About This Fund
Integral 3 Limited Partnership is the yen-denominated sub-vehicle of Integral Fund III, the third buyout fund raised by Integral Corporation, a Tokyo Stock Exchange Growth Market-listed private equity firm founded by veteran deal-makers with backgrounds at Goldman Sachs and Deutsche Bank. The Fund III Series reached its hard cap of ¥73 billion (approximately $671 million) at final closing on 20 April 2017, encompassing both Integral 3 Limited Partnership for domestic Japanese institutional investors and Innovation Alpha L.P. for international investors denominated in US dollars.
Integral Fund III pursues control buyouts of mid-sized Japanese companies across a broad range of sectors including commercial services, industrial technology, consumer businesses, and IT services. The fund's investment mandate targets companies undergoing ownership transitions—management buyouts, corporate carve-outs, business succession scenarios, and take-privates—with a typical equity ticket of ¥5–15 billion per investment. Integral's operational improvement approach draws on an in-house team of operating executives embedded within portfolio companies to drive measurable performance improvements, leveraging the firm's deep networks across Japan's corporate community to source and execute complex transactions.
Integral Fund III executed nine investments and eight exits since 2017, surpassing the fund's 8% preferred return hurdle and generating the full 20% carried interest threshold for Integral Corporation. Exit activity continued into 2026, with a partial exit generating carried interest distributions expected to lift Integral's fiscal 2026 revenue by approximately ¥6.3 billion. The fund's performance validated Integral's mid-market buyout strategy in Japan and laid the foundation for the firm's subsequent $1.2 billion Fund V Series, which closed in 2024 and included Innovation Alpha V L.P. as the USD-denominated international tranche.