Japan Private Equity Fund Industry Landscape 2027

Bain Capital Japan

Legal name

Bain Capital (Japan) LLC

Headquarters

Boston, US (Japan office: Chiyoda-ku, Tokyo)

Overview

The Japan office of US-based Bain Capital, with one of the largest PE investment and portfolio support teams in Japan. It is distinguished by the consulting approach it has used since its founding, and handles carve-outs, take-privates, business succession, and growth investments. In 2021 it launched a fund for Japanese mid-sized companies, its first country-specific fund.

URL

www.baincapital.co.jp/en

Fund sizes by vintage

• Middle Market Fund I (April 2021): $687.5 million (¥110 billion) SourceFinal close at a total of ¥110 billion (including ¥10 billion of GP commitment) at the end of March 2021 (press reports).
• A "Japan-dedicated fund" series separate from Bain Capital's pan-Asian funds. Middle Market Fund II, currently fundraising, is reported to have a $2 billion target but is not included in this chart because the amount has not been disclosed. The pan-Asian Fund VI (final close May 17, 2026, $10.5 billion; press reports say half is to be invested in Japan) is a separate series and is excluded.

Carlyle

Legal name

Carlyle Japan LLC

Headquarters

Washington, D.C., US (Japan office: Chiyoda-ku, Tokyo)

Overview

The Japan office of the US-based Carlyle Group. The Tokyo office opened in 2000, and Carlyle states that it has the longest history of any global GP operating in Japan. It manages yen-denominated buyout funds targeting Japanese companies and, under a sector-focused strategy, concentrates on business succession, carve-outs, and strategic take-privates.

URL

www.carlyle.com/ja/carlyle-japan

Fund sizes by vintage

• I (2001): $312.5 million (¥50 billion) Source
• II (2006): $1.35 billion (¥215.6 billion) SourceConfirmed in Carlyle's official press release (July 6, 2006), "Carlyle Group Raises JPY 215.6 Billion Second Japan Buyout Fund"; JPY 215.6 billion = ¥215.6 billion, an exact match. The size difference from the preceding and following funds can be explained by the context of the pre-Lehman peak year.
• III (2013): $746.88 million (¥119.5 billion) Source
• IV (2019): $1.61 billion (¥258 billion) Source
• V (2023): $2.69 billion (¥430 billion) SourceFinal close on May 21, 2024 (including commitments from the GP and related parties). Up approximately 70% from the preceding Fund IV, and the largest Japan-focused buyout fund to date.

L Catterton

Legal name

L Catterton

Headquarters

Greenwich, Connecticut, US (Japan office: Minato-ku, Tokyo)

Overview

One of the world's largest consumer-focused GPs. It was formed in 2016 through the combination of Catterton Partners, founded in 1989, and L Capital, an LVMH-affiliated GP founded in 2001. It leverages consumer insights and a global network to support the growth of consumer brands.

URL

www.lcatterton.com/jp/index.html

Fund sizes by vintage

• Japan Fund I (2024): $281.25 million (¥45 billion) SourceFinal close in May 2025 (official L Catterton announcement). Size of approximately ¥45 billion ($315 million) is a press-reported figure. The approximately ¥50 billion reported in March 2026 is the planned investment amount for the next three years (including debt), separate from the fund size.
• LVMH-affiliated consumer-focused GP. Its first single-country (Japan) dedicated fund outside the U.S.; final close in May 2025 (size of approximately ¥45 billion is a press-reported figure). Has invested in 9 companies since opening its Japan office in 2017 (Kapital, HUGE, etc.). Targets include cosmetics, food, pet care and restaurants.

Blackstone

Legal name

Blackstone

Headquarters

New York, US (Japan office: Chiyoda-ku, Tokyo)

Overview

The Japanese entity of Blackstone, one of the world's largest alternative GPs, which was founded in the US in 1985. Its Tokyo office opened in 2007 and initially focused on real estate investment; since around 2018 it has also concentrated on private equity investment.

URL

www.blackstone.com/jp

Fund sizes by vintage

• BCP Asia I (2017): $2.44 billion SourceBlackstone's first Asia-dedicated PE fund. Uses the "Total Fund Size" in Blackstone's quarterly earnings materials ($2,437m as of Q2 2026).
• BCP Asia II (2021): $6.84 billion SourceUses the "Total Fund Size" in Blackstone's quarterly earnings materials ($6.84bn as of Q2 2026). The "$11bn" seen in press reports is the investment capacity figure: $6.4bn of LP commitments plus $4.6bn from Blackstone's own balance sheet.
• BCP Asia III (2025): $13.1 billion SourceSubstantially exceeded its $10bn target and reached its hard cap; the GP's largest Asia fund. Blackstone's official press release "Blackstone Raises Its Largest Asia Private Equity Fund at $13.1 Billion" names Japan and India as its two priority markets (Japan investments: TechnoPro / Alinamin Pharmaceutical)
• Fund for the entire Asia-Pacific region (Pan-Asia), not dedicated to Japan. Blackstone officially names Japan as one of the priority markets for BCP Asia III.

CVC

Legal name

CVC Capital Partners

Headquarters

Jersey (registered office; Japan office: Chiyoda-ku, Tokyo)

Overview

The Japanese entity of CVC Capital Partners, a Europe-based GP. It originated as Citigroup's VC unit and has invested in Europe since 1981. In Asia Pacific, since opening an office in Hong Kong in 1999, it has supported management buyouts in countries including Japan.

URL

www.cvc.com

Fund sizes by vintage

• Asia Pacific Fund I (2000): $750 million SourceConfirmed in CVC's official press release (referenced as the prior fund in the 2008 Fund III announcement)
• Asia Pacific Fund II (2005): $1.98 billion Source
• Asia Pacific Fund III (2008): $4.1 billion SourceConfirmed in CVC's official press release "CVC Announces Closing of US$4.1 Billion Asia Pacific Fund"
• Asia Pacific Fund IV (2014): $3.5 billion Source11 months from launch of fundraising; hard cap. Confirmed in CVC's official press release
• Asia Pacific Fund V (2019): $4.5 billion SourceExceeded its $4 billion target and reached its hard cap of $4.5 billion. Confirmed in CVC's official release.
• Asia Pacific Fund VI (2022): $6.8 billion SourceExceeded its $6bn target / hard cap. Confirmed in CVC's official press release "CVC Raises US$6.8 Billion for its Sixth Asia Fund". The same release states "more than $21bn in cumulative Asia-related funds since entering Asia in 1999," broadly consistent with the Fund I–VI total (≈$21.6bn)
• Covers the entire Asia-Pacific region (Pan-Asia); not a Japan-dedicated fund. The Japan entity is CVC Asia Pacific (Japan) Kabushiki Kaisha (established December 2005, renamed to its current name in April 2006). Japan investments include Tower Records Japan, Showa Yakuhin Kako, Shinwa, Skylark (joint tender offer with Nomura Principal Finance, approximately ¥270 billion) and TechnoPro Holdings.

EQT

Legal name

EQT

Headquarters

Stockholm, Sweden (Japan office: Minato-ku, Tokyo)

Overview

A Swedish global private markets GP. In private capital it uses a thematic approach to invest in healthcare, technology, industrial technology, and services, covering everything from venture to buyout. It also manages infrastructure, real estate, and products for individual investors.

URL

eqtgroup.com/jp

Fund sizes by vintage

• BPEA I (1999): est. $305 millionFund size not confirmed in a primary source (publicly available information indicates more than $300 million).
• BPEA II (2000): $257 million Source
• BPEA III (2005): $490 million SourceFund size of $490 million per the fund information on EQT's official website (2005 vintage).
• BPEA IV (2007): $1.52 billion SourceFund size of $1.515 billion per the fund information on EQT's official website.
• BPEA V (2011): $2.46 billion SourceAlso consistent with descriptions of +60% versus the prior fund
• BPEA VI (2015): $3.99 billion SourceConfirmed in EQT's official press release "Baring Private Equity Asia Raises Record US$3.988 Billion Fund VI"
• BPEA VII (2018): $6.5 billion SourceFinal close at the hard cap of $6.5 billion (January 2020).
• BPEA VIII (2022): $11.2 billion SourceFinal close at $11.2 billion in September 2022 (initial target $8.5 billion).
• BPEA IX (2025): $15.6 billion SourceThe largest PE fund in Asia-Pacific history. Confirmed in EQT's official press release "EQT Raises Asia Pacific's Largest Private Equity Fund, Closing BPEA IX at USD 15.6 Billion"
• Formerly Baring Private Equity Asia (acquired by EQT in 2022). Covers the entire Asia-Pacific region (Pan-Asia), not dedicated to Japan. Tokyo office opened in 2006. Japan investments: Fujitec (tender offer in July 2025, $2.07 billion), Benesse.

KKR

Legal name

KKR

Headquarters

New York, US (Japan office: Chiyoda-ku, Tokyo)

Overview

The Japan office of KKR, a global GP founded in 1976. The Japan office opened in 2006. Drawing on global resources, know-how in corporate transformation and governance, and flexible investment capital, it aims to build long-term partnerships with Japanese companies.

URL

www.kkr.com/jp/ja

Fund sizes by vintage

• KKR Asian Fund (2007): $4 billion SourceReported at the time as the largest PE fund in Asia. Consistent across multiple independent media outlets (Buyouts/Reuters/PEI/Korea JoongAng Daily, etc.)
• Asian Fund II (2012): $6 billion SourceExceeded the $4 billion target. Consistent across Private Equity International/Reuters/Buyouts, etc.
• Asian Fund III (2017): $9.3 billion SourceUp 55% from the preceding fund; press reports cited a stronger commitment to India
• Asian Fund IV (2020): $15 billion SourceThe largest PE fund in the Asia-Pacific region at the time of formation. Confirmed in KKR's official press release (media.kkr.com). Approximately 60 portfolio companies across 6 markets and 8 offices
• Asian Fund V (fundraising; $5.21 billion raised as of August 2026) Source
• A fund for the entire Asia-Pacific region (Pan-Asia). The $15 billion target is a reported figure. Japan is KKR's largest investment destination in the Asia-Pacific region (36% of the fair value of investments in the region, over $20 billion).

