Expansion of hybrid investments combining fund investments and principal investments
First written in FY2023. 3 of 5 entries say "Advanced", first in FY2024-H1. Latest entry: 2026-03-25.
No other company in this theme has enough history to compare yet.
- 2026-03-25RaisedManagement Planning
「Principal investment returns: approximately 3.0x MOIC」
A return policy targeting an MOIC of approximately 3.0x for principal investments was presented, in addition to their role as a catalyst for investment. - FY2025AdvancedAnnual report
「The Group seeks to expand revenue opportunities by making principal investments alongside investments through private equity funds under specified rules.」
The fair value of principal investments increased from ¥38.1 billion to ¥43.5 billion and acquisition cost from ¥7.0 billion to ¥9.7 billion, demonstrating the expansion of investments with the Company's own funds. - FY2024AdvancedAnnual report
「Going forward, we intend to increase the proportion of principal investments by using available cash.」
Reconfirms the existing 3% to 34% per-transaction range while stating a policy of increasing the ratio using available cash. The fair value of principal investments rose from ¥32.7 billion to ¥38.1 billion. - FY2024-H1AdvancedAnnual report
「After completion of this transaction, the Group will continue to hold Itokin shares as a principal investment and will acquire control because its voting interest will exceed a majority. However, because the Company qualifies as an investment entity, as described in Note 4, Significant Accounting Estimates and Judgments, (2) Basis of Consolidation, the shares will be transferred from investments in the portfolio to investments in subsidiaries measured at fair value.」
Provides a specific example in which the Group continued to hold fund shares in Itokin as a principal investment after the transfer and acquired majority control. - FY2023First statedAnnual report
「Under the hybrid investment structure, in addition to investments in portfolio companies through funds, whose capital generally includes GP commitments by the Group equivalent to 2%, the Group invests its own funds, including borrowings, in portfolio companies as principal investments. Principal investments represent 3% to 34% of the combined amount invested through funds and principal investments for each transaction, and principal investments across all portfolio companies of a fund are capped at 20% of total investments through funds and principal investments.」
Describes the structure: 2% GP commitments, principal investments of 3% to 34% per transaction, and a 20% fund-wide cap, together with the policy of increasing the ratio.