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In close partnership with the Japan Venture Capital Association (JVCA), Preqin is proud to announce our latest performance benchmark update targeting Japan-focused venture capital (VC) funds.
Following the success of our previous factsheet released in December 2025, this report presents the findings from our industry survey in May 2026 as well as the updated benchmark as of December 2025. With performance data on a total of 255 constituent funds from 74 JVCA member firms, coverage of this dataset has now more than tripled since the inaugural benchmark factsheet, to represent 79% of Preqin’s total Japan-focused VC fund universe in monetary terms.
Read the benchmark report now to discover:
Median Called (%), DPI, RVPI, net IRR, and net multiple
Pooled, called-up, distributed, and residual value ratios
Direct Alpha using TOPIX TR
One-year horizon return compared to TOPIX TR and TSE Growth Market 250 TR
Risk-return by sector focus
Annual capital called, distributed, and net cash flow trends
Scroll down to explore the factsheet highlights, the list of participants, and detailed information about Preqin and JVCA.
Highlights
Data from 255 funds managed by JVCA member firms, representing 79% of Preqin’s Japan-focused venture capital fund universe in monetary terms.
Top-quartile net multiples since inception exceeded 3.0x for the 2014–2016 vintages.
Distributions reached more than JPY 155 billion in 2025, the highest level recorded in the past decade.
List of participants (in alphabetical order)
Abies Ventures | JAFCO (Previously JAFCO Group) |
Angel Bridge | Keio Innovation Initiative |
ANOBAKA | Kepple Group |
ANRI | Kobe University Capital |
Archetype Ventures | Kyoto University Innovation Capital |
Asahi Media Lab Ventures | Lifetime Ventures |
aSTART | Minerva Growth Partners |
B Dash Ventures | mint |
basepartners | MIRAISOZO INVESTMENTS |
β venture capital | Miyako Capital |
Beyond Next Ventures | Mobile Internet Capital |
Bonds Investment Group | Money Forward Venture Partners |
Capital Medica Ventures | MPower |
Coral Capital | Nippon Venture Capital |
D3 | ON&BOARD |
D4V | Osaka University Venture Capital |
Daiwa Corporate Investment | PARTNERS FUND / Full Commit Partners |
DEEPCORE | PKSHA Technology Capital |
Delight Capital | QB Capital |
DG Daiwa Ventures | Regrowth Capital Management |
DG Incubation | Samurai Incubate |
DIMENSION | SBI Investment |
DRONE FUND | SBI Shinsei Corporate Investment |
Dual Bridge Capital | Seiho Investment Works |
Energy & Environment Investment | Shinsei Capital Partners |
Fast Track Initiative | Skyland Ventures |
Femto Partners | SPARX Asset Management |
FIRSTLIGHT Capital | Spiral Capital |
for Startups Capital | STATION Ai |
Genesia Ventures | Tohoku University Venture Partners |
Global Brain | Universal Materials Incubator |
Global Hands-On VC | The University of Tokyo Edge Capital Partners |
GLOBIS CAPITAL PARTNERS | UntroD Capital Japan |
Inclusion Japan | UTokyo Innovation Platform |
Incubate Fund | Venture United |
i-nest capital | WASEDA University Ventures |
ITOCHU Technology Ventures | XTech Ventures |
About Preqin, a part of BlackRock
Preqin empowers financial professionals who invest in or allocate to private markets with essential data and insight to make confident decisions. It supports them throughout the entire investment lifecycle with critical information and leading analytics solutions. Preqin has pioneered rigorous methods of collecting private data for over 20 years, enabling more than 200,000 professionals globally to streamline how they raise capital, source deals and investments, understand performance, and stay informed. Acquired by BlackRock in 2025, Preqin complements the existing Aladdin technology platform to provide investment solutions for the whole portfolio.
For more information visit www.preqin.com
About the Japan Venture Capital Association (JVCA)
JVCA is the first and only industry organization representing the VC industry in Japan. Since its inception in 2002, JVCA has been working toward the goal of strengthening mutual collaboration within the industry and cultivating the VC ecosystem. Our membership has grown to 416 companies in total, including 317 VC and CVC members as well as supporting members from government, universities, LP investors, and service providers.
For further information, please visit https://jvca.jp