Fund formation
94 Japan-focused venture, secondary and venture-debt funds with a first, interim or final close announced since October 2021, from managers' own releases. Size is the latest disclosed closed amount ("億円" = ¥100M); targets are shown but never counted. ¥1670B committed across funds with a disclosed size. Deployment is shown only where the manager has disclosed it.
The window starts in October 2021; no in-scope close was found for Oct–Dec 2021, so the charts begin in 2022. 2026 is year to date. Funds with undisclosed size count toward the fund count but not the capital total. Large single-LP vehicles dominate some years: JIC Venture Growth Fund II (¥200B, 2022), SBI Digital Space Fund (¥100B) and Woven Capital II (~¥120B, global mandate) in 2025.
| Close | Manager | Fund | Type | Close stage | Size | Stage · sector |
|---|---|---|---|---|---|---|
| 2026-10-16 | Money Forward Venture Partners | HIRAC FUND III HIRAC FUND3号投資事業有限責任組合 | CVC Domestic | interim | ¥6.7B 約67億円 | Seed / early · Generalist |
| 2026-09-14 | i-nest capital | i-nest capital Fund II i-nest capital 2号ファンド | Independent Domestic | final | ¥6.5B 約65億円 | Growth · Generalist |
| 2026-09-04 | GMO VenturePartners | GMO Fintech Fund 8 GMO Fintech Fund 8 | CVC Domestic | interim | ¥10B 約100億円 | Seed / early · Fintech |
| 2026-08-07 | Red Capital | Red Healthcare Fund I Red1号ヘルスケア投資事業有限責任組合 | Independent Domestic | first | — 非開示 | Growth · Life science / health |
| 2026-08-07 | Aozora Corporate Investment | Aozora HYBRID Fund IV あおぞらHYBRID4号投資事業有限責任組合 | Bank-affiliated Domestic | single | ¥15B 総額150億円 | Venture debt · Generalist |
| 2026-07-31 | Globis Capital Partners | Globis Fund VIII (GCP8) Globis Fund VIII, L.P. / VIII-S, L.P. | Independent Domestic | first (in progress) | — 700億円超で組成予定 (target) | Growth · Generalist |
| 2026-05 | Genesia Ventures | Genesia Venture Fund IV Genesia Venture Fund 4号投資事業有限責任組合 | Independent Domestic | final | ¥18B 約180億円 | Seed / early · Generalist |
| 2026-05 | Abies Ventures | Abies Ventures Fund II Abies Ventures Fund II 投資事業有限責任組合 | Independent Domestic | final | ¥8B 総額80億円 | Seed / early · Deep tech |
| 2026-04-30 | SDF Capital | Startup Debt Fund II スタートアップ・デットファンド2号 | Independent Domestic | first | ¥5B 約50億円 | Venture debt · Generalist |
| 2026-04-14 | Plug and Play Japan | Plug and Play Japan Fund I Plug and Play Japan Fund I | Independent Foreign | final | ¥6B 60億円超 | Seed / early · Fintech |
| 2026-03-31 | GLIN Impact Capital | GLIN Impact Capital Fund II GLIN Impact Capital 2号投資事業有限責任組合 | Independent Domestic | first | — 非開示 | Growth · Life science / health |
| 2026-03-26 | Regrowth Capital Management | RGCM Fund I RGCM1号投資事業有限責任組合 | Independent Domestic | final | ¥10B 総額約100億円 | Secondaries · Generalist |
| 2026-03 | Kyoto University Innovation Capital | Innovation Kyoto 2026 (KYOTO-iCAP Fund III) KYOTO-iCAP3号ファンド（イノベーション京都2026） | University Domestic | first | — 非開示 | Seed / early · Life science / health |
| 2026-03 | Kobe University Capital | KUC Fund II KUC2号投資事業有限責任組合 | University Domestic | interim | — 非開示 | Seed / early · Deep tech |
| 2026-01 | ANRI | ANRI Fund VI ANRI6号ファンド | Independent Domestic | first | — 非開示（300億円規模） | Seed / early · Deep tech |
