About This Fund
JIC PEFJ2 Limited Partnership ("PEFJ2") is a ¥200 billion private equity co-investment vehicle established by Japan Investment Corporation (JIC) in November 2025 alongside JIC's second main private equity fund (PEF2). PEFJ2 was created to facilitate large-scale co-investments: transactions where JIC leads require a minimum deal size of ¥100 billion, and those where a private-sector investor leads require a minimum of ¥50 billion. The fund operates under JIC Capital, Ltd., the dedicated private equity investment subsidiary of Japan Investment Corporation, which channels government-backed capital into Japan's strategic growth and restructuring sectors.
PEFJ2 is structured as a concentrated co-investment vehicle providing direct exposure to individual large-scale transactions rather than diversified portfolio exposure. Its investment mandate focuses on business restructuring, strategic carve-outs, and growth investments in sectors critical to Japan's industrial competitiveness — including technology and digital transformation, advanced manufacturing, healthcare, and energy transition. JIC's institutional mandate is to bridge critical gaps in domestic private capital availability by acting as anchor investor in deals too large or complex for domestic PE alone, thereby catalyzing private co-investment and stimulating Japan's broader private equity ecosystem. PEFJ2 complements PEF2's ¥800 billion overall fund size by providing a dedicated co-investment pool for institutional and corporate investors who prefer direct transaction exposure.
Japan Investment Corporation was established by the Japanese government in 2019 to provide long-term, large-scale capital for industrial restructuring and new growth creation. JIC Capital has deployed capital across major Japanese industrial transactions, and the launch of PEF2 with ¥800 billion in total capital alongside PEFJ2 as its co-investment vehicle reflects JIC's ambition to meaningfully scale Japan's private equity market and address the country's corporate restructuring wave in the face of cross-border competitive pressure.