Risk of losses, illiquidity and delayed recoveries from unlisted investment partnerships
First written in FY2024. 1 of 2 entries say "Restated". Latest entry: FY2026.
The whole theme swung hardest in 2018: 3 of 9 companies on the "Worse" side.
8 other companies' latest entry also says "Restated".
- FY2026RestatedAnnual report
「The investment partnerships primarily invest in unlisted companies, and the following risks apply to our investments in them:」
For investment partnerships that primarily invest in unlisted companies, the company continues to disclose the uncertainty of capital gains, capital losses, delays in IPOs and sales, and low liquidity. - FY2024First statedAnnual report
「The investment partnerships primarily invest in unlisted companies, and the following risks apply to our investments in them: ① There is no assurance of capital gains from the investments. ② The investments may result in capital losses. ③ The investments assume companies that are expected to list their shares, be sold or otherwise realise value during the fund's investment period, but the timing of an IPO, sale or other transaction may differ significantly from expectations. ④ Shares and other securities of unlisted companies are significantly less liquid than those of listed companies.」
For investment partnerships that primarily invest in unlisted companies, the company has newly identified the uncertainty of capital gains, capital losses, delays in IPOs and sales, and low liquidity as risks.