# JIC Venture Growth Investments

JIC Venture Growth Investments is a Venture Capital based in Tokyo, Japan.

## Overview

- **Organization type:** Venture Capital
- **Headquarters:** Tokyo, Japan
- **Region:** Asia
- **Address:** Tokyo, Japan
- **Founded:** 2020
- **Assets under management:** Undisclosed
- **Website:** www.j-vgi.co.jp
- **LinkedIn:** https://linkedin.com/company/jicベンチャー・グロース・インベストメンツ-株-

## Regulatory record

- **Reports private funds:** No

## About

Founded in 2020, JIC Venture Growth Investments is a venture capital arm of Japan Investment Corporation based in Tokyo, Japan. The firm contributes to strengthening industrial competitiveness by supplying sufficient venture capital to growth areas based on industry.

## Sectors

- Enterprise Software
- AI/ML
- Digital Health
- Industrial Tech
- Mobility & Transportation
- Robotics & Automation

## People

- Koichiro Nakao — President & CEO

## Questions

### Who runs investment decisions at JIC Venture Growth Investments?

Koichiro Nakao, President and CEO, leads the firm's investment strategy. Investment committee decisions rely on a team with backgrounds spanning Japan's Ministry of Economy, Trade and Industry, major commercial banks, and venture capital. Nakao's career trajectory through Mitsubishi UFJ Financial Group and INCJ reflects the firm's hybrid DNA — part industrial policy operator, part venture investor.

### Is JIC VGI structured as a sovereign wealth fund or a private venture firm?

JIC VGI occupies a middle ground. It is a wholly-owned subsidiary of Japan Investment Corporation, itself a public-private partnership capitalized with ¥2 trillion from the Japanese government and private sector sources. This gives JIC VGI patient, policy-aligned capital, but it makes commercial investment decisions and charges market-rate management fees, operating more like an institutional venture investor than a government grant program.

### How does JIC VGI participate in Japan's venture ecosystem?

The firm operates through two channels. First, as an anchor limited partner in domestic venture capital funds, often backing first-time managers and established GPs targeting deep tech, life sciences, and industrial innovation. Second, JIC VGI makes direct startup investments, frequently co-investing alongside those same GPs. This hybrid model gives JIC VGI visibility into most high-quality Japanese venture deal flow.

### Which sectors does JIC VGI explicitly target?

The firm concentrates on enterprise software, AI/ML, robotics, autonomous mobility, digital health, and smart manufacturing — all sectors aligned with Japan's 'Society 5.0' industrial policy framework. Consumer internet, fintech, and advertising technology are notably absent from disclosed portfolio companies, reflecting a mandate that prioritizes deep-tech commercialization over business-model innovation.

### How does JIC Venture Growth Investments relate to the older INCJ?

Innovation Network Corporation of Japan (INCJ), founded in 2009, was Japan's earlier attempt at a public-private venture and growth fund. INCJ was absorbed into Japan Investment Corporation upon JIC's 2018 launch, with JIC VGI inheriting both the venture portfolio and the institutional knowledge. Key personnel, including senior investment professionals, transitioned from INCJ to JIC VGI, ensuring continuity in existing portfolio relationships.

## Related profiles

- [JIC Technology Investment](https://altss.com/profile/jic-technology-investment)
- [JIC Ventures](https://altss.com/profile/jic-ventures)

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Last updated: 2026-05-29T21:40:31.248Z

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