TPG

Legal name

TPG Inc.

Headquarters

Fort Worth, Texas / San Francisco, US (Japan office: Minato-ku, Tokyo)

Overview

A global GP founded in 1992 by Jim Coulter and David Bonderman, which opened its first office in San Francisco. It is distinguished by launching and building new platforms and products in-house, and operates multiple investment platforms including PE and real estate.

URL

www.tpg.com

Fund sizes by vintage

• Newbridge Asia II (1998): $392 million SourceFirst close in May 1998; final close in July 1999 (US$392 million).
• Newbridge Asia III (2000): est. $724 millionThe size has not been officially disclosed; approximately US$720 million is an estimate.
• Newbridge/TPG Asia IV (2005): $1.5 billion SourceUS$1.5 billion based on press reports (some sources cite approximately US$1.56 billion).
• TPG Asia V (2007): $3.8 billion Source2007 vintage; total commitments of US$3.8 billion (published materials of Lexington Partners, which acquired LP interests).
• TPG Asia VI (2012): $3.3 billion Source2013 vintage; total commitments of US$3.3 billion (published materials of Lexington Partners, which acquired LP interests).
• TPG Asia VII (2017): over $4.6 billion SourceConfirmed in TPG's official press release "TPG Closes Asia VII Over $4.6 Billion in Commitments"
• TPG Asia VIII (2022): $5.3 billion SourceUp approximately 14% from the preceding fund; the largest in the GP's 30 years of investing in Asia. Confirmed in TPG's official press release
• In 1994, TPG, Blum Capital and ACON Investments launched Asia-dedicated funds through their joint venture "Newbridge Capital," which was renamed TPG Asia around 2005. The funds are pan-Asian (Pan-Asia); TPG's PE business has no Japan-dedicated fund. Newbridge Asia I (1994) is not included in this chart because its size has not been disclosed. For Japan, TPG separately formed the real estate fund "TPG AG Japan Realty Value Fund" in 2024.

Advent International (Re-entered 2026)

Legal name

Advent International

Headquarters

Boston, US (Japan office: Minato-ku, Tokyo)

Overview

A global GP founded in Boston in 1984 by Peter Brooke. It has deep expertise in five sectors (business and financial services, consumer, healthcare, industrial, and technology) and makes hands-on investments with deep involvement in management.

URL

www.adventinternational.com

Jolt Capital (Entered 2024)

Legal name

Jolt Capital

Headquarters

Paris, France (Japan office: Chuo-ku, Tokyo)

Overview

A GP founded in 2011 by Jean Schmitt that specializes in growth capital investment in technology companies. It invests in European B2B deep tech companies in fields such as photonics, advanced materials, cybersecurity, and semiconductors, and supports their growth through global expansion and acquisitions.

URL

www.jolt-capital.com

Warburg Pincus (Office opened 2025)

Legal name

Warburg Pincus LLC

Headquarters

New York, US (Japan office: Chiyoda-ku, Tokyo)

Overview

A US GP regarded as a pioneer of global growth investing, operating as a private partnership since 1966. It opened a Tokyo office in November 2025 to strengthen relationships with Japanese companies and investors and expand its PE and real estate investments.

URL

warburgpincus.com

Permira Advisers (Japan office closed 2022)

Legal name

Permira

Headquarters

London, UK (Japan office: Tokyo)

Overview

A Europe-born global GP founded in 1985. Its Japan office opened in 2005 and closed in 2022. It makes buyout investments in sectors such as healthcare, retail and services, industrials, and technology. In June 2025 it appointed a Head of Capital Formation for Japan and continues to serve Japanese investors (LPs) from Tokyo.

URL

www.permira.com

MBK Partners

Legal name

MBK Partners

Headquarters

Seoul, South Korea (Japan office: Minato-ku, Tokyo)

Overview

An independent GP founded in March 2005 by six founding members, and one of the largest in North Asia. It focuses on the Korean, Japanese, and Chinese markets, making buyout investments centered on acquiring control, and also makes special situations investments. It has offices in Seoul, Tokyo, Hong Kong, Beijing, and Shanghai.

URL

www.mbkpartners.com

Fund sizes by vintage

• Fund I (2005): $1.56 billion SourceConfirmed in a FinanceAsia article. The GP itself was founded in March 2005
• Fund II (2008): $1.5 billion SourceClosed in July 2009. Approximately $1.5 billion based on press reports (short of the initial target of $2.5–3 billion).
• Fund III (2013): $2.7 billion SourceAVCJ (2014) and ION Analytics (2023) both report $2.7 billion. The $2.3bn seen in some sources is an interim figure reported shortly before the close (as of July 2013), a figure from a different point in time than the final amount.
• Fund IV (2016): $4.1 billion SourceFinal close in December 2016 with total commitments of $4.1 billion.
• Fund V (2019): $6.5 billion SourceClosed in May 2020 with total commitments of $6.5 billion.
• Fund VI (2023): $5.5 billion Source20% below the initial target of $7bn; the Homeplus bankruptcy and regulatory investigations were headwinds. Japan and Korea 45% each, the remainder China. Consistent across multiple outlets, including Bloomberg, KED Global and DealStreetAsia
• Platform model covering Japan, Korea and China (focused on North Asia; a North Asia footprint rather than Pan-Asia). The GP's total AUM is $33bn (as of 2026).

PAG

Legal name

PAG Japan Limited

Headquarters

Hong Kong (Japan office: Minato-ku, Tokyo)

Overview

One of the largest multi-strategy alternative GPs in the Asia Pacific region, focused exclusively on that region. It has PE, real assets including real estate, and credit & markets strategies, investing across a broad range of assets, including listed and unlisted, equity and debt. Local teams in each market source deals mainly through bilateral transactions.

URL

www.pag.com/jp

Fund sizes by vintage

• Asia I (2011): $2.5 billion SourceConfirmed in PAG's official press release (referenced as the prior fund in the Fund III announcement)
• Asia II (2015): $3.6 billion SourceSingle close, oversubscribed. Confirmed in PAG's official press release
• Asia III (2018): $6 billion SourceSubstantially exceeded its $4.5bn target; hard cap. Confirmed by reading the original PDF of PAG's official press release
• Asia IV (2022): $4 billion SourceInitial target of $9bn lowered twice; final close at $4bn (press reports).
• Core buyout funds (Asia I–IV). Pan-Asia scope (Australia, China, India, Japan, Korea and Southeast Asia). The separate opportunistic real estate fund "SCREP VIII" (February 2025, $4.0bn final close, minimum 60% allocation to Japan, 25–30% to data centers) belongs to a different fund series and is therefore not included in this chart. In April 2026, the GP announced plans to invest a total of ¥2 trillion ($13bn) in Japanese PE and real estate over the next 3–4 years.

Trustar Capital Partners Japan Limited

Legal name

Trustar Capital Partners Japan Limited

Headquarters

Japan office: Chiyoda-ku, Tokyo

Overview

Trustar Capital (formerly CITIC Capital Partners) is a major GP run by CITIC Capital Holdings Limited, part of China's state-owned CITIC Group. In Japan, it invests in and provides management support to mid-sized companies, mainly in manufacturing and consumer goods, that seek to expand their businesses overseas, with support for overseas expansion as a particular strength.

URL

www.trustarcapital.jp

Olympus Capital (Exited)

Legal name

Olympus Capital Holdings Asia

Headquarters

Hong Kong

Overview

An independent GP founded in 1997 that has invested in mid-sized companies across Asia. It has an investment track record in China, India, Southeast Asia, Japan, Korea, and elsewhere, and has offices in Hong Kong, New Delhi, Shanghai, Singapore, and the US.

URL

www.olympuscap.com

Apollo Global Management

Legal name

Apollo Management Japan Limited

Headquarters

New York, US (Japan office: Minato-ku, Tokyo)

Overview

A US asset manager founded in 1990 that provides capital solutions and retirement solutions. It invests in credit, equity, and real assets, with particular emphasis on fixed income strategies such as private investment grade credit. Its retirement and insurance business is handled by its subsidiary Athene.

URL

www.apollo.com/jp/ja/homepage

Ares Management (Entered 2024)

Legal name

Ares Management Asia Japan K.K.

Headquarters

Los Angeles, US (Japan office: Chiyoda-ku, Tokyo)

Overview

A US global alternative asset manager founded in 1997. It offers both primary and secondary investment solutions across credit, PE, real estate, and infrastructure.

URL

www.ares.com/jp

Brookfield

Legal name

Brookfield

Headquarters

New York, US / Toronto, Canada (Japan office: Minato-ku, Tokyo)

Overview

The Japan office of global alternative asset manager Brookfield. The Tokyo office opened in 2015. It has built relationships with Japanese institutional investors and high-net-worth channels, and invests in real estate, infrastructure, energy, and other assets in Japan.

URL

www.brookfield.com/about-us/global-presence/japan

Lone Star Funds

Legal name

Lone Star Funds

Headquarters

London, UK (Japan office: Chiyoda-ku, Tokyo)

Overview

An asset manager that raised its first fund in 1995, with its principal office in London. A value investor investing globally across PE, credit, and real estate, it specializes in deals in structurally and financially complex situations.

URL

www.lonestarfunds.com

ADVANTAGE PARTNERS

Legal name

Advantage Partners, Inc.

Headquarters

Minato-ku, Tokyo

Overview

An independent GP founded in 1992 by Taisuke Sasanuma and Richard Folsom. It raised its first buyout fund in 1997 and, in addition to domestic buyouts, pursues strategies in growth support for listed companies, Asia investment, and renewable energy and sustainability investment.

