risk capital for deep tech and areas where digital technology promotes the convergence of cyber and physical spaces. It provides human resource support for pre-seed/seed stage R&D startups, and promotes diversity in the ecosystem by fostering female capitalists and entrepreneurs.
Out-licenses promising compounds from domestic pharmaceutical companies and promotes their development on a global scale. It contributes to cultivating a drug discovery startup ecosystem through knowledge sharing and human resource development related to the creation of open innovation through collaboration with drug discovery startups.
Investment strategy seeks to produce leading Japanese startups with enterprise values of several hundred billion to one trillion yen, including those with the potential to become global unicorns. It seeks to function as a role model for domestic VCs who create global unicorns.
Investment strategy seeks to produce leading Japanese startups with enterprise values of several hundred billion to one trillion yen, including those with the potential to become global unicorns. It seeks to function as a role model for domestic VCs who create global unicorns.
Apricot Venture Fund 2 Investment Limited Partnership
Apricot Venture Fund 2 Investment Limited Partnership
Publication date
June
10
,
2022
JIC investment amount (Commitment amount)
JPY2 billion
Fund Overview
Focuses on investment in pre-seed/seed stage startups and actively supports entrepreneurs who take up the challenge of launching new businesses. It invests in areas that contribute to the creation of new businesses and new industries for Society 5.0, with a focus on digital technology.
Invests in startups in the digital business, healthcare, and deep tech fields, among others. It endeavors to promote open innovation and create new businesses by supporting the establishment of startups through MBOs and spin-outs.
With a focus on Kyushu, builds relationships and partnerships with Kyushu University and other regional universities, actively seeking to uncover dormant technology seeds and investing in technology startups originating at these institutions.
Maintains offices in Tokyo and Silicon Valley (US) and invests in promising domestic and overseas startups. It aims to promote open innovation through educational and support activities for domestic companies while using its overseas office/network to foster business alliances between domestic companies and overseas startups. It seeks to create Japanese unicorns by supporting the overseas expansion of domestic portfolio companies.
Genesia Venture Fund III Investment Limited Partnership
Genesia Venture Fund III Investment Limited Partnership
Publication date
January
31
,
2022
JIC investment amount (Commitment amount)
JPY7.15 billion (Date of change: March 31, 2023)
Fund Overview
An independent VC in Japan that actively invests in pre-seed/seed stage startups. One of the few funds that supports partnerships between Japanese companies and Southeast Asian startups. It has a track record of entering local startup ecosystems to conclude business and capital alliances.
ANRI-GREEN Investment Fund Limited Partnership No.1
ANRI-GREEN Investment Fund Limited Partnership No.1
Publication date
January
26
,
2022
JIC investment amount (Commitment amount)
JPY4 billion (Date of change: June 30, 2023)
Fund Overview
Invests in deep tech startups in the Climate Tech area via upfront investment and long-term management. It seeks to promote research and development and social implementation through the inflow of private investment funds, industry development, and support for academia-based startups in this field.
Investment strategy focuses on investing in leading North American startups and providing business alliance opportunities to Japanese companies. It supports international expansion of Japanese startups by leveraging deep connections to startups, startup ecosystems, and academia in the U.S. and elsewhere.
A rare VC specializing in drone/air mobility. In addition to both hardware and software, it supports development and provision of drone-related services and related technologies, focusing on discovering projects from local regions.
Provides risk capital to deep tech startups from academia, and supports the development of highly specialized technologies and their social implementation toward for Society 5.0. It contributes to utilization of promising local technologies and fosters a technology startup ecosystem by collaborating with universities in various regions.
Provides risk capital in the deep tech field and at the convergence of the Internet and deep tech. It provides human resource support for R&D startups and promotes diversity in the ecosystem by fostering female capitalists and entrepreneurs.
In-licenses compounds from domestic pharmaceutical companies and universities for global development. It contributes to cultivating a drug discovery ecosystem by sharing knowledge and fostering human resources for the creation of open innovation through collaboration with drug discovery startups.
Beyond Next Ventures 2 Investment Limited Partnership
Beyond Next Ventures 2 Investment Limited Partnership
Publication date
December
8
,
2020
JIC investment amount (Commitment amount)
JPY4 billion
Fund Overview
Supports commercialization of superior technology seeds owned by universities, research institutes, and companies in the medical and healthcare fields. It makes incubation investments in technology startups through industry-academia collaboration.
JIC Venture Growth Fund No.1 Investment Limited Partnership
JIC Venture Growth Fund No.1 Investment Limited Partnership
Publication date
July
8
,
2020
JIC investment amount (Commitment amount)
JPY120 billion
Fund Overview
Provides risk capital in venture and growth areas to increase Japan's international competitiveness and resolves industrial and social issues through pump-priming investments, promotion of industry collaboration, and acceleration of open innovation.
From among the investment destinations of Catalys' existing funds, we invest in drug discovery startups that develop candidate compounds for drugs that have advanced to phase 3 trials, and support late-stage development leading up to new drug approval and commercialization thereafter.
