Worth reading
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How definitive the wording is.Items stated in the management plan
Annual updateROENot disclosed → Approximately 15%
Only the target level is shown because the current level for comparison was not provided.Total investment planApproximately ¥12 billion (the total amount allocated from the IPO proceeds to GP contributions for new investments, principal investments, and i-Bridge)
Investment amount by sectorField GP contributions for new investments, principal investments, and i-Bridge / Amount Approximately ¥12.0 billion
Statements about the use of capital
Payout ratio / DOE policyDOE of 2%. The applicable period is described as “future shareholder returns.”The payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Key initiatives
01Expansion of flagship funds
02Formation of target funds
03Expansion of asset classes 1
04Expansion of asset classes 2
05Expansion of asset classes 3
06Enhancing real estate value through diverse value-add strategies
07Global tech growth investment business
Plan assumptions¥250 billion in committed capital for the No. 5 fund series (combined domestic and overseas funds), Fund life of approximately 10 years and investment period of approximately 5 years, Assumed management fee rates of 2.00% during the investment period and 1.85% during the realization period, CAGR of 11.9% for Japan-focused PE and VC fund AUM (2018 to 2024)
Size of the Target MarketMarket Global PE fund AUM / Scale USD 11,846 bn (2024) / Growth rate CAGR of 11.6% (2018 to 2024) / Source PREQIN, Market Japan-focused PE and VC fund AUM / Scale USD 115.5 bn (2024) / Growth rate CAGR of 11.9% (2018 to 2024) / Source PREQIN, Market PE involvement as a percentage of total GDP (Japan) / Scale 0.4% / Growth rate Not disclosed / Source Not disclosed
Risks identified by the company
Economic slowdown; fluctuations in exchange rates and interest rates; geopolitical risks such as war and trade friction; changes in trade, fiscal, tax, and monetary policy; and changes in global supply chains
Slower growth in Japan’s PE market due to Japan’s declining population and deterioration in economic and equity market conditions
Deterioration in the fundraising environment for funds, weak fund performance, and a mismatch between fundraising terms and the needs of fund investors
Constraints on investment execution and exit timing due to investment periods and fund life
Failure to identify investment opportunities, competition with other PE funds, investment restrictions, deterioration in the performance of portfolio companies, and difficulty executing exits
Risks associated with the performance of portfolio companies, financing costs, and additional investments in connection with principal investments
Difficulty refinancing i-Bridge’s bridge financing and insufficient funding
Fluctuations in real estate market conditions; tenant departures, declining rents, and repair costs; and difficulty selling real estate
Natural disasters and accidents; environmental issues such as soil contamination; disputes with neighboring parties; and changes in laws and regulations
Insufficient track record in the real estate investment business, concerns regarding investment strategies and staffing, and conflicts of interest with the PE investment business
Conflicts of interest among stakeholders, including the group, LP investors, officers and employees, and others
| Item | Details |
|---|---|
| Plan name | Business Plan and Growth Potential |
| Plan period | From the fiscal year ending December 2026 onward |
| Progress against the plan | Annual update |
| ROE target | Not disclosed → Approximately 15% |
| Payout ratio / DOE policy | DOE of 2%. The applicable period is described as “future shareholder returns.” |
| Total investment plan | Approximately ¥12 billion (the total amount allocated from the IPO proceeds to GP contributions for new investments, principal investments, and i-Bridge) |
| Investment amount by sector | Field GP contributions for new investments, principal investments, and i-Bridge / Amount Approximately ¥12.0 billion |
| Plan assumptions | ¥250 billion in committed capital for the No. 5 fund series (combined domestic and overseas funds), Fund life of approximately 10 years and investment period of approximately 5 years, Assumed management fee rates of 2.00% during the investment period and 1.85% during the realization period, CAGR of 11.9% for Japan-focused PE and VC fund AUM (2018 to 2024) |
| Key initiatives | Expansion of flagship funds, Formation of target funds, Expansion of asset classes 1, Expansion of asset classes 2, Expansion of asset classes 3, Enhancing real estate value through diverse value-add strategies, Global tech growth investment business |
| Size of the Target Market | Market Global PE fund AUM / Scale USD 11,846 bn (2024) / Growth rate CAGR of 11.6% (2018 to 2024) / Source PREQIN, Market Japan-focused PE and VC fund AUM / Scale USD 115.5 bn (2024) / Growth rate CAGR of 11.9% (2018 to 2024) / Source PREQIN, Market PE involvement as a percentage of total GDP (Japan) / Scale 0.4% / Growth rate Not disclosed / Source Not disclosed |
| Risks identified | Economic slowdown; fluctuations in exchange rates and interest rates; geopolitical risks such as war and trade friction; changes in trade, fiscal, tax, and monetary policy; and changes in global supply chains, Slower growth in Japan’s PE market due to Japan’s declining population and deterioration in economic and equity market conditions, Deterioration in the fundraising environment for funds, weak fund performance, and a mismatch between fundraising terms and the needs of fund investors, Constraints on investment execution and exit timing due to investment periods and fund life, Failure to identify investment opportunities, competition with other PE funds, investment restrictions, deterioration in the performance of portfolio companies, and difficulty executing exits, Risks associated with the performance of portfolio companies, financing costs, and additional investments in connection with principal investments, Difficulty refinancing i-Bridge’s bridge financing and insufficient funding, Fluctuations in real estate market conditions; tenant departures, declining rents, and repair costs; and difficulty selling real estate, Natural disasters and accidents; environmental issues such as soil contamination; disputes with neighboring parties; and changes in laws and regulations, Insufficient track record in the real estate investment business, concerns regarding investment strategies and staffing, and conflicts of interest with the PE investment business, Conflicts of interest among stakeholders, including the group, LP investors, officers and employees, and others |
| Publication date | March 2026 |
Items this document does not state (13)
Sales TargetOperating profit targetOperating profit margin targetNet income targetROIC targetTreasury share acquisition policyCost of capitalSelf-assessment of PBR and share priceSegment targetNon-financial targetsResults under the previous planReason for revision or withdrawalDate of board resolution
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.The company explains that the decline in revenue and profit year on year was primarily due to the impact of CI. It also positions AUM growth as a key growth driver.
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