Globis raises $321m for Japan VC fund

LPs include Sumitomo Mitsui Trust Group, Tokio Marine Asset Management, Sompo Japan Nipponkoa, Sumitomo Mitsui Banking Corporation, and Bank of Yokohama. They were joined by foreign and domestic pension funds, financial corporations, and university funds. According to a release, 80% of the LP base is comprised of institutional investors. 

Globis closed its fifth fund at JPY16 billion in 2016, having received more than JPY23 billion in prospective commitments. A number of local pension funds are among the LPs. Increased pension fund participation is considered critical to the establishment of larger funds in Japan’s fledgling VC space. Globis also attracted investment from one pension in Fund IV, which closed at JPY11.5 billion in 2013.

Fund VI will invest across seed and later-stage rounds in Japanese companies, as well as pursue carve-out opportunities with large corporates. Individual deployments will reach as high as JPY5 billion. Portfolio support will cover areas such as management development and recruitment. 

Globis is one of the investors in Mercari, a flea market app that became Japan’s first unicorn with a $75 million Series D round in 2016. It went on to raise $1.2 billion through an IPO last year. The company was worth about $3.7 billion at the time of the float and its market capitalization is now about $4 billion. Mercari's success is seen as a major driver of increased interest in Japan VC among institutional investors.

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• Topics
• North Asia
• Fundraising
• Venture
• Japan
• Globis Capital Partners