Japan-based venture capital firm Globis Capital Partners yesterday unveiled a ¥36bn ($321m) first close for its sixth fund, with commitments from limited partners including insurance provider Sompo Japan Nipponkoa Insurance.
Tokio Marine Asset Management, the investment management arm of insurance firm Tokio Marine, has also backed the fund, dubbed Globis Fund VI, as has financial holding company Sumitomo Trust through its Japan Vintage Fund 2019.
Financial services firms Sumitomo Mitsui Banking Corporation and Bank of Yokohama are also among the limited partners (LPs), as are the state-owned financial institution Development Bank of Japan and small business services provider Organisation for Small and Medium Enterprises and Regional Innovation, Japan.
A range of unnamed domestic and international corporate pension funds, financial corporations and university funds have also contributed to Globis Fund VI, which has a $335m target size. Institutional investors are expected to make up 80% of the fund’s limited partners.
The fund will invest up to $45m in each portfolio company and has set a goal of supporting seed-stage companies all the way through to the unicorn stage when they achieve a $1bn valuation.
Globis Fund VI will focus on technologies such as artificial intelligence, the internet of things and blockchain, and will also offer assistance with management development and staff recruitment.
Globis was established in 1996 and now has more than $892m under management. It has a portfolio of more than 150 companies and its recent exits include the $1.2bn initial public offering of Japan-based online marketplace operator Mercari in June 2018.