| 2026 | Funds Startups | Funds Venture Debt Fund II Funds Startups 2号デットファンド | Independent Domestic | single | ¥10B 100億円規模 | Venture debt · Deep tech |
| 2025-12-26 | Spiral Capital | Spiral Capital Japan Fund III Spiral Capital Japan Fund 3号投資事業有限責任組合 | Independent Domestic | final | ¥15B 150億円 | Seed / early · Life science / health |
| 2025-12-16 | ALPHA | ALPHA-1 ALPHA-1投資事業有限責任組合 | Independent Domestic | final | ¥20B 総額200億円 | Seed / early · Generalist |
| 2025-11-18 | 77 Capital | 77 Capital Fund III 七十七キャピタル第3号投資事業有限責任組合 | Bank-affiliated Domestic | single | ¥2B 20億円 | Multi-stage · Generalist |
| 2025-10-23 | Fast Track Initiative | FTI Fund IV FTI 4号ファンド | Independent Domestic | final | ¥20B 200億円 | Growth · Life science / health |
| 2025-10-21 | DG Daiwa Ventures | DGDV Fund III DGDV Fund III E.L.P. Cayman | CVC Domestic | final | ¥10B 100億円超 | Seed / early · Generalist |
| 2025-10 | Kepple Group | Kepple Liquidity Fund II Kepple Liquidity 2号投資事業有限責任組合 | Independent Domestic | first | ¥6.1B 61億円 | Secondaries · Generalist |
| 2025-09-30 | Woven Capital | Woven Capital Fund II ウーブン・キャピタル2号ファンド | CVC Domestic | single | ¥120B 約1,200億円 | Growth · AI |
| 2025-09-24 | Saga Bank group | Sagin Venture Capital Fund VI 佐銀ベンチャーキャピタル投資事業有限責任組合第六号 | Bank-affiliated Domestic | single | ¥2B 20億円 | Multi-stage · Generalist |
| 2025-08-19 | Ignition Point Venture Partners | IGPVP Fund I IGPVP1号投資事業有限責任組合 | CVC Domestic | first | — 非開示 | Seed / early · AI |
| 2025-07-01 | Oita Bank group | BVNGO Fund I BVNGO第1号投資事業有限責任組合 | Bank-affiliated Domestic | single | ¥2B 20億円 | Multi-stage · Generalist |
| 2025-07 | UTEC (University of Tokyo Edge Capital Partners) | UTEC Fund VI UTEC6号投資事業有限責任組合 | Independent Domestic | interim | ¥47B 約470億円 | Seed / early · Deep tech |
| 2025-06-27 | SBI Investment | SBI Digital Space Fund SBIデジタルスペースファンド | Independent Domestic | final | ¥100B 総額1,000億円 | Multi-stage · Generalist |
| 2025-06 | AN Venture Partners | AN Venture Partners I AN Venture Partners I, LP | Independent Domestic | final | ¥29B 2億米ドル（約290億円） | Multi-stage · Life science / health |
| 2025-05 | Incubate Fund | Incubate Fund VI Incubate Fund VI, L.P. ほか関連ファンド | Independent Domestic | final | ¥20.5B 約205億円 | Seed / early · Generalist |
| 2025-05 | Incubate Fund | IF Growth IF Growth | Independent Domestic | single | ¥30B 総額300億円規模 | Growth · Generalist |
| 2025-05 | Headline Asia | Headline Asia Fund V Headline Asia V, L.P. | Independent Foreign | final | ¥22B 220億円規模（1億4,500万ドル規模） | Seed / early · Generalist |
| 2025-05 | MPower Partners | MPower Partners Fund II MPower Partners Fund II L.P. | Independent Domestic | first | — 非開示 | Growth · Climate / energy |
| 2025-04-21 | Nanto Bank group | Nanto CVC 4 Sakigake Fund ナントCVC4号さきがけ投資事業有限責任組合 | Bank-affiliated Domestic | single | ¥3B 30億円 | Multi-stage · Generalist |
| 2025-04-01 | Mitsubishi UFJ Capital | MUFG Capital Fund X 三菱UFJキャピタル10号投資事業有限責任組合 | Bank-affiliated Domestic | single | ¥30B 300億円 | Multi-stage · Generalist |
| 2025-04 | Partners Fund | Partners Fund II LPS (3rd fund) Partners Fund 2号投資事業有限責任組合 | Independent Domestic | first | — 非開示（募集総額65億円） | Seed / early · Deep tech |