URL

www.advantagepartners.com

Fund sizes by vintage

• Fund I (1997): $18.75 million (¥3 billion) SourceMBI Fund I. Based on the fund size table on the "About Our Funds" page of the official website
• Fund II (2000): $112.5 million (¥18 billion) SourceMBI Fund II
• Fund III (2003): $290.63 million (¥46.5 billion) SourceMBI Fund III
• Fund IV (2006): $1.35 billion (¥215.4 billion) SourceAdvantage Partners Fund IV.
• Fund IV-S (2012): $125 million (¥20 billion) SourceAdvantage Partners Fund IV-S. Listed between Fund IV and Fund V in the Japan buyout fund list on the official website, and shown the same way in this chart.
• Fund V (2015): $375 million (¥60 billion) SourceAdvantage Partners Fund V
• Fund VI (2020): $531.25 million (¥85 billion) SourceAdvantage Partners Fund VI
• Fund VII (2023): $812.5 million (¥130 billion) SourceAdvantage Partners Fund VII
• Fund VIII (2026): $1.88 billion (¥300 billion) SourceAdvantage Partners Fund VIII. Final close at the hard cap of ¥300 billion on May 29, 2026 (announced June 4).
• The hydrogen-focused fund (Japan Hydrogen Fund), Asia Fund I/II, and the InfleXion, AAGS and Private Solutions series for listed companies are classified separately on the official website as well, and are therefore not included in this chart's numbered series.

Atlas Capital

Legal name

株式会社アトラスキャピタル

Headquarters

Minato-ku, Tokyo

Overview

A GP founded in 2024. It provides hands-on support through a value creation team that can be stationed on-site, recruits professional executives, and also provides back-office support for owners' asset management after business succession.

URL

www.atlascapital.jp

AVENTIS CONCORDIA

Legal name

Aventis Concordia, Inc.

Headquarters

Shibuya-ku, Tokyo

Overview

An independent GP founded in 2013 that makes principal investments using only its own capital, without outside money. It invests in mid-sized and smaller companies in deals such as business succession and carve-outs, and supports corporate value enhancement through very long-term holding that does not assume a short-term exit.

URL

aventis-concordia.com

Basic Capital Management

Legal name

Basic Capital Management, Limited

Headquarters

Chuo-ku, Tokyo

Overview

The GP was founded in 2002. It manages buyout funds targeting mid-sized and smaller Japanese companies and provides investment advisory services. It has a track record of more than 50 investments and advocates straightforward, back-to-basics management support.

URL

www.basic-cm.co.jp

Fund sizes by vintage

• BCM-V (2020): est. $93.75 million (¥15 billion) SourceThe total size has not been disclosed. SME Support, JAPAN's published materials (October 2020) indicate an SME Support, JAPAN commitment of ¥10 billion and a target total size of approximately ¥30 billion. ¥15 billion is an estimate.
• BCM-VI (2024): target $250 million (¥40 billion) SourceJAPAN POST BANK's published materials (January 31, 2024) state "total fund size (planned) ¥40 billion." The final total has not been disclosed.
• The total size of BCM-V has not been disclosed (SME Support, JAPAN's published materials indicate an SME Support, JAPAN commitment of ¥10 billion and a target total size of approximately ¥30 billion). ¥15 billion is an estimate. The ¥40 billion for BCM-VI is the planned amount published by JAPAN POST BANK.

CAS Capital

Legal name

CAS Capital, Inc.

Headquarters

Chiyoda-ku, Tokyo

Overview

An independent buyout GP founded in 2003. It invests through MBOs and MBIs in non-core businesses and subsidiaries of large companies and in mid-sized and smaller companies, and supports growth with a target holding period of about five years.

URL

www.cascapital.com

Fund sizes by vintage

• Fund VI (2014): $84.38 million (¥13.5 billion) Source
• Fund VII (2019): $115.63 million (¥18.5 billion) Source
• Fund VIII (2025): $125 million (¥20 billion) Source

Corporate Support Research Institute

Legal name

Corporate Support Research Institute

Headquarters

Chiyoda-ku, Tokyo

Overview

A GP founded in 2022. Centered on investment in "people," it supports the sustainable growth of mid-sized and smaller companies, combining execution capabilities in M&A support, business turnaround, and capital strategy with the recruitment of executive talent and hands-on support.

URL

csri-japan.com

Fund sizes by vintage

• Fund I (2023): $156.25 million (¥25 billion) Source

Creation Investment

Legal name

Création Capital, Inc.

Headquarters

Minato-ku, Tokyo

Overview

An independent GP founded in 2008. Under the banner of "investing in Japan's treasures," it makes hands-on investments in unlisted Japanese companies regardless of industry. It works alongside management over the long term, with professionals from consulting and investment banking backgrounds supporting management and finance.

URL

www.crea-cp.com

Fund sizes by vintage

• Fund II: $53.13 million (¥8.5 billion) Source
• Fund III: $65.63 million (¥10.5 billion) SourceFundraising completed on June 30, 2024. ¥10.5 billion for the main fund for institutional investors (¥21 billion including a fund with the same strategy for high-net-worth individuals).
• The official company history page does not list Fund I.

Endeavour United

Legal name

Endeavour United Co., Ltd.

Headquarters

Chiyoda-ku, Tokyo

Overview

A GP whose group was founded in 2002 and one of the long-established players in the Japanese PE industry. Under the banner of "an investment fund for Japan," it provides capital on friendly terms and aims to enhance corporate value over the medium to long term together with officers and employees.

URL

www.endeavourunited.co.jp

Fund sizes by vintage

• SMRJ Joint Fund (2012): $15.63 million (¥2.5 billion) SourceJoint fund with SMRJ.
• Former Fund VI (Phoenix, 2008): $63.75 million (¥10.2 billion) Source
• Former Fund I (Phoenix, 2002): $125 million (¥20 billion) Source
• Former Fund V (Phoenix, 2005): $125.63 million (¥20.1 billion) Source
• Fund VII (2016): $141.88 million (¥22.7 billion) Source
• Former Fund IV (Phoenix, 2005): $178.13 million (¥28.5 billion) Source
• Former Fund III (Phoenix, 2004): $206.88 million (¥33.1 billion) Source
• Fund VIII (2018): $219.38 million (¥35.1 billion) Source
• Former Fund II (Phoenix, 2002): $294.38 million (¥47.1 billion) Source
• Mitsubishi Motors Fund (2004): $462.5 million (¥74 billion) SourceInvestment by Phoenix Capital (now Endeavour United) for the corporate turnaround of Mitsubishi Motors. The largest in the GP's history.
• Fund IX (EUF-3, 2022): $331.25 million (¥53 billion) Source
• Independent Japanese buyout GP whose history includes the former Phoenix Capital era. Separately from the numbered series, it has also made an investment in Mitsubishi Motors and run a joint fund with SMRJ.

Growth Capital of Japan

Legal name

Growth Capital of Japan, Inc.

Headquarters

Chuo-ku, Tokyo

Overview

A GP founded in 2018, with an investment team active since 2007. It specializes in capital alliances and M&A with small and medium-sized enterprises, making investments that help resolve succession issues and build management systems.

URL

gcjinc.jp

Fund sizes by vintage

• Synergy Fund I (2007): $25 million (¥4 billion) SourceFund with the GP's representative, Takashi Nishino, as fund manager (before the GP was founded)
• Synergy Fund II (2013): $31.25 million (¥5 billion) SourceBegan operating before the GP was founded
• Synergy Fund III (2016): $56.25 million (¥9 billion) SourceBegan operating before the GP was founded. Co-managed with ACA from January 2019
• GCJ Growth Fund IV (2019): $87.5 million (¥14 billion) SourceTotal commitments
• GCJ Growth Fund V (2022): $125.63 million (¥20.1 billion) SourceTotal commitments
• GCJ Growth Fund VI (2025): $175 million (¥28 billion) SourceTotal commitments

GrowthPoint Equity

Legal name

GrowthPoint Equity LLP

Headquarters

Minato-ku, Tokyo

Overview

A GP founded in February 2017. It manages GrowthPoint Investment LPS, provides management support to portfolio companies, and advises on M&A and capital policy.

URL

www.gp-equity.com

Fund sizes by vintage

• Fund I (2017): $11.88 million (¥1.9 billion) SourceTotal commitments as stated on the official website (term: 10 years from March 2017).
• Fund I: total commitments of ¥1.9 billion as stated on the official website.

IA Partners

Legal name

IA Partners Inc.

Headquarters

Minato-ku, Tokyo

Overview

A GP founded in 2021. With "stakeholder investment" as its basic philosophy, it invests flexibly through both majority and minority stakes in deals such as carve-outs of subsidiaries and business units from large corporate groups and take-privates.

URL

iapartners.jp

Fund sizes by vintage

• IAP Fund I (2022): est. $237.5 million (¥38 billion) SourcePress reports at establishment stated a target of up to ¥40 billion. The displayed value is an estimate.
• A final fund size has not been disclosed. At its establishment in March 2022, it was reported to be targeting up to ¥40 billion. The displayed value (approximately ¥38 billion) is an estimate.

INTEGRAL

Legal name

Integral Corporation

Headquarters

Chiyoda-ku, Tokyo

Overview

An independent GP founded in 2007. Aiming to be a "Trusted Investor," it works to enhance long-term corporate value from the same perspective and on the same time horizon as management, rather than starting from the exit. It provides hands-on support through its own management support structure.

URL

www.integralkk.com

Fund sizes by vintage

• Fund I (2008): $70 million (¥11.2 billion) Source
• Fund II (2013): $276.25 million (¥44.2 billion) Source
• Fund III (2016): $456.25 million (¥73 billion) Source
• Fund IV (2020): $773.75 million (¥123.8 billion) Source
• Fund V (2024): $1.56 billion (¥250 billion) Source

Iwakaze Capital

Legal name

Iwakaze Capital, Inc.

Headquarters

Minato-ku, Tokyo

Overview

An independent GP founded in 2008. It specializes in mid-sized and smaller Japanese companies, with friendly acquisitions and hands-on value creation as its basic approach. It supports the domestic and overseas growth of companies with distinctive strengths.

URL

iwakaze.com

J-STAR

Legal name

J-STAR Co., Ltd.

Headquarters

Chiyoda-ku, Tokyo

Overview

A GP founded in 2006. Committed to solving the challenges of mid-sized and smaller Japanese companies, it builds and executes business strategies together with the management of its portfolio companies. It regards all stakeholders as "stars" and emphasizes harmony and ESG.

