Japan's Fiducia hits second close on debut fund
Fiducia, a tech investor set up by the former private markets head of Japan Post Bank, has reached a second close of JPY 3.86bn (USD 29m) following a commitment from SBI Group.
A first close of JPY 3.26bn came in February last year. LPs also include AI Capital, Tokyo University of Science Investment Management, Nanto Bank, and Pavilion Capital.
The initial target for the fund was JPY 10bn. Fiducia said in a statement that it plans to stop seeking further commitments by July when it believes it will have sufficient capital to meet its objectives.
The firm was established in 2020 by Tokihiko Shimizu, who previously implemented the private equity and real estate programmes at Japan Post Bank. Shimizu, a mathematician by training, initially made his mark in the industry by helping Government Pension Investment Fund (GPIF) diversify its portfolio into alternatives.
In 2015, he moved to Japan Post Bank and later took the helm of Japan Post Investment Corporation, a direct investment unit that earmarked about JPY 36bn for direct growth-stage technology deals.
Fiducia describes its strategy as targeting a transition toward “society 5.0” with a focus on hardware, deep tech, and biotech, including drug discovery and tailored medicines. Autonomous driving, new energy, internet-of-things, semiconductors, quantum computing, robotics, and blockchain are part of the mix.
About 90% of the fund will be deployed in growth to pre-IPO companies, with the GP taking stakes of at least 10%. Some buyouts are expected. Cheque sizes top out around USD 10m, but there is scope for significant co-investment, particularly with Pavilion, a subsidiary of Temasek Holdings.
Operational support is touted as an important part of the offering. To this end, Shimizu brought in Takumi Shibata, previously CEO of Nomura Asset Management and Nikko Asset Management, as a co-founding partner
“Venture capital firms are good at employing 30 and 40-year-olds and sending them to board meetings of the companies they invest in,” Shibata, whose experience since the 1980s includes various senior roles at Nomura Group, told AVCJ last year.
“They participate every few months, write reports, and job done. The crucial importance of outside directors giving strategic advice and opportunities to build networks is completely missing.”
Last August, Fiducia appointed Ryu Jubishi, who has filled numerous senior roles in the Ministry of Health since the 1970s, as a director. Jubishi has also held roles at Partners Group, the National Pension Fund Association, and GPIF.
Concurrently, Yoichiro Iwama, chairman of Nikko Asset Management, was appointed as an executive advisor. Iwama was CEO of Tokio Marine Asset Management until 2010 and chairman of the Japan Investment Advisors Association from 2010 to 2017.
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