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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 September 2024, this report presents the findings from our industry survey in June 2025 as well as the updated benchmark as of December 2024. With performance data on a total of 227 constituent funds from 71 JVCA member firms, coverage of this dataset has now tripled since the inaugural benchmark factsheet, to represent 75% 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
The benchmark is based on data from 227 constituent funds from 71 JVCA member firms, representing 75% of Preqin's total Japan-focused venture capital fund universe in monetary terms
Despite the challenging environment, Japanese VC funds have maintained strong momentum, deploying JPY 193 billion in aggregate capital calls and delivering JPY 105 billion in distributions—marking the third-highest capital calls and second-highest distributions recorded in the past decade.
List of participants (in alphabetical order)
Abies Ventures | JAFCO Group |
Angel Bridge | Japan Startup Support Association |
ANOBAKA | Keio Innovation Initiative |
ANRI | Kepple GroupKyoto University Innovation Capital |
Archetype Ventures | Kyoto University Innovation Capital |
Asahi Media Lab Ventures | Lifetime Ventures |
aSTART | mint |
B Dash Ventures | Miraise |
basepartners | MIRAISOZO INVESTMENTS (Previously Innovations and Future Creation) |
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 |
DEEPCORE | PKSHA Technology Capital |
Delight Capital | QB Capital |
DG Incubation | Samurai Incubate |
DIMENSION | SBI Investment |
DRONE FUND | Seiho Investment Works |
Dual Bridge Capital | Shinsei Capital Partners |
Energy & Environment Investment | Skyland Ventures |
Fast Track Initiative | SPARX Asset Management |
Femto Partners | Spiral Capital |
Firstlight Capital (Previously UB Ventures) | STATION Ai |
forStartups Capital | STRIVE |
Genesia Ventures | Tohoku University Venture Partners |
Global Brain | United |
Global Hands-On VC | Universal Materials Incubator |
GLOBIS CAPITAL PARTNERS | The University of Tokyo Edge Capital Partners |
Inclusion Japan | UntroD Capital Japan (Previously Real Tech Holdings) |
Incubate Fund | UTokyo Innovation Platform |
i-nest capital | XTech Ventures |
ITOCHU Technology 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. Over the past five years, the number of regular members—comprising VCs and CVCs—has grown by about 1.5 times to 303 companies. Including supporting members from industry-related firms, the total membership now stands at 406 companies.
For further information, please visit https://jvca.jp