URL

www.j-star.co.jp

Fund sizes by vintage

• Fund I (2007): $75.16 million (¥12.03 billion) SourceFundraising completed on September 28, 2007. ¥12.025 billion, combining the main Fund I at ¥8.525 billion and a separate fund with the same strategy at ¥3.5 billion.
• Fund II (2013): $127.5 million (¥20.4 billion) SourceFundraising completed on May 31, 2013. ¥20.4 billion, combining the main Fund II at ¥11.86 billion and a separate fund with the same strategy at ¥8.54 billion.
• Fund III (2017): $203.13 million (¥32.5 billion) Source
• Fund IV (2019): $303.13 million (¥48.5 billion) Source
• Fund V (2022): $468.75 million (¥75 billion) SourceTotal commitments at the completion of fundraising in April 2022 (cap of ¥75 billion). The current size stated in the official company profile is ¥76.8 billion.
• Funds I through V are all final fundraising amounts from official announcements (Funds I and II include a separate fund with the same strategy).

J-Will Partners

Legal name

J-Will Partners Co., Ltd.

Headquarters

Chiyoda-ku, Tokyo

Overview

The GP was founded in 2003. It manages funds backed by Japanese investors and aims to revitalize mid-sized and smaller Japanese companies and the Japanese economy. It has strong ties with regional financial institutions and has invested across a wide range of sectors, including tourism, manufacturing, and healthcare.

Fund sizes by vintage

• Fund III: est. $143.75 million (¥23 billion)Estimate; cannot be confirmed in published materials.
• The names and sizes of the numbered core funds cannot be confirmed in published materials. Fund III (approximately ¥23 billion) is an estimate, not an officially announced figure.

JIP(Japan Industrial Partners)

Legal name

Japan Industrial Partners, Inc.

Headquarters

Chiyoda-ku, Tokyo

Overview

A GP that began operations in 2002, managing business restructuring funds. It mainly targets carve-outs of non-core businesses of Japanese companies and the integration of multiple businesses, increasing business value through management, financial, and technical support with the aim of revitalizing Japanese industry.

URL

www.jipinc.com

Fund sizes by vintage

• Fund V (2018): $928.13 million (¥148.5 billion) SourcePress-reported figure of ¥148.5 billion (including a ¥46.2 billion co-investment vehicle).
• Has managed a series of sequentially numbered funds since Fund I (2002). Funds I–IV are not included in this chart because their sizes have not been disclosed. Fund V (2018) is the press-reported figure of ¥148.5 billion (including a ¥46.2 billion co-investment vehicle). Fund VI was reported to have a hard cap of ¥300 billion, but it is not included because its final size cannot be confirmed in published materials. Major deals include the Toshiba tender offer (2023) and the sale of VAIO (2024).

Karita & Company

Legal name

Karita & Company Inc.

Headquarters

Minato-ku, Tokyo

Overview

A GP founded in 2007. It makes buyout investments in small and mid-sized companies, targeting business succession, carve-outs of subsidiaries and business units of large companies, and take-privates of listed companies.

URL

karitacompany.com

Fund sizes by vintage

• K&C Fund I (2020): $56.88 million (¥9.1 billion) SourceFormation completed on January 14, 2020 with a total of ¥9.1 billion. The group's first blind-pool fund
• K&C Fund II (2024): $132.88 million (¥21.26 billion) SourceEstablished June 2024; first close ¥12.1 billion; final close December 31, 2025

Long Black Partners

Legal name

Long Black Partners Co., Ltd.

Headquarters

Minato-ku, Tokyo

Overview

The GP was founded in 2008. It provides financial advisory and business turnaround consulting, manages the "Keisho Japan" series of business succession funds through its wholly owned subsidiary LBPI, and manages regional funds jointly with regional financial institutions.

URL

www.longblack.co.jp

Fund sizes by vintage

• Keisho Japan Fund (2020): $22.19 million (interim close) (¥3.55 billion) SourceEstablished November 30, 2020. ¥3.55 billion at establishment; The Daishi Bank announced an expected total fund size of approximately ¥4 billion (final amount not confirmed)
• Keisho Japan Fund II (2025): $43.75 million (¥7 billion) SourceFirst close ¥4 billion (July 1, 2025) → ¥6.3 billion (August 1) → final ¥7 billion (November 30)

MARATHON Capital Partners

Legal name

Marathon Capital Partners Co., Ltd.

Headquarters

Chiyoda-ku, Tokyo

Overview

A GP founded in 2021. Positioning itself as an "expert in SME investment," it raises, manages, and administers funds that target small and medium-sized enterprises.

URL

marathoncapital.co.jp

Fund sizes by vintage

• Fund I (2021): $70.94 million (¥11.35 billion) SourceConfirmed in the official PR TIMES press release (MARATHON Capital Partners, February 17, 2023): "closed with a total of ¥11.35 billion raised."
• Fund II (2025): $218.75 million (¥35 billion) SourceEstablished February 2025 (first close ¥25.08 billion); final close at its fundraising cap of ¥35 billion on December 31, 2025 (announced January 5, 2026).
• Fund I closed at ¥11.35 billion in February 2023. Fund II reached final close at its fundraising cap of ¥35 billion on December 31, 2025 (announced January 5, 2026).

MCP Capital

Legal name

MCP Capital Co., Ltd.

Headquarters

Chiyoda-ku, Tokyo

Overview

A GP that began PE operations in 2000 as Mizuho Capital Partners. Its policy is to hold shares longer than a typical buyout fund to support medium- to long-term growth, and its track record of portfolio company IPOs is a strength.

URL

mcp-capital.co.jp

Fund sizes by vintage

• MCP1 (2000): $93.75 million (¥15 billion) Source
• MCP2 (2003): $212.5 million (¥34 billion) Source
• MCP3 (2007): $182.5 million (¥29.2 billion) Source
• MCP4 (2013): $70 million (¥11.2 billion) Source
• MCP5 (2018): target $187.5 million (¥30 billion) SourceFirst close at ¥17.4 billion in January 2018. The GP announced a planned final size of ¥30 billion.
• MCP6 (2022): target $187.5 million (¥30 billion) SourceConfirmed in MCP Capital's official PDF "Notice of Establishment of MCP6 Investment Limited Partnership" (February 18, 2022), which states "planned to be managed at a total size of approximately ¥30 billion."
• MCP7 (first close completed; planned size of approximately ¥50 billion) Source

New Frontier Japan Investment

Legal name

New Frontier Japan Investment Co., Ltd.

Headquarters

Minato-ku, Tokyo

Overview

A GP founded in 2015. Addressing structural challenges facing SMEs, such as business succession issues and declining productivity, it works as a management partner hand in hand with companies to achieve sustainable growth.

URL

www.nfji.co.jp

New Horizon Capital

Legal name

New Horizon Capital Co., Ltd.

Headquarters

Minato-ku, Tokyo

Overview

An independent GP whose predecessor was founded in 2002. Since then it has made more than 100 business succession, growth support, and turnaround investments. Beyond providing capital, it engages as a business partner after investment and aims to act as a catalyst for industry consolidation.

URL

www.newhorizon.jp

Fund sizes by vintage

• Fund II (2012): target $125 million (¥20 billion) Source
• Fund III (2017): target $156.25 million (¥25 billion) SourceSMRJ's official PDF states "assumed to be approximately ¥25 billion." The official newhorizon.jp website gives the establishment date as November 2017.
• Fund IV (2022): est. $185 million (¥29.6 billion)Total size cannot be confirmed in published materials (only SMRJ's commitment of ¥8 billion has been disclosed).
• The company history on the official website lists "New Horizon I," established in August 2007 (invested in Hitachi Housetec and sold it to Yamada Denki in 2012), but it is not included in this chart because its size has not been disclosed. Fund II (¥20 billion) is per a Nikkan Kogyo Shimbun report; Fund III (approximately ¥25 billion) is the target size published by SMRJ (the official website gives Fund III's establishment as November 2017). The total size of Fund IV (established October 2022) cannot be confirmed in published materials.

Next Capital Partners

Legal name

Next Capital Partners Co., Ltd.

Headquarters

Chiyoda-ku, Tokyo

Overview

An independent GP founded in 2005. It aims to revitalize companies through equity investment and management support, and to raise the earning power and corporate value of its portfolio companies.

URL

www.nextcp.jp

Nippon Creative Investment

Legal name

Nippon Creative Investment Co., Ltd.

Headquarters

Chiyoda-ku, Tokyo

Overview

A GP with the banner "Capital for Challenge." Not confined to the categories of buyout, VC, or turnaround, it practices "multi-phase investment" across every stage of a company's life, from emerging and growth through maturity and slowdown to turnaround, and provides hands-on support embedded in the business.

URL

nipponci.com

Fund sizes by vintage

• Fund I (2016): $18.75 million (¥3 billion) Source

Nippon Investment Company

Legal name

Nippon Investment Company

Headquarters

Chiyoda-ku, Tokyo

Overview

A GP that manages and operates investment funds targeting Japanese companies. With the aim of ensuring the continuity and growth of Japanese companies, including owner-run companies, it provides the strategy and management resources needed to transition to new management and ownership structures and to grow.

URL

nicjapan.com

Fund sizes by vintage

• Fund I: $226.25 million (¥36.2 billion) Source
• Fund II: $318.75 million (¥51 billion) Source
• Fund III: $393.75 million (¥63 billion) Source

Nippon Mirai Capital

Legal name

Nippon Mirai Capital Co., Ltd.

Headquarters

Chiyoda-ku, Tokyo

Overview

As an independent GP grounded in Japan's culture and business climate, it devotes itself to creating corporate value at its portfolio companies. It shares value-enhancing strategies with stakeholders as it pursues transformation, and also aims to contribute to developing and expanding the domestic buyout market.

URL

www.miraicapital.co.jp

Fund sizes by vintage

• Fund III (2014): target $125 million (¥20 billion) SourceConfirmed in SME Support, JAPAN's official press release (December 25, 2014): "fund size assumed to be approximately ¥20 billion."
• Fund IV (2021): target $125 million (¥20 billion) SourceTarget size as of the announcement (March 2021) by investor SME Support, JAPAN. The final size has not been disclosed.
• The values for Fund III (established December 2014) and Fund IV (March 2021) are both the assumed or target fund sizes (¥20 billion each) as of the announcements by investor SME Support, JAPAN; final sizes have not been disclosed. Fund I (2002, NMC 2002 L.P.) and Fund II (around 2007, NMC2007 Investment Limited Partnership) also exist but are not included in this chart because their sizes have not been disclosed.

