Jafco in $408m first close for new flagship fund
Japan’s Jafco has achieved a first close on its fifth global venture capital and buyout fund with JPY41 billion ($408 million) in commitments.
According to a statement, the close was supported primarily by the firm's existing backers, including major institutional investors and corporations. The vehicle, known as SV5, is targeting a total corpus of JPY65 billion and will continue to accept new investment until November.
SV5 will invest primarily in Japanese companies through minority and buyout deals. A significant portion of the fund will focus on Asian and US investments. Sector preferences were not disclosed, although artificial intelligence and financial technology are understood to be likely target areas. The fund will operate over a 10-year period and acquire 20% stakes in each company, according to the Nikkei Asian Review.
The fund's predecessor, SV4, closed at JPY46 billion in 2013, having sought to raise JPY60 billion. It contributed to a $6.8 million investment earlier this month in domestic IT education services provider Life is Tech alongside Dentsu Digital Holdings, Itochu Technology Ventures and KSK Angel Fund.
Jafco manages 37 funds and claims some JPY433 billion in commitments. Other recent fundraising activity includes a $260 million final close in 2014 on the fifth technology fund under the firm's US affiliate Jafco Ventures.
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