Japan Investment Corporation (JIC)

Kabushikigaisha Sangyo Kakushin Toshi Kiko · Japan · Asia · Founded 2018 · Strategic development fund · Not an IFSWF member

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Focus

JIC: what it invests in

TechnologyHealthcare and life sciencesIndustrials and manufacturingRenewables and climate

Private equityVenture capital

Geography Domestic and global

Scale

JIC: how big it is, and on what basis

JPY 2.60T

Committed or authorised capitalAs of 2026-03-31

In US dollars: about USD 16.6B. JPY 156.67 per USD, 31 Dec 2025

Transparency

JIC: what it publishes

6.5 of 10 Band 4 of 5

Published 5 · Partly 3 · Not published 2

Our 10 item score. It measures what is public, not how well a fund is run.

CommittedS6: JPY 2.60T (About USD 16.6B, Mar 2026); As of 2026-03-31
Paid inS6: JPY 1.39T (53.3% of commitments); As of 2026-03-31
Fund decisionsS6: 67; As of 2026-03-31
Startup deals via VCsS6: 1,347 (JPY 269.9B invested); As of 2026-03-31
PE and other shareS6: 76% (Of commitments); As of 2026-03-31
JSR take-privateS4: About USD 6B (2024); As of 2026-06-15
Transparency scoreS10: 6.5 of 10; As of 2026-06-26

At a glance. Japan Investment Corporation is Japan's state-backed risk capital investor, set up in 2018 to fund innovation, startups, regional firms and industrial restructuring. By 31 March 2026 it had committed JPY 2,600.5 billion (about USD 16.6 billion) across 67 fund decisions. It invests through its own buyout and venture arms and as an LP in private funds, and led the take-privates of JSR and Shinko Electric. S6 S7 S1

Key points

JPY 2,600.5 billion committed and JPY 1,386.5 billion paid in at 31 March 2026. S6
About 87 percent of commitments sit in seven funds run by JIC subsidiaries. S6
60 further commitments back private fund managers, totalling JPY 341.3 billion. S6
Investee VC funds have made 1,347 startup investments worth JPY 269.9 billion. S6
JIC Capital led the take-privates of JSR (2024) and Shinko Electric (2025). S8 S9
Jiro Seguchi became President and CEO on 26 June 2026. S10

Interesting facts

Its first fund, in 2018, was a USD 2 billion vehicle for US biotech. S4
A Go Global theme backs top foreign VCs to draw them into Japan. S6
Over half of its board are outside appointees. S11

Mandate and goals

Supply risk capital to build a cycle of domestic investment and innovation, grow startups, use idle regional and academic resources, and support business restructuring. S10 S1

Create and scale startups. S10
Commercialise university research and help mid-sized regional firms. S10
Support carve-outs and industry restructuring. S10
Crowd private capital into policy themes. S6
Spending rule: Not applicable; an investment corporation funded by state capital and guaranteed borrowing S3

How it invests

Industries	Technology, Healthcare and life sciences, Industrials and manufacturing, Renewables and climate S6
Asset classes	Private equity, Venture capital S6
Stages	Seed, Venture, Growth, Buyout S6
Geography	Domestic and global. Mainly Japan; overseas VC funds backed to bring capital into Japan S6
Direct / through funds / co-invest	Yes / Yes / Yes S6
Managed in house	87 percent S6
Ticket size	Fund commitments across 67 decisions; buyouts in the USD 4B to 6B range. S6
Deal sizes seen	Fund LP stakes to multi-billion buyouts
External managers	60 private general partners, including overseas VCs S6
Co-investment programme	Deal-by-deal with corporates S9

Asset mix: Venture capital 24%, Private equity and other 76% (as of 2026-03-31) S6

Published criteria

Twelve themes, from seed to buyout and secondaries. S6
Investment committee approval. S11
Policy fit with industrial competitiveness goals. S1

Fund commitments

Manager	Fund	Amount	Year
Private GPs (60 funds)	Venture, growth, secondary and buyout funds	JPY 341.3B	2026 S6

Past investments

Year	Investment	Type	Sector	Stage	Amount
2024	JSR Corporation. Semiconductor materials maker taken private via JICC-02; JIC Capital became parent in April 2024. S8	Direct investment	Industrials and manufacturing	Buyout	About USD 6B
2025	Shinko Electric Industries. Chip-packaging maker bought from Fujitsu via JICC-04; tender closed March 2025. S9	Co-investment	Technology	Buyout	About USD 4.7B
2018	JIC-US Fund. First JIC fund, for US biotech and drug discovery. S4	Fund commitment	Healthcare and life sciences	Venture	USD 2B
2020	JIC Venture Growth Investments funds. 115 startup investments by JIC's own venture arm. S6	Fund commitment	Technology	Venture	JPY 152.2B into startups
2026	Private GP fund programme. 60 private funds across deep tech, life science, secondaries and buyout. S6	Fund commitment	Technology	Venture	JPY 341.3B
2025	Buyout fund commitments, fiscal 2025. Two buyout funds added in fiscal 2025 under the new Buyout theme. S6	Fund commitment	Industrials and manufacturing	Buyout	Not published
2018	INCJ. Innovation Network Corporation of Japan became a JIC subsidiary at the 2018 reorganisation. S4	State asset transfer	Financial services	Not stated	Not published