| 2025-01 | Z Venture Capital | ZVC Fund II ZVC2号投資事業組合 | CVC Domestic | single | ¥30B 300億円規模 | Seed / early · Deep tech |
| 2025 | UTokyo IPC | Academic Startup Acceleration (ASA) Fund 大学発スタートアップ等促進ファンド投資事業有限責任組合 | University Domestic | final | ¥7B 約70億円 | Fund of funds · Deep tech |
| 2025 | UntroD Capital Japan | Real Tech Fund IV リアルテックファンド4号投資事業有限責任組合 | Independent Domestic | final | ¥12.5B 約125億円 | Seed / early · Deep tech |
| 2025 | ONE Innovators | ONE Carbon Neutral Fund I ONEカーボンニュートラル1号投資事業有限責任組合 | Independent Domestic | final | ¥10B 100億円規模 | Seed / early · Climate / energy |
| 2025 | Vertex Ventures Japan | Vertex Ventures Japan Fund I Vertex Ventures Japan 1号投資事業有限責任組合 | Independent Foreign | first | — 非開示 | Growth · Deep tech |
| 2025 | Higo Bank group | Higin Venture Fund III 肥銀ベンチャー3号ファンド | Bank-affiliated Domestic | single | ¥2B 20億円（最大50億円） | Multi-stage · Generalist |
| 2025 | Wing Capital | Wing 3 G Fund Wing3号Gファンド | Bank-affiliated Domestic | single | ¥3B 30億円 | Growth · Generalist |
| 2024-12 | Global Brain | Global Brain Fund IX グローバル・ブレイン9号ファンド | Independent Domestic | final | ¥32.5B 324.8億円 | Seed / early · Deep tech |
| 2024-12 | Dual Bridge Capital | DBC Fund I DBC1号投資事業有限責任組合 | Independent Domestic | final | ¥7.5B 総額75億円 | Seed / early · AI |
| 2024-11-06 | JR East | JR East Local Startup Fund JR東日本 ローカルスタートアップファンド | CVC Domestic | single | ¥1B 10億円 | Seed / early · Generalist |
| 2024-11-01 | SMBC Venture Capital | SMBC Venture Capital Fund 8 SMBCベンチャーキャピタル8号投資事業有限責任組合 | Bank-affiliated Domestic | single | — 非開示 | Multi-stage · Generalist |
| 2024-10 | Archetype Ventures | Archetype Ventures Fund III Archetype Ventures 3号投資事業有限責任組合 | Independent Domestic | final | ¥15.5B 約155億円 | Seed / early · Deep tech |
| 2024-09-13 | Kyoto Capital (Bank of Kyoto) | KCAP Venture Fund I KCAPベンチャー1号ファンド | Bank-affiliated Domestic | single | ¥10B 100億円 | Multi-stage · Generalist |
| 2024-09 | Yokohama Capital | Yokohama Growth Fund I Yokohama Growth 1号 | Bank-affiliated Domestic | single | ¥3B 30億円 | Growth · Generalist |
| 2024-09 | Yokohama Capital | Yokohama Next Fund II Yokohama Next 2号 | Bank-affiliated Domestic | single | ¥5B 50億円 | Seed / early · Generalist |
| 2024-08 | Keio Innovation Initiative | KII Fund III Impact KII3号インパクト投資事業有限責任組合 | University Domestic | final | ¥20.2B 202億円 | Seed / early · Deep tech |
| 2024-06 | One Capital | One Capital Fund II One Capital 2号投資事業有限責任組合 | Independent Domestic | interim | ¥17B 170億円 | Seed / early · Life science / health |
| 2024-06 | Kepple Group | Kepple Liquidity Fund I Kepple Liquidity 1号投資事業有限責任組合 | Independent Domestic | final | ¥10B 100億円 | Secondaries · Generalist |
| 2024-05-23 | Coral Capital | Coral Capital IV Coral Capital IV, L.P. | Independent Domestic | first & final | ¥25B 約250億円 | Seed / early · Generalist |
| 2024-04-19 | MedVenture Partners | MPI-3 Fund MPI-3号投資事業有限責任組合 | Independent Domestic | total (manager site) | ¥12.8B 127.5億円 | Seed / early · Life science / health |
| 2024-03 | DNX Ventures | DNX Japan Fund IV + Annex Fund III DNX Partners Japan IV, LP / Annex Japan III, LP | Independent Domestic | final | ¥36.5B 約365億円 | Seed / early · Deep tech |
