Overview
Securities and Commodities Futures

Japan Asia Investment Company,Limited

Japan Asia Investment Co., Ltd. (JAIC) is a Tokyo-listed alternative investment firm engaged in three core business segments: Investment Development (direct investment in real asset SPCs covering renewable energy, logistics infrastructure, and healthcare facilities), Investment Management (securities-based investments including buyouts, PIPEs, and venture capital in listed and unlisted companies), and Fund Platform Services (middle- and back-office services for fund management companies). The firm manages a diversified portfolio through 29 consolidated subsidiaries (including 24 funds) and 8 equity-method affiliates (including 7 funds). Under its medium-term plan (FY2025–FY2027), JAIC is expanding each business segment with a focus on private real assets resilient to inflation and economic cycles.

Market Cap
¥3.85B
US$24.5M
EV
¥—B
Stock¥138▼-2.13%
US$1 = ¥156.80 (2026-10-23)
ROE
1.0%
* LTM NI / end-of-period equity
PBR
0.5
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-67.1%pt
1001234
Oct 23, 25 – Oct 23, 26StockTOPIX
1Nov 14, 25Governance Partners, Inc. changed stake (36.09%→40.9%)
2Dec 24, 25Governance Partners, Inc. changed stake (40.9%→24.58%)
3Mar 5, 26Governance Partners, Inc. changed stake (24.58%→28.05%)
4Aug 14, 26Q1 FY2027/03 earnings announced
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Performance & Balance
Revenue 5Y (¥B)
3.20US$20.4M'22/33.87US$24.7M'23/32.44US$15.6M'24/33.09US$19.7M'25/32.12US$13.5M'26/3
EBITDA 5Y (¥B)
-0.20-US$1.27M'22/30.07US$0.42M'23/3-1.10-US$7.04M'24/30.15US$0.96M'25/3-0.37-US$2.34M'26/3
Net Income 5Y (¥B)
0.02US$0.12M'22/3-0.30-US$1.88M'23/3-1.70-US$10.8M'24/30.40US$2.55M'25/3-0.05-US$0.29M'26/3
Capital Structure
44%
56%
EquityD/E 1.29xDebt
Liquidity vs Debt 5Y (¥B)▼ Net Debt
CashInv. Sec.Debt
5.73US$36.5M9.51US$60.7M'22/33.19US$20.4M8.99US$57.3M'23/32.62US$16.7M9.82US$62.7M'24/34.42US$28.2M7.41US$47.2M'25/34.27US$27.2M10.2US$65.2M'26/3
Shareholders
Top 10 hold 55.6%
1
GNI Group Ltd.
16.10%
2
Governance Partners Executive Fund Investment Limited Partnership
14.45%
3
First Eastern Asia Holdings Limited
9.00%
4
Governance Partners Executive Fund NK Investment Limited Partnership
5.30%
5
SBI SECURITIES Co., Ltd.
2.29%
6
Governance Partners Investment Limited Partnership
2.08%
7
Boom Securities (H.K.) Limited – Clients' Account (Standing Proxy: Monex Securities Co., Ltd.)
1.88%
8
Dynamic Solution Group Co., Ltd.
1.70%
9
Tomohiro SUZUKI
1.45%
10
MATSUI SECURITIES CO.,LTD.
