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Preqin is proud to announce the launch of our new performance benchmark targeting Japan-focused private equity funds.
Produced in close partnership with the Japan Private Equity Association (JPEA), this report presents the latest Japan-focused private equity benchmarks as of December 2023 (unless otherwise noted) as well as findings from our industry survey in March 2025. With performance data on a total of 112 constituent funds from 34 JPEA member firms, this benchmark represents 49% of Preqin's total Japan-focused private equity fund universe in monetary terms.
Read the benchmark report now to discover:
Since-inception pooled net IRRs
Horizon net IRRs compared to TOPIX TR
Median Called (%), DPI, RVPI, net IRR, and net multiple
Annual capital called, distributed, and net cash flow trends
Scroll down to explore key findings, the list of participants, and detailed information about Preqin and JPEA.
Key findings
The benchmark is based on data from 112 constituent funds, representing 49% of Preqin's total Japan-focused private equity fund universe in monetary terms
Horizon net IRRs were 14.5% over 5 years and 16.9% over 10 years, both outperforming the annualized return of the TOPIX Total Return Index
In 2023, total distributions from Japanese private equity funds to investors exceeded ¥470 billion, marking a record high despite a globally challenging exit environment
List of participants (in alphabetical order)
Advantage Partners Inc. | Marunouchi Capital Inc. |
Ant Capital Partners Co., Ltd. | MCP Capital Co., Ltd. |
Basic Capital Management, Limited | Mercuria Investment Co., Ltd. |
BLUEPASS CAPITAL INC. | Mitsui & Co., Principal Investments Ltd. |
Carlyle Japan, L.L.C. | New Horizon Capital Co., Ltd. |
CAS Capital, Inc. | Nomura Capital Partners Co., Ltd. |
D Capital, Inc. | PAG Japan Limited |
Daiwa PI Capital Co., Ltd. | Ping An Japan Investment Co., Ltd. |
Endeavor United Co., Ltd. | Polaris Capital Group Co., Ltd. |
Fukuoka Capital Partners Co., Ltd. | PROSPER Inc. |
iSigma Capital Corporation | Rising Japan Equity, Inc. |
Japan Industrial Solutions Co., Ltd. | SMBC Capital Partners Co., Ltd. |
JIC Capital, Ltd. | Sunrise Capital KK |
J-STAR Co., Ltd. | T Capital Partners Co., Ltd. |
J-Will Partners Co., Ltd. | Trustar Capital Partners Japan Limited |
Karita & Company Inc. | Unison Capital, Inc. |
The Longreach Group, Inc. | Yukon Capital Partners Co. Ltd. |
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 Private Equity Association (JPEA)
The Japan Private Equity Association was founded with eight member companies on August 1, 2005. The purpose of the Association has been to function as an industry group for major players in business investments in Japan and as a forum for players to provide necessary information. The principal members of the Association are the managing partners of private equity investment partnerships and their advisers, who aim to achieve strong management through active assistance and investment with the provision of management resources and to serve the overall interests of all stakeholders, including employees. As of 2025, the Association has 77 regular members and 159 supporting members.
For more information visit https://jpea.group/
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