INCJ terminates operations
INCJ was established in September 2018 via company split from Innovation Network Corporation of Japan (INCJ). INCJ was established in July 2009 with the aim of overcoming boundaries between companies and industries, creating and nurturing key industries via open innovation for the prosperity of future generations, and providing risk capital post-Lehman bankruptcy.
Following revisions to its governing law—the Industrial Competitiveness Enhancement Act—the continuing company changed its name to Japan Investment Corporation (JIC) and began new activities.
INCJ, Ltd., pursuing the activities of the original Innovation Network Corporation of Japan, has engaged in “Value Up” initiatives at portfolio companies, making additional and milestone investments, and developing exit strategies from investments in portfolio companies. March 31, 2025, is the date by which INCJ was to strive to transfer or otherwise dispose of its shares and bonds.
As of end of March 2024, cumulative investment amounted to JPY1.2963 trillion, while cumulative recovery amounted to JPY2.2490 trillion; given that the amount recovered exceeds the amount invested, and that no new investments are being made, INCJ’s overall balance will be positive.
In addition to providing funding and hands-on support to promising venture companies following investment, INCJ has also made strategic LP investments in neutral collaborative business partners that share the same investment philosophy and have a functionally complementary relationship with INCJ. Having conducting various discussions and deliberations based on the status of each fund and the ending date of INCJ activities, INCJ has completed recovery process for these investments.
INCJ plans to hold a press conference for members of the media in late June 2025. At the conference, INCJ will report on income and expenditure related to investment activities for the fiscal year ending March 2025 and provide an evaluation and review of investment activities, including findings gained through these activities and recommendations for the startup ecosystem. Further details will be announced in due course.
On July 1, 2025, the Research Institute of Economy, Trade and Industry (RIETI) and the Japan Academic Society for Ventures and Entrepreneurs (JASVE) will jointly host the INCJ Symposium, which will provide an objective overview of INCJ activities. The event will include reports on INCJ analysis and research by academics, including JASVE members, as well as discussions between stakeholders, such as portfolio companies and government agencies. Further details will be announced in due course.
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