Case studies

JSR take-private S8

What: JIC Capital's vehicle bought JSR, a maker of photoresists and chip materials, by tender offer.
When: Apr 2024
Size: About USD 6B
Why: Fits JIC's business restructuring mandate.
Outcome: JSR's parent changed to the JIC vehicle from 23 April 2024.

Shinko Electric carve-out S9

What: A JIC Capital vehicle with Mitsui Chemicals, Dai Nippon Printing and a regional fund bought Fujitsu's chip-packaging unit.
When: Announced Dec 2023; tender Mar 2025
Size: About USD 4.7B
Why: Fits the carve-out and roll-up theme.
Outcome: Privatisation planned for June 2025.

Building the VC market S6

What: JIC backs private VCs and foreign firms alongside its own venture arm.
When: 2020 to 2026
Size: JPY 341.3B in private funds
Why: To deepen startup funding in Japan.
Outcome: 1,347 startup investments worth JPY 269.9 billion.

Investment process

An investment committee decides investments; the board, with an outside majority, separates oversight from execution. METI supervises. S11 S1

Committee	Role
Board of Directors	Majority external; oversight S11
Investment Committee	Approves investments S11

Theme set by policy goals. S6
Fund or deal reviewed by the committee. S11
Commit as LP or through JIC subsidiaries. S6
Results reported in the investment record. S6

How to approach: Startups and fund managers can use the inquiry page for investment from JIC. S6

Size and returns

Headline size: JPY 2.60T (Committed or authorised capital, as of 2026-03-31) S6
In US dollars: about USD 16.6B. JPY 156.67 per USD, 31 Dec 2025
Paid in: JPY 1.39T (about USD 8.85B) (Portfolio value, as of 2026-03-31) S6
Returns: the fund does not publish a return figure.

Leadership

Name	Title	Since
Jiro Seguchi	President, Representative Director and CEO S10	2026-06-26
Kazuaki Osumi	Director and Chief Strategy Officer S10	2026-06-26

Governance and transparency

Legal basis: Industrial Competitiveness Enhancement Act (2018 amendment) S1
Oversight: Ministry of Economy, Trade and Industry; board with an outside majority S1 S11
Financial statements and guaranteed bond notices are posted. S3
Keisuke Yokoo led JIC from 2019 to June 2026. S4 S10

Transparency score: 6.5 of 10 (band 4 of 5). Our own 10-item rubric; see the methodology page.

Published: holdings or deal list, audited financial statements, governance and mandate documents, named leadership, regular reporting schedule. S3 S6 S10 S11
Partly published: total assets, asset allocation, geographic or sector split. S6
Not published: annual return, long-term returns. S6

History

Date	Event
2018-09	JIC set up; INCJ becomes a subsidiary. S4
2018-10	USD 2B JIC-US Fund launched. S4
2020-07	JIC Venture Growth Investments set up. S4
2020-09	JIC Capital set up. S4
2023-12	Shinko Electric deal announced. S4
2024-04	JSR tender completed. S8
2025-03	Shinko tender completed. S9
2026-03-31	JPY 2.6T committed across 67 funds. S6
2026-06-26	Jiro Seguchi named CEO. S10

For family offices

A large LP in Japanese venture, growth and buyout funds. Managers raising Japan-focused funds, and foreign VCs entering Japan, are its natural partners. S6

LP commitments to private funds that fit its twelve themes, including overseas VCs under Go Global. S6

Reports

Investment record (March 2026): https://www.j-ic.co.jp/en/performance S6
Business reports and financial statements: https://www.j-ic.co.jp/jp/notice/report S3

Common questions

When was JIC set up?

September 2018. S1

How much has it committed?

JPY 2,600.5 billion across 67 fund decisions at 31 March 2026. S6

Who leads JIC?

Jiro Seguchi, President and CEO since 26 June 2026. S10

What are its biggest deals?

The take-privates of JSR and Shinko Electric. S8 S9

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Hong Kong Investment Corporation (HKIC) Hong Kong SAR, China · HK$62B
Indonesia Investment Authority Indonesia · Rp111.0tn

All sovereign wealth funds in Asia · All strategic development funds · All funds in Japan

Sources

Disclaimer

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