| 2024-01 | Environmental Energy Investment | EEI Fund 5 Innovation & Impact EEI5号イノベーション＆インパクト投資事業有限責任組合 | Independent Domestic | final | ¥30B 300億円 | Growth · Climate / energy |
| 2024 | Beyond Next Ventures | Beyond Next Ventures Fund III Beyond Next Ventures3号投資事業有限責任組合 | Independent Domestic | final | ¥25.7B 257億円 | Seed / early · Life science / health |
| 2024 | Animal Spirits | Animal Spirits Fund I アニマルスピリッツ1号ファンド | Independent Domestic | final | ¥6B 約60億円 | Seed / early · Climate / energy |
| 2023-12-20 | SDF Capital | Startup Debt Fund I スタートアップ・デットファンド1号投資事業有限責任組合 | Independent Domestic | final | ¥4.2B 42億円 | Venture debt · Generalist |
| 2023-11-27 | Waseda University Ventures | WUV Fund I WUV 1号投資事業有限責任組合 | University Domestic | final | ¥8.4B 総額84億円 | Seed / early · Deep tech |
| 2023-10-31 | Mizuho Capital | Mizuho Growth Support Fund V みずほ成長支援第5号投資事業有限責任組合 | Bank-affiliated Domestic | single | ¥15B 150億円 | Growth · Generalist |
| 2023-09-30 | JAFCO Group | JAFCO SV7 Fund series (V7 + BO7) ジャフコSV7ファンド | Independent Domestic | final | ¥97.8B 978億円 | Multi-stage · Generalist |
| 2023-08-30 | Mizuho Capital | Mizuho Venture Debt Fund みずほベンチャーデットファンド投資事業有限責任組合 | Bank-affiliated Domestic | single | ¥10B 100億円 | Venture debt · Generalist |
| 2023-08-04 | Miyako Capital | Miyako Kyoto Univ. Innovation Fund III みやこ京大イノベーション3号投資事業有限責任組合 | Independent Domestic | final (date not published) | ¥9.4B 93.6億円 | Seed / early · Deep tech |
| 2023-07-31 | JIC Venture Growth Investments | JICVGI Opportunity Fund I JICVGI オポチュニティファンド1号投資事業有限責任組合 | Government-backed Domestic | single (committed) | ¥40B 400億円 | Secondaries · Generalist |
| 2023-07 | Delight Ventures | Delight Ventures Fund II デライト・ベンチャーズ2号ファンド | Independent Domestic | first | ¥15.2B 151.5億円（150億円規模） | Seed / early · Generalist |
| 2023-05-31 | NTT Docomo Ventures | NTT Investment Partners Fund IV NTTインベストメント・パートナーズファンド4号 | CVC Domestic | single | ¥20B 200億円 | Growth · Generalist |
| 2023-05-10 | Genesia Ventures | Genesia Venture Fund III Genesia Venture Fund 3号投資事業有限責任組合 | Independent Domestic | final | ¥15B 総額150億円 | Seed / early · Generalist |
| 2023-05 | DIMENSION | DIMENSION Fund II DIMENSION2号投資事業有限責任組合 | Independent Domestic | final | ¥10.2B 総額101.5億円 | Seed / early · Life science / health |
| 2023-05 | Nissay Capital | Nissay Capital Sustainability Fund I ニッセイ・キャピタル サステナビリティ課題解決ファンド1号投資事業有限責任組合 | Independent Domestic | single | ¥3B 30億円 | Multi-stage · Life science / health |
| 2023-03-31 | Globis Capital Partners | Globis Fund VII (GCP7) グロービス7号ファンド投資事業有限責任組合 / 7号Sファンド | Independent Domestic | final | ¥72.7B 727億円 | Growth · Generalist |
| 2023-03-29 | Incubate Fund | IFLP Fund II IFLP2号ファンド | Independent Domestic | final | ¥10B 100億円 | Fund of funds · Generalist |
| 2023-03-28 | Mitsubishi UFJ Capital | MUFG Capital Fund IX 三菱UFJキャピタル9号投資事業有限責任組合 | Bank-affiliated Domestic | single | ¥30B 300億円 | Multi-stage · Generalist |
| 2023-02-07 | KUSABI | KUSABI Fund I KUSABI 1号投資事業有限責任組合 | Independent Domestic | final | ¥10B 100億円 | Seed / early · Generalist |
| 2023-01-19 | Sony Ventures | Sony Innovation Fund 3 Sony Innovation Fund 3 L.P. | CVC Domestic | final | ¥26.5B 265億円 | Growth · Generalist |
