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Company Name / Representative
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Reason for Launching the Firm / Investment Strategy
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Key Recommendation Points from the Secretariat
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1
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Canhora Capital Co., Ltd.
CEO/CIO: Yuki
Takenaka (Company established June 2024)
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- Long-term concentrated investment primarily in listed Japanese stocks.
- Conducts meticulous cross-supply-chain investigations and supports companies in expanding sustainable excess profits through constructive dialogue rooted in business understanding.
- Establishes a virtuous cycle of “Deep Research” and “Deep Engagement.”
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- Founded primarily by Mr. Takeuchi, who previously served as an analyst at renowned long-term investors Janchor Partners and Misaki Investment.
- Engagement with investee companies is expected to see increasing demand going forward.
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2
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fundnote
Inc. (IPO crossover)
CEO: Katsuma
Watanabe, CIO
: Naoya Kawai (Company established August 2021)
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- An IPO crossover strategy investing in small-to-mid cap stocks within five years of listing and unlisted stocks (N-2).
- CIO Naoya Kawai serves as fund manager.
- A direct-sales fund platform offering active, absolute return-focused funds. Provides boutique-style investment products where “the faces, personalities, and investment philosophies of the managers are visible.”
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- A management strategy that addresses the ‘Valley of Death’ problem, where many companies stall in growth after their VC backing ends immediately following an IPO and they fail to find new investors.
- Sees small-to-mid cap stocks with limited analyst coverage as investment opportunities.
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3
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Nezu Engagement Fund*
Partner: Mr. Hiromitsu Kawakita (Fund established 2025)
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- Mr. Kawakita joined Nezu Asia Capital in 2024 to launch a new Japanese equity engagement fund.
- The fund engages in deep communication with management and IR teams of listed small-to-mid cap companies.
- The fund will invest in a select few companies, limiting the number of holdings.
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- Through dialogue with companies, it builds trust with investees and implements engagement-based management.
- He has over 20 years of experience at both domestic and international asset management firms.
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4
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Renovia Partners
LLC
Representative Partner
: Mr. Shuji Ryozan (Company established July 2023)
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- Founded on the belief that, amid growing demand for aging social infrastructure maintenance, there is a need for an entity to promote solving the business succession challenges of small and medium-sized enterprises (SMEs) – the key players – and to drive productivity improvements through industry consolidation.
- A buyout fund specializing in Japan’s construction industry (SMEs and micro-enterprises).
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- Provides capital, networks, and hands-on support to Japanese SMEs, helping resolve succession gaps, boost productivity, and expand operations.
- Solves business succession challenges in Japan’s aging construction industry nationwide, achieving regional revitalization through local community development.
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5
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Growth Partners Co., Ltd.
Representative
Director
: Mr. Noriatsu Furukawa (Company established July 2022)
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- A PE fund specializing in investments in sectors such as food service, IT, and manufacturing (PIPES/Buyout strategy).
- PIPES: An investment strategy targeting small and medium-sized listed companies in the growth to turnaround phase, aiming to increase market capitalization through new capital increases (e.g., convertible bonds) + hands-on support. Examples: Takaku, Lancers.
- Buyouts: Focused on succession cases for small and medium-sized businesses. Actively implements a style where owners reinvest to jointly enhance corporate value. Examples: Merveille, Y Corporation.
- Common to both strategies: Comprehensive support spanning business plan formulation, management recruitment, M&A, overseas expansion, operational improvements, marketing, PR, and IR.
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- Composed of professionals from McKinsey, major investment banks, and PE funds, possessing cross-industry expertise and extensive experience in growth support, business revitalization, and operational transformation.
- High capability in sourcing, investing, supporting, and exiting deals targeting listed companies.
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6
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Dears CAPITAL Co., Ltd.
Representative
Partner Ginichi Kuramasu
Representative Partner
Mr. Hirokazu Kogishi
(Company established March 2025)
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- Buyout strategy targeting small and medium-sized enterprises.
- Representative Kurasuma spent 10 years engaged in PE investment at CLSA (Sunrise Capital), while Representative Kogishi is an executive with a proven track record in nationwide business expansion, new business creation, and business revitalization through M&A.
- Particularly focused on promoting women’s advancement, aiming to maximize corporate growth and investment returns through recruiting top talent, optimal placement, and organizational strengthening.
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- Value enhancement support through the unique “Wonder Engagement” program, emphasizing human capital strengthening.