Nippon Sangyo Suishin Kiko

Legal name

Nippon Sangyo Suishin Kiko Ltd.

Headquarters

Minato-ku, Tokyo

Overview

The group was established in 2014. Launched by professionals with long experience in investment and management support at major global companies, it invests in Japanese companies with high potential and uses its accumulated know-how to enhance corporate and shareholder value.

URL

nsskjapan.com

Fund sizes by vintage

• Fund II: $375 million (¥60 billion) SourcePrivate placement completed in September 2017 with total commitments of approximately ¥60 billion (company announcement).
• Fund III: over $625 million (¥100 billion) SourceFinal close at more than ¥100 billion in October 2023 (company announcement; exact total not disclosed). Exceeded the initial target.
• Fund IV (2025): $1.56 billion (¥250 billion) Source
• Fund I is not included in this chart because its size cannot be confirmed in official materials. Fund III is shown at the lower bound of "more than ¥100 billion." The numbered series does not include the region-focused satellite funds (Chubu/Hokuriku 2016; Regional Revitalization/Business Succession 2020).

ORCHESTRA Private Equity

Legal name

Orchestra Private Equity

Headquarters

Singapore (Japan office: Chiyoda-ku, Tokyo)

Overview

A buyout GP that began investing in 2017. It acquires control in small deals in the Japanese and Korean middle markets and develops its portfolio companies into market leaders through hands-on operational improvement, regional expansion, and selective add-on acquisitions.

URL

www.orchestraprivateequity.com

Phronesis Partners

Legal name

Phronesis Partners Co., Ltd.

Headquarters

Minato-ku, Tokyo

Overview

A buyout GP founded in 2013. Its name derives from Aristotle's term for "practical wisdom," and it aims both to develop its portfolio companies into businesses with sustained high profitability and to deliver outstanding returns to investors.

URL

www.phronesis-partners.co.jp

Fund sizes by vintage

• Fund I (2015): target $62.5 million (¥10 billion) SourceTotal fund size at establishment was ¥3 billion. ¥10 billion is the expansion target; the final size cannot be confirmed in published materials.
• New Paradigm Fund I was established in July 2015 with a total fund size of ¥3 billion (including ¥1.5 billion from SMRJ), and it was announced that the fund would be expanded toward ¥10 billion. The final size cannot be confirmed in published materials. No formation of Fund II or later funds can be confirmed.

PMI Partners

Legal name

Nihon PMI Partners

Headquarters

Shinjuku-ku, Tokyo

Overview

A healthcare-focused GP founded in 2020. It invests in Japanese small and medium-sized enterprises working to solve challenges in the medical field and supports corporate value enhancement through PMI support and DX. Support is provided by experts familiar with decision-making at medical institutions.

URL

www.nihonpmipartners.co.jp

Fund sizes by vintage

• Fund I (2021): target $62.5 million (¥10 billion) SourceMaximum fund size as of the formation announcement in November 2021. The final size has not been disclosed.
• Fund II (established February 2026; fundraising; target size not disclosed) Source
• Fund I (Regional Healthcare Revitalization Fund) is shown at its maximum fund size (¥10 billion) as of the formation announcement in November 2021.

POLARIS

Legal name

Polaris Capital Group Co., Ltd.

Headquarters

Chiyoda-ku, Tokyo

Overview

A GP founded in 2004. It invests in Japanese companies that have not fully realized their latent growth potential and supports their growth in sectors such as manufacturing and technology, healthcare, IT, services and logistics, and consumer goods and retail.

URL

polaris-cg.com

Fund sizes by vintage

• Fund I (2004): $185 million (¥29.6 billion) Source
• Fund II (2007): $199.38 million (¥31.9 billion) Source
• Fund III (2012): $325 million (¥52 billion) Source
• Fund IV (2016): $468.75 million (¥75 billion) Source
• Fund V (2019): $937.5 million (¥150 billion) Source
• Fund VI (2024): over $1.25 billion (¥200 billion) SourceCombined total of more than ¥200 billion for the domestic fund (Polaris No. 6 Investment Limited Partnership, ¥99.8 billion, fundraising completed in March 2026) and the overseas fund (fundraising completed in April 2026) (company announcement).
• Fund VI totals more than ¥200 billion, combining the domestic fund (¥99.8 billion) and the overseas fund (company announcement).

Prism Capital

Legal name

Prism Capital Inc.

Headquarters

Minato-ku, Tokyo

Overview

An independent, execution-support-focused buyout GP targeting mid-sized and smaller companies. Entrepreneurs and operating companies with experience in running SMEs and business succession participate as investors, and it invests in business succession, MBO, carve-out, and growth support deals.

URL

prism-capital.jp

PROSPER

Legal name

PROSPER Inc.

Headquarters

Minato-ku, Tokyo

Overview

A GP founded in April 2022. It raised a fund jointly with Plan・Do・See and invests in regional SMEs in B2C industries, centered on tourism such as hospitality.

URL

www.prosper-jpn.com

Fund sizes by vintage

• Fund I (2023): target $125 million (¥20 billion) SourceEstablished May 10, 2023; target size. The final amount has not been confirmed in primary sources (kotora.jp states "raised a total of ¥17.6 billion")
• Fund II (2026): target $187.5 million (¥30 billion) SourceFirst close on June 24, 2026; target size

RBG Partners

Legal name

RBG Partners

Headquarters

Nishi-ku, Yokohama

Overview

An independent GP founded in 2018. Under the banner of "Renovate a Business to Grow," it provides risk capital and management support to mid-sized and smaller companies pursuing transformation and growth.

URL

rbgp.co.jp

Fund sizes by vintage

• Fund I (2018): $25 million (¥4 billion) Source
• Fund II (2022): $96.63 million (¥15.46 billion) SourceEstablished in September 2022; final close at a total of ¥15.46 billion at the end of June 2024 (company announcement).

SERENDIP HOLDINGS

Legal name

セレンディップ・ホールディングス株式会社

Headquarters

Naka-ku, Nagoya

Overview

The GP was founded in 2006. It targets mid-sized and smaller Japanese manufacturers and promotes management innovation through business succession M&A, management support, and support for introducing DX and automation, with the aim of building long-lasting companies.

URL

www.serendip-c.com

Spiral Capital

Legal name

Spiral Capital, Inc.

Headquarters

Minato-ku, Tokyo

Overview

An independent VC GP that invests in startups. It began managing its Fund I in 2016 under the CCC Group and became independent after a reorganization. It manages a general fund for institutional investors and CVC funds for operating companies through separate companies.

URL

spiral-cap.com

Sunrise Capital KK

Legal name

Sunrise Capital KK

Headquarters

Minato-ku, Tokyo

Overview

A GP that invests in high-quality mid-sized Japanese companies and supports them in strengthening their management structure and achieving business growth. It raised Fund I in 2006 and has since raised successor funds in 2013, 2017, 2020, and 2024.

URL

www.sunrisecapital.co.jp

Fund sizes by vintage

• Fund I (2006): $325 million Source
• Fund II (2012): $210 million SourceFinal close on October 24, 2014; total commitments of approximately US$210 million (converted at the exchange rate as of the announcement).
• Fund III (2017): $400 million Source
• Fund IV (2020): $450 million Source
• Fund V (2024): $500 million Source

SynClover Capital Management

Legal name

SynClover Capital Management株式会社

Headquarters

Minato-ku, Tokyo

Overview

A GP founded in 2017. Established by members who managed buyout funds at a major financial group, it makes hands-on investments with on-site resident support in mid-sized and smaller companies facing business succession challenges.

URL

synclover.com

Fund sizes by vintage

• SCCM Fund I (2025): target $93.75 million (¥15 billion) SourceThe first close amount has not been disclosed. ¥15 billion is the expanded target size.

T Capital Partners

Legal name

T Capital Partners Co., Ltd.

Headquarters

Chiyoda-ku, Tokyo

Overview

A GP that began managing funds in 1998 as Tokio Marine Capital, part of the Tokio Marine Group, and adopted its current name following a 2019 MBO. It invests institutional investors' capital in excellent mid-sized and smaller companies and supports business succession and business restructuring.

URL

www.tcap.co.jp

Fund sizes by vintage

• Fund I (TMCAP98, 1998): $23.13 million (¥3.7 billion) Source
• Fund II (TMCAP2000, 2000): $139.38 million (¥22.3 billion) Source
• Fund III (TMCAP2005, 2005): $203.75 million (¥32.6 billion) Source
• Fund IV (TMCAP2011, 2011): $145.85 million (¥23.34 billion) Source
• Fund V (TMCAP2016, 2016): $323.3 million (¥51.73 billion) Source
• Fund VI (T Capital VI, 2020): $506.84 million (¥81.09 billion) Source

THE LONGREACH GROUP

Legal name

The Longreach Group

Headquarters

Chiyoda-ku, Tokyo (also an office in Hong Kong)

Overview

The GP was founded in 2003. It focuses on control buyouts of mid-sized Japanese companies and also invests in Japan-related deals in Asia. It handles carve-outs, founder succession, take-privates, and similar deals, and supports companies' growth over the medium to long term.

URL

www.longreachgroup.com/jp/home-jp

Fund sizes by vintage

• LCP2 (2011): $400 million SourceFinal close on September 30, 2012; US$400 million (official announcement).
• LCP3: $406.25 million (¥65 billion) SourceThe official LCP4 press release (September 17, 2024) states the size of the "predecessor fund, Longreach Capital Partners 3" as "JPY 65 billion" = ¥65 billion, consistent with the US$650M target in the March 29, 2019 closing press release.
• LCP1 (reference): $515.63 million (¥82.5 billion) SourceConfirmed in Longreach's official press release dated April 24, 2006, "close of debut funds at Yen 82.5 billion / $750 million" (LCP1 L.P. and LCP1 Ireland L.P. combined; finalized March 31, 2006).
• LCP4: $487.5 million (¥78 billion) Source
• Sale of Lightworks completed in July 2026. LCP2 was US$400 million (official announcement); no yen-denominated figure has been published.

