Deterioration in Portfolio Company Performance, Failure to Achieve Exit, and Difficulty Recovering Invested Capital
First written in FY2023. 2 of 3 entries say "Restated". Latest entry: 2026-03-25.
The whole theme swung hardest in 2020: 28 of 84 companies on the "Worse" side.
88 other companies' latest entry also says "Restated".
- 2026-03-25RestatedManagement plan
「Even where an exit is achieved, there is no assurance that the shares or businesses of portfolio companies can be sold at a price sufficiently above the investment cost or on other terms favorable to our group.」
Risks related to deterioration in portfolio-company performance, failure to achieve exits, and difficulty recovering invested capital continued to be listed as key risks. - FY2025RestatedAnnual report
「As of the filing date, the term of the Fund II partnership agreement for the private equity business runs through 31 August 2025, as stated in Part II, Business Status, 5. Material Contracts and the notes. Fund II is currently in its liquidation period.」
Fund II entered its liquidation period, and the risk that the success of exits and sale proceeds for remaining investments will depend on economic and market conditions continued to be disclosed. - FY2023First statedAnnual report
「After an investment, if a portfolio company's business does not progress as initially planned and its financial condition deteriorates, it may become insolvent without achieving an exit through an IPO, sale of the business to another company or other M&A, making recovery of the investment capital difficult.」
Likelihood is medium and impact is high. The disclosure also notes that even if an exit is achieved, the investment may not be sold at a price sufficiently above cost.