- Leveraging the expertise of Ms. Suzuki, former Managing Director at MPower, to focus on advancing women’s careers.
- Operates a hands-on support system conducted in-house without outsourcing.
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7
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REVA Inc.
Co-Representative
Partner: Mr
.
Kengo Nishinaka Co-Representative Partner
: Mr. Takanobu Kawai (Company established February 2021)
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- A fund launched by members who spun off from Sumitomo Corporation, Accenture, and Japan Industrial Partners.
- Provides operational support and DX promotion to mid-sized and small companies through management buyout investments.
- An independent fund sponsored by Sumitomo Corporation.
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- Leveraging backgrounds outside the financial sector, it provides hands-on support for DX methodologies in collaboration with major general trading companies and IT firms.
- Aims to solve business challenges and enhance competitiveness.
- It has a track record of business investments and value enhancement exceeding 400 companies and ¥6 trillion domestically and internationally.
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8
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X&KSK
(X&Management Japan LLC)
Co-founder & GP
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Keisuke Honda Managing Partner:
Kohei Yamamoto
(Company established in 2024)
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- Keisuke Honda established the KSK Angel Fund in 2016, investing in over 200 startups.
- In 2018, he co-founded Dreamers Fund with actor Will Smith, pioneering the celebrity fund model.
- X&KSK supports Japanese startups in expanding into global markets and growing into decacorn companies.
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- Leveraging Keisuke Honda’s domestic and international network as a professional soccer player for sourcing capabilities and support for portfolio companies.
- In addition to Mr. Honda, who has invested in over 200 companies through KSK Angel Fund and Dreamers Fund, Managing Partner Mr. Yamamoto has built extensive domestic and international networks through global investments at Rakuten Capital and activities with “RakuNest,” which collaborates with over 100 companies.
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9
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QXLV
(Quantum Leap Ventures Co., Ltd.)
Representative
Partner
: Kentaro Furuya (Company established March 2019)
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- An independent seed-stage VC based in Tokyo and California.
- Influenced by former Sony President Nobuyuki Idei, Managing Partner Kentaro Furuya spun out from Quantum Leap in 2019.
- Has invested in over 60 Japanese and U.S. startups aiming for “Day 1 Global.”
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- Strength lies in providing ongoing support to entrepreneurs from the pre-founding phase, with a focus on global expansion.
- Focuses on “AI/Deep Tech Social Implementation x Japan-US Cross-Border” to broadly invest in startups solving societal challenges through technology.
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10
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D3 LLC
Managing
Partner Tomoya Nagata
Partner
Kenji Wataya (
Company established October 2019)
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- Healthcare-focused VC
- Core members include former McKinsey consultants, PhDs, physicians, and individuals from global pharmaceutical headquarters and U.S. funds, providing management support with expertise in science x business.
- Invests in companies contributing to global healthcare across Therapeutics (drug discovery, biotechnology, etc.), Disease Management (digital/data health, etc.), and Next-Generation Healthcare (medicine-food integration, anti-aging, well-being, etc.)
- Demonstrates the belief that successful healthcare investment can simultaneously achieve financial returns and social impact
- Creatively deploy diverse investment schemes—including company creation, turnarounds, spin-outs/MBOs—to drive value creation
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- Our Managing Partner has a proven track record in Japan’s largest government-backed R&D programs.
- Provides hands-on support aimed at enhancing corporate value, striving to achieve both social impact and economic returns by solving global health challenges.
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11
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New Commerce Ventures Co., Ltd.
CEO/CIO: Mr. Keita Matsuyama CEO/CIO: Mr. Kohei Okubo
(Company established August 2022)
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- Manages a VC fund supporting solutions for challenges across the entire supply chain.
- Invests in startups driving DX (Digital Transformation) and SX (Sustainability Transformation) in retail and distribution.
- Invests across all stages, primarily focusing on seed and early-stage companies.
- Operates a community connecting startups and corporations.
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- Co-founded by Mr. Matsuyama and Mr. Okubo, former members of Yahoo’s CVC.
- The only independent venture capital firm specializing in the retail and distribution sector.
- Participates in industry associations and conducts proprietary research and surveys.
- Forms communities within the industry with portfolio companies to secure sourcing and exit opportunities.
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12
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i-nest Capital Co., Ltd.
Representative
Partner: Takashi
Yamanaka (Company established May 2019)
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- Aims to create new industries through technology, including AI, and solve social issues.