TRY HARD

Legal name

Try Hard Investments Co., Ltd.

Headquarters

Chuo-ku, Tokyo

Overview

A GP founded in 2006. It supports the growth of mid-sized and smaller Japanese companies through capital participation and management participation. Under its philosophy of "BUILD THE FUTURE TOGETHER," it builds relationships of trust with management and employees and works side by side with them to increase value.

URL

www.tryhard-i.co.jp

Fund sizes by vintage

• Fund I (2006): $94.38 million (¥15.1 billion) Source
• Fund II (2015): $112.5 million (¥18 billion) Source
• Fund III (2019): $135 million (¥21.6 billion) Source

UNISON CAPITAL

Legal name

Unison Capital, Inc.

Headquarters

Chiyoda-ku, Tokyo

Overview

An independent GP founded in 1998. It invests in mid-sized companies in its focus sectors and provides support in strengthening management teams, executing growth strategies, digitally enabled transformation, and ESG. Harmony among management, employees, and shareholders is its guiding principle.

URL

www.unisoncap.com/jp

Fund sizes by vintage

• Fund I (1999): $237.5 million (¥38 billion) Source
• Fund II (2004): $468.75 million (¥75 billion) Source
• Fund III (2009): $875 million (¥140 billion) Source
• Fund IV (2015): $437.5 million (¥70 billion) Source
• Fund V (2021): $444.38 million (¥71.1 billion) Source
• Fund VI (established August 2025; fundraising toward a target size of ¥80 billion) Source
• The GP's website also lists a co-investment fund outside the numbered series (2007, ¥60 billion; "Stand-By Facility" on the English site) and a co-investment fund (2022, ¥30 billion), but these are not included in this chart's numbered series. Fund VI was established in August 2025 and is fundraising toward a total target size of ¥80 billion (company announcement). Funds of Korean subsidiary UCK Partners targeting Korea are also excluded because their target country differs.

WHIZ PARTNERS

Legal name

Whiz Partners Inc.

Headquarters

Minato-ku, Tokyo

Overview

A GP that became independent in 2010, renaming itself from CSK Venture Capital. It makes engagement-based investments in listed companies (PIPEs) and PE investments that extend into the design of industrial structures, with healthcare, AI, and DX as its main focus areas.

URL

www.whizp.com

With X Partners

Legal name

With X Partners Co., Ltd.

Headquarters

Minato-ku, Tokyo

Overview

An independent GP founded in 2025 by former members of T Capital Partners. It manages its first fund, With X Fund I, which supports growth and transformation at Japanese companies.

URL

withxpartners.com

Fund sizes by vintage

• Fund I (2026): $125 million (interim close) (¥20 billion) SourceWith X Fund I. Held its third closing on September 16, 2026 and continues fundraising toward a hard cap of ¥25bn.

WM Partners

Legal name

WM PARTNERS Co., Ltd.

Headquarters

Chiyoda-ku, Tokyo

Overview

A GP founded in 2013. It operates in growth capital investment, LP secondary investment, and fund administration, and is characterized by partnership-style investing alongside management.

URL

www.wmpartners.jp

Fund sizes by vintage

• Growth Fund III (2014): $38.75 million (¥6.2 billion) Source
• Growth Fund IV (2017): $66.25 million (¥10.6 billion) Source
• Growth Fund V (2022): $75.63 million (¥12.1 billion) Source
• The JPEOF secondary investment series (2014/2021/2024; ¥7.2 billion / ¥10 billion / ¥30 billion) is a separate line and is excluded

Yukon Capital Partners

Legal name

Yukon Capital Partners

Headquarters

Chiyoda-ku, Tokyo

Overview

An independent GP founded in 2014. It manages funds with capital from institutional investors such as pension funds, and aims to be "the most trustworthy fund in Japan" by strengthening its portfolio companies and collaborating with stakeholders.

URL

www.yukoncap-partners.com

Fund sizes by vintage

• Fund I (2015): $78.13 million (¥12.5 billion) SourceYukon Fund I Investment Limited Partnership (established March 2015), ¥12.5 billion.
• Fund II (2020): est. $100 million (¥16 billion)The standalone size of Fund II has not been disclosed. ¥16 billion is an estimate and does not match the cumulative total size on the official website (approximately ¥35 billion) minus Fund I (¥12.5 billion) (approximately ¥22.5 billion).
• The official website discloses only the cumulative total size of Funds I and II (approximately ¥35 billion); the size of each fund has not been disclosed. Fund I (¥12.5 billion) is per an introductory article in industry media. Fund II (¥16 billion) is an estimate and does not match the cumulative total minus Fund I. Fund III (established March 2026) is fundraising and its target size has not been disclosed, so the fundraising indicator is omitted.

ant capital

Legal name

Ant Capital Partners Co., Ltd.

Headquarters

Chiyoda-ku, Tokyo

Overview

A GP founded in 2000 that invests in unlisted equities and manages investment partnerships. It has two pillars, buyout investment and solution investment (capital liquidity and fund interest investment), and supports its portfolio companies through Asia expansion and dedicated AI and DX support teams.

URL

www.antcapital.jp

Fund sizes by vintage

• Catalyzer Fund V (2016): $193.75 million (¥31 billion) Source
• Catalyzer Fund VI (2021): $299.38 million (¥47.9 billion) Source
• The sizes of Catalyzer Fund I (August 2001), Fund II (December 2003), Fund III (June 2006) and Fund IV (October 2010) have not been disclosed. Fund V (¥31 billion) and Fund VI (¥47.9 billion) are based on the GP's own announcements.

AspirantGroup

Legal name

Aspirant Group Inc.

Headquarters

Minato-ku, Tokyo

Overview

A GP founded in 2012. It takes shareholdings in mature companies seeking independence from large corporate groups or business succession, and supports sustainable growth through improvements in management accounting, HR, operations, and strategy.

URL

www.aspirantgroup.jp

Fund sizes by vintage

• Fund I (2013): $51.88 million (¥8.3 billion) Source
• Fund II (2016): $170 million (¥27.2 billion) Source
• Fund III (2019): $312.5 million (¥50 billion) Source
• Fund IV (2024): $541.88 million (¥86.7 billion) Source
• Separately from Fund II, there is a Fund IIb (¥5.5 billion).

iSigma Capital

Legal name

iSigma Capital Corporation

Headquarters

Chiyoda-ku, Tokyo

Overview

A private equity GP of the Marubeni Group. As a rule it takes majority stakes in mid-sized and smaller Japanese companies, and leverages the functions and network of a general trading company to support sales, overseas expansion, procurement, recruiting, and more.

URL

www.i-sigma-capital.co.jp

Fund sizes by vintage

• Business Support Fund I (2008): $84.38 million (¥13.5 billion) Source
• Business Support Fund II (2013): $126.88 million (¥20.3 billion) Source
• Business Support Fund III (2018): $198.75 million (¥31.8 billion) Source
• Business Support Fund IV (2022): $312.5 million (¥50 billion) SourceEstablished October 14, 2022; fundraising completed at approximately ¥50 billion on July 3, 2023 (the year shown is the establishment year, consistent with the other funds).

Marunouchi Capital

Legal name

Marunouchi Capital Inc.

Headquarters

Chiyoda-ku, Tokyo

Overview

A buyout GP backed by Mitsubishi Corporation that focuses on business succession and carve-outs. It draws on Mitsubishi Corporation's business solution capabilities to support long-term value creation at its portfolio companies.

URL

www.marunouchi-capital.com

Fund sizes by vintage

• Fund I (2008): target $625 million (¥100 billion) SourceTotal commitments (planned) of ¥100 billion as of the planned formation in May 2008.
• Fund II (2016): $588.75 million (¥94.2 billion) Source
• Fund III (2023): $630 million (¥100.8 billion) Source

MC Japan Growth Partners

Legal name

MC Japan Growth Partners Inc.

Headquarters

NBF Shinagawa Tower 6F, 2-16-5 Konan, Minato-ku, Tokyo

Overview

The GP was founded in February 2026 as an investment manager wholly owned by Mitsubishi Corporation, and invests in mid-sized and smaller companies across regional Japan. It has formed the Tohoku-MC Value-Up Fund I with the 77 Bank group and the Higin-MC Growth Fund with the Higo Bank group.

URL

www.mc-japangrowth.com

Fund sizes by vintage

• Tohoku Fund I (2026): $37.5 million (interim close) (¥6 billion) SourceTohoku-MC Value-Up Fund I. Announced at ¥5 billion on April 20, 2026, and raised to ¥6 billion with additional commitments on July 31, 2026. Not described as a final close.
• Higin Fund (2026): $31.25 million (interim close) (¥5 billion) SourceHigin-MC Growth Fund, formed with the Higo Bank group to invest in companies in Kyushu. ¥5 billion at announcement.

MITSUI & CO., Principal Investments

Legal name

MITSUI & CO., Principal Investments LTD.

Headquarters

Chiyoda-ku, Tokyo

Overview

The private equity GP of the Mitsui & Co. group. It invests solely with Mitsui & Co.'s own capital and responds flexibly, including mezzanine and minority investments. It supports value enhancement at portfolio companies by placing personnel on the ground and drawing on Mitsui & Co.'s collective strengths.

URL

www.mcpi.co.jp

MSD Investments

Legal name

MSD Investments Ltd.

Headquarters

Chiyoda-ku, Tokyo

Overview

A GP jointly operated by Mitsui & Co., Sumitomo Mitsui Banking Corporation, and the Development Bank of Japan. It invests only in Japanese companies and aims to contribute to the Japanese economy through business succession, the realization of growth strategies, and regional revitalization.

URL

www.msdi.jp

Fund sizes by vintage

• Fund I (2015): $187.5 million (¥30 billion) Source
• Fund II (2021): over $187.5 million (¥30 billion) SourceFormed October 27, 2021; final closing on February 24, 2023 (the year shown is the formation year, consistent with Fund I). Over ¥30 billion; final amount not disclosed.
• Fund II is "over ¥30 billion"; the final amount has not been disclosed.

