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 August 2021, this report presents the findings from our industry survey in May 2022 as well as the updated benchmark to December 2021. With performance data on a total of 150 constituent funds from 49 JVCA member firms, coverage of this dataset has now doubled since the inaugural benchmark factsheet in 2019, to represent 74% of the total Japan-focused VC fund universe in monetary terms.

In this factsheet, we reveal key findings from this updated performance benchmark, including net IRRs and multiples, capital calls and distributions, and net cash flow. We also take a look at how VC funds stack up against public markets leveraging direct alpha and PME comparisons.

This factsheet is also available in Japanese.