About This Fund
JIC PEF2 Limited Partnership is a JPY 600 billion (approximately USD 3.9 billion) private equity fund established on November 1, 2025, managed by JIC Capital, Ltd. (JICC) — the wholly-owned private equity arm of Japan Investment Corporation (JIC), a government-backed investment corporation supervised by Japan's Ministry of Economy, Trade and Industry (METI). The fund represents the second buyout vehicle in JICC's flagship PE series, succeeding JIC PEF1 Limited Partnership. JICC was established in September 2020 and has ranked among the world's largest private equity firms by assets under management, with JIC managing JPY 1.85 trillion in total assets as of March 2024. Japan Investment Corporation acts as the sole limited partner, with JICC serving as general partner and fund manager. PEF2 was established in parallel with JIC PEFJ2 Limited Partnership (JPY 200 billion co-investment vehicle), bringing the combined deployment capacity to JPY 800 billion (approximately USD 5.4 billion).
JIC PEF2 focuses on large-scale buyout and growth transactions in Japan, targeting investments in companies with enterprise values of JPY 100 billion or greater. The fund's mandate covers sectors deemed strategically important for Japan's industrial competitiveness and long-term growth: manufacturing, semiconductors and electronics, mobility, materials and chemicals, social infrastructure, green transformation (GX) and digital transformation (DX). The investment approach involves backing large-scale business restructurings, carve-outs, industry consolidations and privatisations — transactions where private capital alone cannot supply the scale or mandate required. Individual positions are typically kept below JPY 50 billion, with JICC often co-investing alongside private-sector PE funds via the companion PEFJ2 vehicle.
JIC PEF2 sits within Japan Investment Corporation's broader mandate to facilitate the country's structural economic transformation and realise Japan's Society 5.0 vision, which integrates AI, IoT, robotics and big data across core industries. JICC's predecessor fund, PEF1, produced notable transactions including the acquisition of Shinko Electric Industries (approximately USD 4.7 billion, December 2023) and the takeover of JSR Corporation (approximately USD 6 billion, April 2024) — among the largest PE-driven industrial restructurings in Japan's post-war history. These transactions demonstrate JICC's capacity for complex, large-scale cross-sectoral deals that set the precedent for PEF2's investment programme.