REVA

Legal name

REVA Corporation

Headquarters

Jimbocho Three Building 8F, 3-12-3 Kanda-Jimbocho, Chiyoda-ku, Tokyo

Overview

The GP was founded in February 2021 as a buyout firm owned by its officers and employees together with Sumitomo Corporation. It invests in business successions at mid-sized and smaller companies and in carve-outs of non-core businesses from large corporations, and formed REVA Fund I with Sumitomo Corporation in 2023.

URL

www.reva-hc.com

Fund sizes by vintage

• Fund I (2023): target $187.5 million (¥30 billion) SourceTarget size of ¥30 billion. Reached final close on March 31, 2025, above the original target; the final amount was not disclosed.

Rising Japan Equity

Legal name

Rising Japan Equity, Inc.

Headquarters

Chiyoda-ku, Tokyo

Overview

A GP founded in 2010. PE investment professionals from Japanese corporate backgrounds provide risk capital to mid-sized Japanese companies with room to grow, with the aim of "energizing Japan."

URL

rje.jp

Fund sizes by vintage

• Fund II (2017): est. $192.19 million (¥30.75 billion) SourceRising Japan Equity Fund II Investment Limited Partnership (established February 1, 2017). Total fund size at establishment of ¥20 billion (SMRJ announcement). The final size has not been disclosed; ¥30.75 billion is an estimate.
• Fund III (2022): est. $237.5 million (¥38 billion)Rising Japan Equity Fund III Investment Limited Partnership (established February 1, 2022; final close January 31, 2023). Total fund size has not been disclosed; ¥38 billion is an estimate.
• Official materials do not disclose the size of each fund. For Fund II, the total fund size at establishment of ¥20 billion (SMRJ announcement) has been disclosed, but the final size has not. The values for Funds II and III are both estimates.

D Capital

Legal name

D Capital, Inc.

Headquarters

Minato-ku, Tokyo

Overview

A GP that, under the banner of "DX x PE," shares capital, technology, and talent networks with Japanese small and medium-sized enterprises to drive transformation and sustainable growth. It aims to unlock the potential of Japanese SMEs and move industry forward.

URL

dcapital.jp

Fund sizes by vintage

• Fund I (2021): $196.88 million (¥31.5 billion) Source
• Fund II (2025): $418.75 million (¥67 billion) Source

Quzilla Capital

Legal name

Quzilla Capital, Inc.

Headquarters

Minato-ku, Tokyo

Overview

A GP founded in 2018. It manages buyout funds targeting mid-sized and smaller companies and pursues two strategies, AI-enabled business succession support and investment in SaaS companies facing a turning point as AI advances, and also runs an AX support business.

URL

www.quzilla.co.jp/jp

BLUEPASS CAPITAL

Legal name

BLUEPASS CAPITAL INC.

Headquarters

Minato-ku, Tokyo

Overview

A GP founded in November 2020. Its strengths are thorough hands-on support by professionals with management consulting backgrounds and a broad network of professional executives and experts.

URL

www.bluepass-c.com

Fund sizes by vintage

• Dolphin Fund I (2021): $65 million (¥10.4 billion) Source
• The size of Dolphin Fund I-S has not been disclosed.

Japan Growth Investments Alliance

Legal name

Japan Growth Investments Alliance, Inc.

Headquarters

Minato-ku, Tokyo

Overview

A GP founded in 2016. It makes business succession and growth investments in Japanese companies with latent growth potential. In addition to its own capital and management support, it supports portfolio growth through business support and personnel secondments from partner companies such as Japan Tobacco and Hakuhodo.

URL

www.jgia.co.jp

Fund sizes by vintage

• Fund I (2016): $114.38 million (¥18.3 billion)
• Fund II (2020): $237.5 million (¥38 billion) Source
• Fund III (2024): $406.25 million (¥65 billion) Source

Japan Investment Fund

Legal name

Japan Investment Fund Inc.

Headquarters

Chiyoda-ku, Tokyo

Overview

A GP established in 2018 as a joint venture of Nihon M&A Center and the Development Bank of Japan. With a community-based structure in partnership with regional banks across Japan, it is committed to supporting the growth of mid-sized and smaller companies.

URL

www.j-fun.co.jp

Fund sizes by vintage

• Fund I (2018): $65.63 million (¥10.5 billion) Source
• Fund II (2024): $62.5 million (¥10 billion) SourceThe figure disclosed by the GP is "approximately ¥10 billion."
• For Fund I, investor The Gunma Bank announced in 2019 a size of "approximately ¥10 billion," while the amount disclosed by the GP is ¥10.5 billion.

JPE(Japan Private Equity)

Legal name

Japan Private Equity Co., Ltd.

Headquarters

Chiyoda-ku, Tokyo

Overview

A GP founded in 2000. It specializes in business succession and business restructuring deals at small and medium-sized enterprises and sources deals through its own network of accounting firms and regional financial institutions. After investing, it also places personnel such as COOs and CFOs and works with new management to enhance corporate value.

URL

www.private-equity.co.jp

Fund sizes by vintage

• JR Shikoku Relationship Fund I (2023): $12.5 million (¥2 billion) SourceEstablished October 2023. A joint fund wholly funded by JR Shikoku.
• Nisso Refrei Fund I (2026): $12.5 million (¥2 billion) SourceEstablished October 2, 2026, with an 8-year term. Investors are the Nisso Group and the Nishi-Nippon City Bank.
• Of the funds established jointly with operating companies, the two whose sizes have been disclosed are shown. Sizes of the GP's own funds (Funds I–V) are not disclosed.

W&D Investment Design

Legal name

W&D Investment Design

Headquarters

Minato-ku, Tokyo

Overview

A GP specializing in the fashion sector. Leveraging its fashion business know-how and platform, it fully supports its portfolio companies, from launching new brands to day-to-day operations.

URL

wdidesign.jp

JIC Capital

Legal name

JIC Capital, Ltd.

Headquarters

Minato-ku, Tokyo

Overview

The GP was established in 2020 as a subsidiary of Japan Investment Corporation (JIC). It supplies risk capital through PE funds to strengthen the international competitiveness of Japanese industry, support large-scale business restructuring, and build next-generation social infrastructure.

URL

www.jiccapital.co.jp

Fund sizes by vintage

• PE Fund I (2020): $1.25 billion (¥200 billion) Source
• PE Fund II standalone (2025): $3.75 billion (¥600 billion) SourceSize of PE Fund II (PEF2) on a standalone basis. The overall "JIC PE2," including Co-Investment Fund II (¥200 billion) formed at the same time, is approximately ¥800 billion (formed November 1, 2025; official announcement). This chart compares PEF2 on a standalone basis only.
• The "latest ¥600 billion" figure is the size of PE Fund II on a standalone basis, which differs in definition from the overall "JIC PE2" program (¥800 billion), which includes Co-Investment Fund II (¥200 billion). A separate "Co-Investment Fund" series (Fund I ¥900 billion; Fund II ¥200 billion) also exists but is excluded from the chart because it is a co-investment allocation alongside other GPs' funds.

Regional Economy Vitalization Corporation of Japan

Legal name

Regional Economy Vitalization Corporation of Japan

Headquarters

Chiyoda-ku, Tokyo

Overview

A public-private GP responsible for revitalizing regional economies and business turnaround. It provides multifaceted support, including managing revitalization funds and turnaround funds, LP investments in funds, turnaround support for businesses, and dispatching experts.

URL

www.revic.co.jp

JaSFA

Legal name

Japan Search Fund Accelerator

Headquarters

Chuo-ku, Tokyo

Overview

A GP founded in 2018 that supports search funds, commonly known as JaSFA. It works alongside young aspiring executives (searchers) from initial investment through company search, acquisition evaluation, and post-succession management support. It also serves as GP of a fund for searchers jointly with Yamaguchi Financial Group.

URL

japan-sfa.com

M-Capital

Legal name

M-Capital合同会社

Headquarters

Nirasaki, Yamanashi

Overview

A traditional search fund in which its representative, Mitsuya Shimura, raises capital from domestic and overseas investors to succeed to and run a single outstanding private company himself. It does not assume a short-term sale and aims to grow the company from a long-term perspective.

URL

mcapitaljapan.jp

ROCKETSTAR

Legal name

Rocketstar Inc.

Headquarters

Minato-ku, Tokyo

Overview

A GP founded in 2023 that runs search funds. A management team with IPO and exit experience works on the ground alongside searchers who succeed to SMEs, supporting them from deal search through PMI and post-succession management.

URL

rocketstar.co.jp

Search Fund Japan

Legal name

Search Fund Japan, Inc.

Headquarters

Chiyoda-ku, Tokyo

Overview

A GP founded in 2020 that invests in search funds. Its shareholders include the Development Bank of Japan and Nihon M&A Center, and it provides capital and hands-on support to searchers seeking to succeed to and run SMEs.

URL

www.searchfund.co.jp

AJ Capital

Legal name

AJ Capital Co., Ltd.

Headquarters

Chiyoda-ku, Tokyo

Overview

A GP established in 2018 as a joint venture of Aozora Bank and Japan Asia Investment (JAIC). It supports business succession and growth at regional small and medium-sized enterprises and seeks to enhance corporate value through measures such as capital policy planning.

URL

ajcap.co.jp

AZ-Star

Legal name

AZ-Star Co., Ltd.

Headquarters

Minato-ku, Tokyo

Overview

A GP established in 2015 with participation from Aozora Bank, Tokyo Star Bank, Kanematsu, and S-Networks. It invests in mid-sized and smaller Japanese companies with business succession, MBO, or carve-out needs, and supports the strengthening of their Asia-related businesses.

URL

www.az-star.com

Fund sizes by vintage

• Fund III (2018): $79.38 million (¥12.7 billion) SourceConfirmed in AZ-Star's official release (October 8, 2019): "completed fundraising at a total of ¥12.7 billion as of September 30, 2019." Established July 24, 2018.
• Established February 18, 2015. Funds I and II preceded Fund III; the two funds are said to total ¥11.2 billion, but they are not included in this chart because their individual sizes have not been disclosed.

Daiwa Corporate Investment

Legal name

Daiwa Corporate Investment Co.,Ltd.