- Key focus areas: 1) New lifestyles and entertainment, 2) Creating added value for existing industries through AI and DX, 3) Creating innovative industries through cutting-edge technology
- Covers seed to late-stage investments.
- Launched Fund I in 2019, investing in 45 companies (track record: 3 IPOs, 3 M&A deals). Launched Fund II in January 2025, investing in 10 companies.
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- Mr. Yamanaka joined Mobile Internet Capital Inc. after working at The Industrial Bank of Japan, Ltd. (now Mizuho Bank). He has over 20 years of experience in venture investment and incubation.
- Partner Tsukamoto also supports business strategy planning and administrative operations for approximately 50 companies across diverse industries and sectors.
- The investment team also recruits young talent and focuses on human resource development.
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13
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ONE Innovators Co., Ltd.
Representative Directors
: Hideki Tsuji
, Shu Shimada
, Takayuki Shimizu, Teruyoshi Murakami (Company established August 2023)
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- A VC fund specializing in the carbon neutrality domain.
- Focuses on investing in startups with decarbonization-related technologies rooted in universities and research institutions.
- Provides medium- to long-term support to domestic seed/early-stage startups and domestic/international mid- to late-stage startups seeking collaboration with Japanese companies.
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- Carbon Neutrality Specialized Fund
- Co-founder Tsuji has extensive experience, including serving at the Ministry of International Trade and Industry (now the Ministry of Economy, Trade and Industry), where he worked on the Kyoto Protocol negotiations (COP3) and energy policy.
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14
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Boost Capital Co., Ltd.
President and CEO
: Takao
Ozawa (Company established January 2024)
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- Invests in all stages, primarily in Japanese startups.
- Founder is Mr. Ozawa, former president of Yahoo Japan who launched Rakuten Eagles and PayPay.
- Investment approaches include three models: seed funding, PE (Private Equity) investment, and VC (Venture Capital) investment.
- Established its first fund in April 2024, raising capital from multiple institutional investors. Has already invested in one seed investment, one PE investment, and 18 VC investments.
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- Adopts an exit strategy centered on business sales (M&A) (whereas typical VCs primarily use IPOs as their exit method).
- Its strengths lie in GP members with extensive business management experience and AI-driven value enhancement.
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15
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SDF Capital Co., Ltd.
Representative Director / Co-Founder
: Takumi Fukuda Co-Founders
:
Naoya
Kanasaka
, Kazuhiko Ishikura (Company established November 2021)
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- Specializes in managing debt funds for domestic startups (early to late stage).
- Investors include Kiyo Bank and Money Forward, among others.
- Representative Director Takumi Fukuda, formerly of UFJ Bank (now Mitsubishi UFJ Bank), worked at Topaz Capital since 2014, executing 60 financing deals totaling ¥25 billion.
- Co-founder Mr. Kanasaka joined Money Forward after working at Goldman Sachs, driving non-linear growth through M&A as CFO. Currently serving as a director, he is also closely involved in venture financing as the representative of HIRAC FUND, the group’s VC arm.
- Co-founder Mr. Ishikura joined Akatsuki after working at KPMG AZSA LLC. As the head of Dawn Capital, he engages in investment activities while serving on the boards of multiple startups.
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- Japan’s first independent startup debt fund.
- Mr. Fukuda, with diverse expertise in corporate finance, and Mr. Kanasaka and Mr. Ishikura, with experience in startup companies and venture capital investment, are challenging the diversification of startup funding methods.
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16
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Funds Startups Inc.
Representative
Director: Hirohiro Maekawa
(Company established December 2023)
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- Established with the mission: “Developing mechanisms enabling startups creating social impact to achieve their most ideal growth.”
- Focusing particularly on deep tech within the middle and later stages where debt financing is insufficient, it supports the growth of new industries by providing tailor-made financial solutions optimized for each company.
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- Founded by Hirohiro Maekawa, who serves as Director and CFO of “Funds,” Japan’s largest lending platform with cumulative loans exceeding ¥100 billion to domestic and international startups.
- As Japan’s only independent venture debt fund, it leverages a unique scoring model and AI, utilizing the advanced business evaluation capabilities and financial method development expertise of its diverse team of financial specialists to build sustainable mechanisms.
- Despite being its first fund, it has secured capital from institutional investors, primarily major regional banks including Sumitomo Mitsui Trust Bank and Resona Bank.
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