1.40%
Management
5 officers
Shun MARUYAMA
Representative Director, President and Executive Officer, CEO
Apr 2001 Joined Sanwa Research Institute Co., Ltd. (now Mitsubishi UFJ Research & Consulting Co., Ltd.), Economist Jul 2006 Joined Credit Suisse First Boston Securities Co. (now UBS Group AG), Strategist Jul 2011 Joined BNP Paribas Securities (Japan) Limited, Chief Japan Equity Strategist Nov 2016 Representative Director, Governance Partners Co., Ltd. (current) Dec 2017 Joined Japan Post Capital Co., Ltd., Managing Director Mar 2024 Advisor, the Company Jun 2024 Representative Director, President and Executive Officer, CEO, the Company Apr 2025 Representative Director, President and Executive Officer, CEO and CIO, the Company Oct 2025 Representative Director, President and Executive Officer, CEO, the Company (current)
1978-04-18
Kenji KISHIMOTO
Director, Managing Executive Officer, CFO
Apr 1993 Joined Daiwa Bank, Ltd. (now Resona Bank, Ltd.) Nov 2005 Joined the Company Jun 2012 Deputy General Manager, Corporate Planning and Management Department, the Company Apr 2013 Representative Director, Jaik Office Service Co., Ltd. May 2015 Senior Director, Administration Group, the Company Apr 2016 Executive Officer, in charge of Administration Group, the Company Aug 2023 Senior Executive Officer, in charge of Administration Group, the Company Jun 2024 Director, Managing Executive Officer, CFO, in charge of Administration Group, the Company Apr 2025 Managing Executive Officer, CFO, in charge of Corporate Management Group, the Company (current) May 2026 Outside Director, Izutsuya Co., Ltd. (current)
1969-12-02
Norito HASHI
Director (Audit and Supervisory Committee Member), Chair of the Audit and Supervisory Committee
Apr 1981 Joined The Bank of Tokyo, Ltd. (now MUFG Bank, Ltd.) Aug 2000 Joined Vision Capital Corporation Jun 2007 Joined Palace Capital Co., Ltd. Apr 2013 President and Director, Palace Capital Co., Ltd. Dec 2013 Director, Asian Market Planning Co., Ltd. Apr 2017 Joined the Company, Executive Officer, in charge of Business Development Group Jul 2021 Senior Executive Officer, Deputy in charge of Investment and Development Group, the Company Apr 2023 Senior Executive Officer, in charge of Business Solutions Group and Deputy in charge of Investment and Development Group, the Company Dec 2023 Senior Managing Executive Officer, Special Assignment, the Company Feb 2024 Representative Director, Asian Market Planning Co., Ltd. Jun 2024 Director, Senior Managing Executive Officer, COO, the Company Apr 2025 Director, Senior Managing Executive Officer, in charge of Special Assignments (FA Operations), the Company Jun 2025 Director (Audit and Supervisory Committee Member, Chair), the Company (current)
1957-09-04
Isao SHIBUYA
Director (Audit and Supervisory Committee Member)
Apr 1996 Joined Fuji Bank, Ltd. (now Mizuho Bank, Ltd.) Oct 1998 Joined Fuji Securities Co., Ltd. (now Mizuho Securities Co., Ltd.), Bond Sales Division Oct 2000 Manager, Equity Group, Corporate Business Department, Mizuho Securities Co., Ltd. Oct 2006 Director, Corporate Business Department, Investment Banking Division, Barclays Securities Japan Limited Apr 2018 Director, Equity Capital Markets Department, Investment Banking Division, Barclays Securities Japan Limited Dec 2023 Advisor, the Company Jun 2024 Advisor, resigned, the Company Jun 2025 Outside Director (Audit and Supervisory Committee Member), the Company (current)
1973-05-10
Chinami MARUYAMA
Director (Audit and Supervisory Committee Member)
Passed the Judicial Scrivener Examination (FY1999) Apr 2000 Joined Kawazoe Judicial Scrivener Office (now Kawazoe, Nomura & Tanaka Judicial Scrivener Office) Feb 2017 Registered as Judicial Scrivener Apr 2017 Opened Kanade Legal Judicial Scrivener Office, Judicial Scrivener (current) Passed the Administrative Scrivener Examination (FY2017) Mar 2018 Registered as Administrative Scrivener Apr 2018 Opened Kanade Legal Administrative Scrivener Office, Administrative Scrivener (current) Jun 2025 Outside Director (Audit and Supervisory Committee Member), the Company (current)
1974-10-17
Large Shareholding Reports
Evo Fund
2026-06-22
18.74%→17.10%
Dynamic Solution Group Co., Ltd.
2026-06-22
8.78%
Correction filing (name/detail fix only) — ratio carried over from the original filing
Annual report (as of 2026-03-31): 1.70%
Dynamic Solution Group Co., Ltd.