Headquarters

Chiyoda-ku, Tokyo

Overview

The venture capital GP of the Daiwa Securities Group. It traces its origins to Nippon Investment & Finance (NIF), founded in 1982, and invests in venture companies with innovative technologies or business models and provides IPO and M&A advisory services.

URL

www.daiwa-inv.co.jp

Daiwa PI Partners

Legal name

Daiwa PI Partners Co. Ltd.

Headquarters

Chiyoda-ku, Tokyo

Overview

The core investment GP of the Daiwa Securities Group. It operates in three areas: monetary claims and real estate investment, PE investment centered on domestic buyouts, and overseas venture and PE investment mainly in Asia, and is characterized by the flexibility of using the group's own capital.

URL

www.dpipartners.co.jp

Japan Industrial Solutions (JIS)

Legal name

Japan Industrial Solutions Co., Ltd.

Headquarters

Chiyoda-ku, Tokyo

Overview

A GP established in 2010 with the Development Bank of Japan and the three megabanks as anchors. Drawing on a network that crosses company and industry boundaries, it aims to enhance the corporate value of its portfolio companies and strengthen industrial competitiveness.

URL

www.jis.co.jp

Fund sizes by vintage

• Fund I (2010): $625 million (¥100 billion) Source
• Fund II (2016): $656.25 million (¥105 billion) Source
• Fund III (2021): $379 million (¥60.64 billion) Source
• Fund size decreased with Fund III (per the figures on the official website). In the 2025 edition of the chart as well, Fund III (blue) is connected by an arrow at a lower position than Funds I and II, visually supporting the downward trend.

Mercuria Investment

Legal name

Mercuria Investment Co., Ltd.

Headquarters

Chiyoda-ku, Tokyo

Overview

A GP established in 2005 as Asuka DBJ Partners, now the core company of the Mercuria Holdings group. It manages funds that invest in alternative assets with "cross-border" as its axis, and also makes buyout and succession investments in mid-sized Japanese companies.

URL

www.mercuria.jp

Fund sizes by vintage

• Buyout Fund I (2016): $133.13 million (¥21.3 billion) Source
• Buyout Fund II (2022): $274.06 million (¥43.85 billion) Source
• Growth Funds I and II, the aircraft investment strategy fund and others are excluded because their sizes are not disclosed

Nomura Capital Partners

Legal name

Nomura Capital Partners

Headquarters

Chiyoda-ku, Tokyo

Overview

A private equity GP wholly owned by Nomura Holdings. Leveraging the strengths of the Nomura Group, it fully supports management in formulating and executing strategy to maximize companies' growth potential.

URL

www.nomura-capital.com

Fund sizes by vintage

• Fund I: $625 million (¥100 billion) Source
• Fund II: $312.5 million (¥50 billion) Source
• The official website states total fund capital of ¥100 billion for Nomura Capital Partners Fund I Investment Limited Partnership and ¥50 billion for Fund II Investment Limited Partnership.

Chibagin Capital

Legal name

CHIBAGIN CAPITAL CO.,LTD.

Headquarters

Mihama-ku, Chiba

Overview

A GP founded in 1984 as part of The Chiba Bank group, whose shareholders are The Chiba Bank and its group companies. It manages PE and VC funds; in PE, it invests in companies facing business succession challenges and growth companies aiming for an IPO.

URL

www.chibagincapital.co.jp

Fund sizes by vintage

• Chiba-Yokohama PS Fund I (2021): $18.75 million (¥3 billion) SourceChiba-Yokohama Partnership Fund I. Co-GP with Yokohama Capital
• Chiba Engagement Fund I (2024): $31.25 million (¥5 billion) SourceChibagin Capital as sole GP

Fukuoka Capital Partners

Legal name

Fukuoka Capital Partners Co., Ltd.

Headquarters

Hakata-ku, Fukuoka

Overview

A regionally based GP that supports business succession at mid-sized and smaller companies. It combines the credibility of being funded mainly by leading Kyushu companies with the agility of an independent GP, and aims for sustainable growth at its portfolio companies through hands-on support.

URL

www.fukuokacp.com

Fund sizes by vintage

• NS1 (2006): $65.63 million (¥10.5 billion) Source
• NS2 (2008): $97.19 million (¥15.55 billion) Source
• NS3 (2012): $69.06 million (¥11.05 billion) Source
• NS4 (2016): $108.75 million (¥17.4 billion) Source
• NS5 (2021): $93.75 million (¥15 billion) Source
• NS6 (2025): $100 million (¥16 billion) SourceFundraising completed on December 26, 2025

Gunma Regional Advanced Solution Partners

Legal name

Gunma Regional Advanced Solution Partners, Inc.

Headquarters

Maebashi, Gunma

Overview

A GP founded in December 2020 as a wholly owned subsidiary of The Gunma Bank (abbreviated GRASP). It makes investments accompanied by hands-on management support and manages funds, targeting corporate turnaround, business succession, venture support, and similar areas.

URL

www.g-rasp.co.jp

Fund sizes by vintage

• Fund I (2021): $18.75 million (¥3 billion) SourceGunma Regional Co-Creation Investment Limited Partnership. Established March 2021; total size ¥3 billion
• Fund II (2023): $18.75 million (¥3 billion) SourceEstablished May 2023; total size ¥3 billion

Hokkaido Kyoso Partners

Legal name

株式会社北海道共創パートナーズ

Headquarters

Chuo-ku, Sapporo

Overview

A GP founded in 2017 as a wholly owned subsidiary of North Pacific Bank. It provides management consulting, M&A, and executive search services, and manages a business succession fund for Hokkaido companies jointly with Long Black Partners.

Fund sizes by vintage

• Hokuyo Business Succession Fund I (2020): $12.5 million (¥2 billion) SourceEstablished April 10, 2020; total size ¥2 billion (announced by Long Black Partners)
• Hokuyo Business Succession Fund II (2023): $12.5 million (¥2 billion) SourceTotal fund size ¥2 billion; the only LP is North Pacific Bank (¥1.98 billion)

QR Investment

Legal name

QR Investment Co., Ltd.

Headquarters

Kanazawa, Ishikawa

Overview

A GP founded in June 2021 as part of CCI Group (formerly Hokkoku Financial Holdings). Focusing mainly on the Hokuriku region, it manages multiple funds covering everything from venture investment to majority investments for business succession and growth support, as well as business turnaround.

URL

www.ccig.co.jp/qri

Fund sizes by vintage

• QRI Business Succession Fund I (2021): $12.5 million (¥2 billion) SourceEstablished July 1, 2021; total fund size ¥2 billion (The Hokkoku Bank ¥1.98 billion)
• QR Private Equity: $125 million (¥20 billion) SourceYear of establishment not confirmed

Shichijushichi Partners

Legal name

七十七パートナーズ株式会社

Headquarters

Aoba-ku, Sendai

Overview

A GP founded in December 2021 as a wholly owned subsidiary of The 77 Bank. It makes majority investments in regional companies facing business succession challenges and other issues, and provides hands-on support for management execution.

URL

www.77partners.co.jp

Fund sizes by vintage

• Fund I (2022): $12.5 million (¥2 billion) SourceEstablished January 4, 2022; total size ¥2 billion
• Fund II (2025): $62.5 million (¥10 billion) SourceTimely disclosure by The 77 Bank (August 22, 2025). Total fund size ¥10 billion

Yokohama Capital

Legal name

Yokohama Capital Co., Ltd.

Headquarters

Nishi-ku, Yokohama

Overview

A GP founded in 1984 as part of the Bank of Yokohama group, whose shareholders are the Bank of Yokohama, Hamagin Finance, and Hamagin Research Institute. It makes venture and startup investments, business succession buyout and mezzanine investments, and business turnaround investments.

URL

yokohama-capital.co.jp

Fund sizes by vintage

• Tsumugu Business Succession Fund (2018): $18.75 million (¥3 billion) SourceCo-GP with DBJ Regional Investment. Fund operations have ended
• Chiba-Yokohama PS Fund I (2021): $18.75 million (¥3 billion) SourceChiba-Yokohama Partnership Fund I. Co-GP with Chibagin Capital
• Yokohama Next (2023): $37.5 million (¥6 billion) SourceCovers a broad range of investment purposes, excluding turnaround support
• Yokohama Next Fund II (2024): $31.25 million (¥5 billion) SourceBuyouts, business succession, business turnaround, etc.

DOGAN

Legal name

DOGAN, Inc.

Headquarters

Chuo-ku, Fukuoka

Overview

A GP that provides investment, financing, and management support to mid-sized companies in Kyushu and the Setouchi region at the stage of business turnaround or business succession. It operates on a hands-on basis as a rule and also provides management consulting and M&A services.

URL

www.dogan.jp

Hiroshima Innovation Network

Legal name

Hiroshima Innovation Network Inc.

Headquarters

Naka-ku, Hiroshima

Overview

A GP established with full funding from Hiroshima Prefecture. It supports companies in solving challenges and growing through capital provided via its funds and hands-on management support.

URL

www.hinet.co.jp

Fund sizes by vintage

• Fund I (2011): $25.34 million (¥4.06 billion) Source
• Fund II (2012): $40.75 million (¥6.52 billion) Source
• Fund III (2020): $47.5 million (¥7.6 billion) Source
• Fund IV (Furusato Renkei Oen Fund II; fundraising; target size ¥5 billion, maximum ¥10 billion) Source

RISA PARTNERS

Legal name

RISA Partners, Inc.

Headquarters

Minato-ku, Tokyo

Overview

A GP active in the financial and real estate sectors, from investment and lending to advisory. Drawing on its experience in corporate turnaround and corporate value enhancement, it runs regional revitalization funds and also manages funds such as tourism revitalization funds formed with the Development Bank of Japan and REVIC.

URL

www.risa-p.com

SBI Regional Business Succession Investment

Legal name

SBI地域事業承継投資株式会社

Headquarters

Minato-ku, Tokyo

Overview

A GP for business succession funds, founded in 2019 as part of SBI Group's "regional revitalization" project. It invests in mid-sized and smaller companies across Japan facing succession issues and supports succession by leveraging the group's management resources and its relationships with regional financial institutions.