Venture capital (VC) funds have largely outperformed the Japanese public equity market, TOPIX, across almost all major vintages, according to the most recent Performance Benchmark Update for Japanese Venture Capital. VC funds continued to offer investors a healthy median net multiple of 1.5-4x and a median net IRR of 14-30%, across all 2010 to 2015 fund vintages. The factsheet was published by data provider Preqin, in close partnership with the Japan Venture Capital Association (JVCA).
The research conducted shows that due to the COVID-19 pandemic, overall investment activity by Japanese VCs slowed down in 2020 and capital calls from funds included in the benchmark decreased by 20% from the previous year to JPY 116.2bn. At the same time, exit activities accelerated — backed by the strong IPO market — while capital distributions from the constituent funds to investors increased by nearly 40% year-on-year, reaching JPY 96.2 bn in 2020
Download the factsheet now to view other key findings on Japanese VC funds including net IRRs and multiples, capital calls and distributions, and net cash flow.
| Abies Ventures | Globis Capital Partners | |
| Accord Ventures | gumi ventures | |
| ANOBAKA (Formerly KVP) | Incubate Fund | |
| ANRI | i-nest capital | |
| Archetype Ventures | ITOCHU Technology Ventures | |
| Asahi Media Lab Ventures | JAFCO Group | |
| Beyond Next Ventures | Keio Innovation Initiative | |
| Bonds Investment Group (Formerly Opt Ventures) | Mobile Internet Capital | |
| Coral Capital (500 Startups Japan) | Nippon Venture Capital | |
| D4V | Real Tech Japan | |
| Daiwa Corporate Investment | SAMURAI INCUBATE | |
| DEEPCORE | SBI Investment | |
| DIMENSION | Seiho Investment Works | |
| DOGAN beta | SPARX Asset Management | |
| DRONE FUND | Spiral Capital | |
| Eight Roads Ventures Japan | STRIVE | |
| Energy & Environment Investment | The University of Tokyo Edge Capital Partners | |
| Fast Track Initiative | TNP On The Road | |
| Femto Partners | UB Ventures | |
| FINOLAB | Universal Materials Incubator | |
| Genesia Ventures | Venture United |
*Listed in alphabetical order. Firm names above may not correspond to those on Preqin Pro.
Preqin is the Home of Alternatives®, the foremost provider of data, analysis, and insights to the alternatives industry. The company has pioneered rigorous methods of collecting private data for almost 20 years so that 110,000+ global professionals are streamlining how they raise capital, source deals and investments, understand performance, and stay informed. Through close partnerships with its clients, Preqin continuously builds innovative tools and mines new intelligence to enable them to make the best decisions every day.
JVCA is the first and only industry organization representing the VC industry in Japan. Since its inception in 2002, JVCA has been working toward the goal of strengthening mutual collaboration within the industry and cultivating the VC ecosystem. The number of its VC and CVC members has more than doubled in the last four years to 205, bringing the total to 274, including supporting members from government, university, LP investors, and service providers. For further information, please visit https://jvca.jp