| 2023-01-16 | Nissay Capital | Nissay Capital Fund 13 ニッセイ・キャピタル13号投資事業有限責任組合 | Independent Domestic | single | ¥10B 100億円 | Multi-stage · Generalist |
| 2023 | ANRI | ANRI GREEN Fund I ANRI GREEN 1号投資事業有限責任組合 | Independent Domestic | total (manager release) | ¥10.2B 102億円 | Seed / early · Climate / energy |
| 2023 | DEEPCORE | DEEPCORE TOKYO Fund II DEEPCORE TOKYO 2号投資事業有限責任組合 | Bank-affiliated Domestic | final | ¥11.7B 117億円 | Seed / early · Deep tech |
| 2023 | Money Forward Venture Partners | HIRAC FUND II HIRAC FUND2号投資事業有限責任組合 | CVC Domestic | final | ¥9.1B 90.8億円 | Seed / early · Generalist |
| 2023 | Inclusion Japan | ICJ Fund II ICJ2号ファンド投資事業有限責任組合 | Independent Domestic | final | ¥6.6B 66億円 | Seed / early · Climate / energy |
| 2022-12-16 | JIC Venture Growth Investments | JIC Venture Growth Fund II JICベンチャー・グロース・ファンド2号投資事業有限責任組合 | Government-backed Domestic | single (committed) | ¥200B 2,000億円 | Growth · Life science / health |
| 2022-12-09 | Spiral Capital | Spiral Capital Japan Fund II Spiral Capital Japan Fund 2号投資事業有限責任組合 | Independent Domestic | total (manager site) | ¥12B 運用総額120億円 | Seed / early · Life science / health |
| 2022-07-20 | ANRI | ANRI Fund V ANRI 5号投資事業有限責任組合 | Independent Domestic | first | ¥14B 約140億円 | Seed / early · Deep tech |
| 2022-07 | Monozukuri Ventures | Monozukuri Fund II Monozukuri2号投資事業有限責任組合 | Independent Domestic | final | — 非開示（目標40億円） | Seed / early · Generalist |
| 2022-06 | WiL | WiL Ventures III WiL Ventures III, L.P. | Independent Domestic | final | — 10億ドル超 (group total) | Growth · Generalist |
| 2022-05 | XTech Ventures | XTech Ventures Fund II XTech Ventures2号ファンド | Independent Domestic | final | ¥13B 約130億円 | Seed / early · Generalist |
| 2022-04-15 | QB Capital | QB Fund II QB第二号投資事業有限責任組合 | Independent Domestic | final | ¥7B 約70億円 | Seed / early · Deep tech |
| 2022-03 | DRONE FUND | DRONE FUND III DRONE FUND 3号投資事業有限責任組合 | Independent Domestic | final | ¥10.5B 105億円 | Seed / early · Deep tech |
| 2022-01-24 | Nissay Capital | Nissay Capital Fund 12 ニッセイ・キャピタル12号投資事業有限責任組合 | Independent Domestic | single | ¥10B 100億円 | Multi-stage · Generalist |
| 2022 | mint | Apricot Venture Fund II Apricot Venture Fund 2号投資事業有限責任組合 | Independent Domestic | final | ¥5.2B 約52億円 | Seed / early · Generalist |
| 2022 | D Capital | D Capital Fund I D Capital 1号ファンド | Independent Domestic | final | ¥31.5B 総額315億円 | Growth · Generalist |
| 2022 | UTokyo IPC | AOI Fund I (Open Innovation Promotion) オープンイノベーション推進1号投資事業有限責任組合（AOI1号） | University Domestic | final | ¥25.6B 256億円 | Growth · Deep tech |
Not included
- STRIVE: no new fund announced since Oct 2021 (Funds II/III pre-date window)
- OUVC Fund II (¥10.65B, Apr 2021) / THVP-2 (¥7.8B, Sep 2021): final closes before Oct 2021
- 31VENTURES Global Innovation Fund II (¥8.5B): established Sep 2020
- Marathon Capital Partners — Marathon Fund II (¥35B, Dec 2025): small-cap buyout, not venture
- Cross Capital — CC1 (~¥6.4B, 2026): Singapore FoF investing in non-Japan VCs
- UntroD Capital Asia — Real Tech Global Fund II ($28M, Aug 2026): SE Asia focus
- NordicNinja — Fund II (Europe): Nordic/European focus
- KDDI Open Innovation Fund 3: established 2018