About This Fund
The Japan Hydrogen Fund (JHF) is a global hydrogen-focused infrastructure and impact fund managed by Advantage Partners in partnership with the Japan Hydrogen Association (JH2A, 526 member companies) and Sumitomo Mitsui DS Asset Management. The fund invests in production, storage, transportation, and utilization facilities for hydrogen and hydrogen-derived molecules, as well as technology and service providers across the hydrogen supply chain. It targets commercialization- and scaling-stage businesses — requiring at least a pilot plant — across Japan and the broader Indo-Pacific region. The fund is Japan's first global hydrogen fund and provides LP-investors with privileged access to JH2A's industrial network, including Toshiba, Panasonic, Kawasaki Heavy Industries, and Mitsubishi Gas Chemical. The fund reached its first close in August 2024 at approximately $400 million and a second close in December 2024 at approximately $430 million; total commitments as of mid-2026 stood at $506 million, against a target of $1 billion. Key LPs include Toyota Motor Corporation, Iwatani Corporation, Sumitomo Mitsui Banking Corporation, MUFG Bank, the Japan Green Investment Corp. for Carbon Neutrality, TotalEnergies, the Development Bank of Japan, and Tokyo Century Corporation. Portfolio companies include Infinium Holdings (eFuel technology, US) and Twelve (sustainable materials, US). The fund also operates an IPEF Window backed by Japan's METI for Indo-Pacific Economic Framework projects.