Kepple Capital

Kepple Capital runs a dual-mandate strategy combining direct secondaries with venture-stage investing. The firm targets the full company lifecycle — from early-stage startups and initial seed rounds through expansion and late-stage growth — while a dedicated secondaries practice acquires LP positions, direct stakes, or portfolios from sellers seeking liquidity. This structure allows Kepple to access venture upside through primary origination and to purchase seasoned exposures through secondary transactions across Japan and Asia Pacific.

Kepple originates investments through a blend of direct primary venture sourcing and secondary market channels. Its secondary practice opens access to mature venture fund portfolios and corporate venture stakes — deal flow that pure primary-stage investors cannot see — while its venture platform sources from Japan's startup ecosystem, corporate venture capital relationships, and co-investor networks. This dual-channel origination model gives the firm visibility into both unlisted growth companies and seasoned positions seeking liquidity.

Kepple Capital executes both direct investments in companies and secondary purchases of fund positions and portfolios. Its direct investing spans early-stage through late-stage venture across Japanese and Asia Pacific companies, while its secondaries practice allows it to acquire limited partner interests, direct stakes, or bundles of venture positions from institutional sellers and founders. This flexibility means the firm can act as either a primary investor or a secondary buyer depending on opportunity quality.

Kepple Capital targets the full venture continuum: early-stage startups, expansion-stage companies, and late-stage growth rounds. Its secondary practice adds exposure to more mature venture portfolios across fund vintages, meaning the firm holds positions spanning seed through pre-IPO companies. This stage-agnostic approach allows allocation based on opportunity rather than forced concentration in a single band of the venture lifecycle.

Kepple Capital is headquartered in Tokyo and concentrates its venture and secondary investments in Japan, a market characterized by a growing corporate venture capital presence and government support for startup formation. The firm retains the ability to pursue opportunities across the broader Asia Pacific region where Japanese investors have established relationships and where its secondary sourcing network provides differentiated visibility.