Worth reading
59In focus
Scored from 5 of 6 sectionsDirection
Improvement
Direction inferred from the company’s description.Scale
114
Hundreds of millions of yenWording
Conditional
How definitive the wording is.Contents of this document
Results presentationThird quarter of the fiscal year ending December 20267 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales20,311 Millions of yen
Operating profit16,097 Millions of yen
Ordinary income16,058 Millions of yen
Net income11,082 Millions of yen
Selling, general and administrative expenses4,214 Millions of yen
What the company explained in this material
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
- Total investment income2025Q3¥1.7 billion2026Q3¥3.3 billionChange+¥1.6 billion
- PE investment incomeChange+¥1.9 billion
- Real estate investment incomeChange+¥1.2 billion
- Global tech growth investment incomeChange+¥100 million
- Recurring2025Q3¥5.8 billion2026Q3¥5.9 billionChange+¥100 million
- Realized carried interest2025Q3¥1.3 billion2026Q3¥10.9 billionChange+¥9.6 billion
- Total income2025Q3¥8.9 billion2026Q3¥20.3 billionChange+¥11.4 billion
- Quarterly profit attributable to owners of the parent2025Q3¥3.6 billion2026Q3¥11 billionChange+¥7.4 billion
New initiatives
- Establishment of a joint venture and a joint fund with Granite Asia Capital
- Alliance with Touring Capital
- Transition to a group-wide management company structure effective 1 October 2026
- Expansion of investments in PE, real estate, and global tech growth
Key KPIsA metric the company considers important as a management benchmark.
- Gross MOIC3.1X
- Gross IRR29.8%
- FE-AUM3,592 Hundreds of millions of yenYear on year against the same period last year2025 ¥378.9 billion
- AUM4,579 Hundreds of millions of yenYear on year against the same period last year2025 ¥576.5 billion
- Fund fair value2,985 Hundreds of millions of yenYear on year against the same period last year2025 ¥360.9 billion
- Unrealized carried interest233 Hundreds of millions of yenYear on year against the same period last year2025 ¥35.1 billion
- Economic net asset value881 Hundreds of millions of yenYear on year against the same period last year2025 ¥86.4 billion
- DPI · No. 3 series3.5 times
- DPI · No. 4 series1.0 times
Segment results
Segment revenue mix
PE investment business91%
Real Estate Investment Business8%
Global tech growth investment business1%
Segment profit mix
PE investment business92%
Real Estate Investment Business8%
Global tech growth investment businessBelow 1%
Financial targets
- Five-year average ROETargetApproximately 15%
- DOETarget2%
- Principal investment return MOICTargetApproximately 3.0x
Market Size / Share
- PE involvement as a share of total GDP · Japan0.4%
- Share of alternative assets in investments · GPIF1.6%
- Japanese listed companies with PBR below 1x38.8%
- Investment ratio in value-add funds among domestic institutional investorsApproximately 20%
Number of employees
Number of EmployeesProfessionals 78/121 people
Change during the period11 investment professionals newly joined since January 2026
| Item | Details |
|---|---|
| Document type | Results presentation |
| Fiscal Period Covered | Third quarter of the fiscal year ending December 2026 |
| Net Sales | 20,311 Millions of yen |
| Operating profit | 16,097 Millions of yen |
| Ordinary income | 16,058 Millions of yen |
| Net income | 11,082 Millions of yen |
| Selling, general and administrative expenses | 4,214 Millions of yen |
| Segment results | Segment revenue mix PE investment business 91% / Real Estate Investment Business 8% / Global tech growth investment business 1% / Segment profit mix PE investment business 92% / Real Estate Investment Business 8% / Global tech growth investment business Below 1% |
| Breakdown of Factors Affecting the Change | Factors Total investment income / 2025Q3 ¥1.7 billion / 2026Q3 ¥3.3 billion / Change +¥1.6 billion, Factors PE investment income / Change +¥1.9 billion, Factors Real estate investment income / Change +¥1.2 billion, Factors Global tech growth investment income / Change +¥100 million, Factors Recurring / 2025Q3 ¥5.8 billion / 2026Q3 ¥5.9 billion / Change +¥100 million, Factors Realized carried interest / 2025Q3 ¥1.3 billion / 2026Q3 ¥10.9 billion / Change +¥9.6 billion, Factors Total income / 2025Q3 ¥8.9 billion / 2026Q3 ¥20.3 billion / Change +¥11.4 billion, Factors Quarterly profit attributable to owners of the parent / 2025Q3 ¥3.6 billion / 2026Q3 ¥11 billion / Change +¥7.4 billion |
| Key KPIs | Indicator Gross MOIC / Value 3.1X / Year on year against the same period last year Not disclosed, Indicator Gross IRR / Value 29.8% / Year on year against the same period last year Not disclosed, Indicator FE-AUM / Value 3,592 Hundreds of millions of yen / Year on year against the same period last year 2025 ¥378.9 billion, Indicator AUM / Value 4,579 Hundreds of millions of yen / Year on year against the same period last year 2025 ¥576.5 billion, Indicator Fund fair value / Value 2,985 Hundreds of millions of yen / Year on year against the same period last year 2025 ¥360.9 billion, Indicator Unrealized carried interest / Value 233 Hundreds of millions of yen / Year on year against the same period last year 2025 ¥35.1 billion, Indicator Economic net asset value / Value 881 Hundreds of millions of yen / Year on year against the same period last year 2025 ¥86.4 billion, Indicator DPI · No. 3 series / Value 3.5 times / Year on year against the same period last year Not disclosed, Indicator DPI · No. 4 series / Value 1.0 times / Year on year against the same period last year Not disclosed |
| Number of employees | Number of Employees Professionals 78/121 people / Change during the period 11 investment professionals newly joined since January 2026 |
| Financial targets | Indicator Five-year average ROE / Target Approximately 15%, Indicator DOE / Target 2%, Indicator Principal investment return MOIC / Target Approximately 3.0x |
| Market Size / Share | Indicator PE involvement as a share of total GDP · Japan / Value 0.4%, Indicator Share of alternative assets in investments · GPIF / Value 1.6%, Indicator Japanese listed companies with PBR below 1x / Value 38.8%, Indicator Investment ratio in value-add funds among domestic institutional investors / Value Approximately 20% |
| New initiatives | Establishment of a joint venture and a joint fund with Granite Asia Capital, Alliance with Touring Capital, Transition to a group-wide management company structure effective 1 October 2026, Expansion of investments in PE, real estate, and global tech growth |
Items this document does not state (17)
Gross Profit MarginOperating profit marginResults for the three months of the current quarterFull-year earnings forecastProgress against full-year forecastSelf-assessment against the planUnit price and quantity metricsNumber of stores and locationsAssumptions Underlying the Business OutlookRisk amount incorporated into the outlookMedium-term management plan targetsAnnual DividendPayout ratioAcquisition of treasury sharesCapital expendituresOrders received and order backlogKey points of the Q&A
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 attributes the increase in investment income to higher fair values in the PE investment business, reflecting share price movements at listed portfolio companies and improved financial performance at unlisted portfolio companies; to the real estate business, where valuations reflected transaction prices for assets sold and valuation methods were changed; and to the global tech growth business, where investments were valued based on transaction prices at portfolio companies' fundraisings. Revenue from carried interest received from the No. 3 fund series also increased.
How to read this page
This is not the documentKomori reads the disclosure the company filed and writes this summary. Figures are as stated by the company and are not audited.
Weight is not a verdictIt measures how much this changes what the company had already told the market. It is not a view on the shares.
Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.