2026-06-16
8.78%
Annual report (as of 2026-03-31): 1.70%
Evo Fund
2026-05-14
18.97%→18.74%
Evo Fund
2026-04-20
23.34%→18.97%
Evo Fund
2026-03-06
28.28%→23.34%
Governance Partners Co., Ltd.
2026-03-05
24.58%→28.05%
Evo Fund
2026-02-18
29.04%→28.28%
Evo Fund
2026-01-16
30.07%→29.04%
Evo Fund
2026-01-08
31.11%→30.07%
Evolution Capital Management LLC
2026-01-05
—
Governance Partners Co., Ltd.
2025-12-25
40.90%→24.58%
Correction filing (name/detail fix only) — ratio carried over from the original filing
Governance Partners Co., Ltd.
2025-12-25
40.90%→24.58%
Correction filing (name/detail fix only) — ratio carried over from the original filing
GNI Group Ltd.
2025-12-25
18.45%→17.82%
Annual report (as of 2026-03-31): 16.10%
GNI Group Ltd.
2025-12-24
18.45%→17.82%
Annual report (as of 2026-03-31): 16.10%
Governance Partners Co., Ltd.
2025-12-24
40.90%→24.58%
Evo Fund
2025-11-17
31.11%
Governance Partners Co., Ltd.
2025-11-14
36.09%→40.90%
Governance Partners Co., Ltd.
2024-07-11
8.94%→20.37%
Governance Partners Co., Ltd.
2024-07-11
20.37%→36.09%
Governance Partners Co., Ltd.
2024-07-04
20.37%→36.09%
Governance Partners Inc.
2023-12-28
8.94%→20.37%
Governance Partners Inc.
2023-10-02
7.90%→8.94%
Governance Partners Inc.
2023-09-21
5.11%→6.59%
Governance Partners Inc.
2023-09-21
5.11%
Governance Partners Inc.
2023-09-21
6.59%→7.90%
Governance Partners Inc.
2023-09-06
6.59%→8.13%
Governance Partners Inc.
2023-08-21
5.11%→6.59%
Governance Partners Inc.
2023-08-15
5.11%
Disclosures
No disclosures
Primary Source Filings
TDnet
2026-08-14
Q1 Earnings Flash
FY ending Mar 2027
EDINET
2026-06-29
Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINET
2026-06-22
Large Shareholding Report
EDINETAmended
2026-06-22
Change Report
EDINET
2026-06-16
Large Shareholding Report
EDINET
2026-05-14
Large Shareholding Report
EDINET
2026-04-20
Large Shareholding Report
EDINET
2026-03-06
Large Shareholding Report
EDINET
2026-03-05
Large Shareholding Report
EDINET
2026-02-18
Large Shareholding Report
TDnet
2026-02-13
Q3 Earnings Flash
FY ending Mar 2026
EDINET
2026-01-16
Large Shareholding Report
EDINET
2026-01-08
Large Shareholding Report
EDINETAmended
2026-01-05
Change Report
EDINETAmended
2025-12-25
Change Report
EDINETAmended
2025-12-25
Change Report
EDINETAmended
2025-12-25
Change Report
EDINET
2025-12-24
Large Shareholding Report
EDINET
2025-12-24
Large Shareholding Report
EDINET
2025-11-17
Large Shareholding Report
EDINET
2025-11-14
Large Shareholding Report
EDINET
2025-11-14
Semi-Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINET
2025-10-24
Securities Registration Statement
TDnet
2025-08-14
Q1 Earnings Flash
FY ending Mar 2026
EDINET
2025-06-25
Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2025-02-14
Q3 Earnings Flash
FY ending Mar 2025
EDINET
2024-11-14
Semi-Annual Securities Report
Period: Apr 2024 – Mar 2025
EDINETAmended
2024-08-14
Amended Annual Securities Report
Period: Apr 2023 – Mar 2024
EDINETAmended
2024-08-14
Amended Annual Securities Report
Period: Apr 2022 – Mar 2023
TDnet
2024-08-14
Q1 Earnings Flash
FY ending Mar 2025
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