Regional Revitalization Solution

President Manabu Sato oversees investment strategy and execution, supported by directors Norihiko Osaki, Kenichiro Ochi, Chika Kanamori, Naoki Tamori, and Hirokazu Miyazaki (per the firm’s team page). The firm has not disclosed a separate CIO or investment committee structure.

The firm raised roughly JPY 20 billion for Fund I from a corporate consortium comprising MUFG Bank, Sekisui House, Japan Airlines, Mitsubishi Estate, Daiwa Real Estate Appraisal, Mitsubishi Research Institute, Meiji Yasuda Life Insurance, Mitsubishi HC Capital, and MUFG Trust and Banking (per the firm, 2018). Fund II, closed in May 2023, added JTB as a sponsor while retaining the original LP group (per the firm, 2023).

The mandate spans three categories: real-asset development and repositioning of hotels and ryokan, operating-company investments in tourism-adjacent businesses, and venture-stage technology bets. Technology portfolio companies include tripla (AI booking, TSE Growth-listed in 2022), Asoview (leisure-activity booking), and matsuri technologies (short-term-rental management software).

The fund explicitly covers all 47 prefectures. Disclosed property investments range from Hokkaido (Akan-Mashu National Park hotel development) to Okinawa (Ishigaki Island resort renovation) and span Aomori (Cross Tower A-Bay acquisition) to Kumamoto (Aso retreat projects). Venture investments extend the geographic footprint through regionally based startups such as Wired Beans in Sendai and Earthboat in Nagano.

Regional Revitalization Solution is the GP established in February 2018 specifically to manage the ALL-JAPAN Tourism Development Fund structure. The firm serves as the investment manager for both Fund I (2018) and Fund II (2023), which are structured as Japanese investment limited partnerships.

Tripla, an AI-driven hotel booking engine in the venture portfolio, listed on the Tokyo Stock Exchange Growth Market in November 2022 (per the firm, November 2022). That remains the only publicly disclosed exit to date.

The sponsor group includes Mitsubishi Estate (a leading domestic developer), JAL (national airlift and customer data), MUFG Bank (regional SME and owner relationships), and regional financial institutions. This consortium structure provides the GP with pipeline visibility on hotel succession situations, underperforming onsen properties, and regional development sites that are rarely brought to market through conventional broker processes.