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In close partnership with the Japan Private Equity Association (JPEA), Preqin is proud to announce our latest performance benchmark update targeting Japan-focused private equity funds.
Following the success of our previous factsheet released in November 2025, this report presents the findings from our industry survey in January 2026 as well as the updated benchmark as of December 2024. With performance data on a total of 136 constituent funds from 38 JPEA member firms, this benchmark represents 54% 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 factsheet highlights, the list of participants, and detailed information about Preqin and JPEA.
Highlights
The benchmark is based on data from 136 constituent funds from JPEA member firms, representing 54% of Preqin's total Japan-focused private equity fund universe in monetary terms.
Horizon net IRRs were 13.7% over 5 years and 14.8% over 10 years, both outperforming the annualized return of the TOPIX Total Return Index.
Japanese PE funds have maintained strong momentum, deploying JPY 1.1 trillion in aggregate capital calls and delivering JPY 630 billion in distributions—marking the highest capital calls and distributions recorded in the past decade.
List of participants (in alphabetical order)
Advantage Partners Inc. | MBK Partners K.K. |
Ant Capital Partners Co., Ltd. | MCP Capital Co., Ltd. |
AtlasCapital Inc. | Mercuria Investment Co., Ltd. |
Basic Capital Management, Limited | Mitsui & Co., Principal Investments Ltd. |
BLUEPASS CAPITAL INC. | MSD 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 |
Endeavor United Co., Ltd. | Ping An Japan Investment Co., Ltd. |
Fukuoka Capital Partners Co., Ltd. | Polaris Capital Group Co., Ltd. |
iSigma Capital Corporation | PROSPER Inc. |
Iwakaze Capital, Inc. | RISA Partners, Inc. |
Japan Industrial Solutions Co., Ltd. | Rising Japan Equity, Inc. |
JIC Capital, Ltd. | SMBC Capital Partners Co., Ltd. |
J-STAR Co., Ltd. | Sunrise Capital KK |
J-Will Partners Co., Ltd. | T Capital Partners Co., Ltd. |
Karita & Company Inc. | Trustar Capital Partners Japan Limited |
The Longreach Group, Inc. | Unison Capital, Inc. |
Marunouchi Capital 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 June 2026, the Association has 81 regular members and 178 supporting members.
For more information visit https://jpea.group/
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