WM Partners

What WM Partners does

WM Partners (WMパートナーズ株式会社) is an independent Japanese private equity firm founded in July 2013 and headquartered in Kojimachi, Chiyoda-ku, Tokyo. The firm is owned jointly by its officers and employees and the Development Bank of Japan (DBJ), a government-affiliated financial institution, which provides capital stability while preserving independence from major commercial bank groups. WM Partners manages two distinct investment strategies: growth-stage direct investments (Growth Capital and Growth Buyout) targeting Japan's mid-sized '大人ベンチャー' segment between venture and traditional buyout, and LP secondary investments via the JPEOF series operated jointly with A-I Capital. The firm also operates a wholly-owned fund administration subsidiary, WM Fund Associates, providing middle/back-office services to approximately 50 GPs covering 100+ funds.

The firm's core revenue model consists of management fees on committed and deployed capital across the WM Growth series (WMG3 at 62B yen, WMG4 at 106B yen, WMG5 at 121B yen) and the JPEOF LP secondary series (JPEOF2014 at 72B yen, JPEOF2021 at 100B yen, JPEOF2024 at 300B yen), plus carried interest and success fees on portfolio exits. Cumulative fund size exceeds 400 billion JPY. Investment products target Japanese mid-cap growth companies with enterprise values of 5-30 billion yen for buyout (51-100% ownership, 3-10 billion yen equity checks) and 10-50% minority stakes of 2-5 billion yen for growth capital. LP secondary deals typically range from 30-500 million yen per transaction, with co-investment for larger positions.

WM Partners targets three customer segments: (1) growth-stage Japanese companies seeking equity capital and operational support, (2) owner-operators pursuing MBOs, business succession, or restructuring, and (3) institutional LPs (financial institutions, pension funds, operating companies) seeking liquidity solutions for PE fund interests. The firm has executed 6+ portfolio IPOs (including Geechs in 2019, Bridge Consulting Group in 2023, Green Monster and PRISM BioLab in 2024) and multiple strategic M&A exits (Sonora Technology to Hibino, Japan Implant to Straumann, P&V Holdings to Integral/Japan Animal Care, Tabisuru to Loyalty Holdings). Marketing is conducted through the WM Edge media platform, industry conferences, and direct professional networks including Finance Produce as a strategic deal-introduction partner.

Name

WM Partners

Legal name

WMパートナーズ株式会社 (WM PARTNERS Co., Ltd.)

Website

https://wmpartners.jp

Company type

Private

Founded year

2013

Operating status

Operating

Headcount range

11–50 employees

Short description

WM Partners is an independent Tokyo-based private equity firm managing 400+ billion JPY across growth capital, growth buyout, and LP secondary funds, primarily targeting Japanese mid-cap growth companies and providing liquidity solutions to PE fund LPs.

Ownership category

akta.pro rank

Product category

Private Equity Management

NAICS

Portfolio Management and Investment Advice (52394)

SIC

Investment Advice (6282)

akta.pro primary industry

Business Services (B2B) Growth Equity (FSANACAD)

akta.pro secondary industry

LP Secondaries — Growth Equity Funds (FSAHALAC)

Keywords

• Private equity management
• Growth capital investment
• LP secondary investment
• Management buyout services
• Fund administration

Headquarters

HQ city

Tokyo

HQ country

Japan

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Fund Management Fees: Management fees collected from managed investment funds based on committed capital. Funds include WM Growth series (WMG3, WMG4, WMG5) and Japan Private Equity Opportunity Fund series (JPEOF).
2. Performance/Success Fees: Carried interest and success fees from investment returns when portfolio companies achieve exits through IPO, M&A, or other liquidity events.
3. Investment Returns: Returns on equity investments through fund vehicles, generating gains from portfolio company exits and value appreciation.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

WM Partners is an independent Japanese private equity firm that manages investment funds targeting growth-stage companies and LP secondary transactions. The firm offers growth capital investments (minority and buyout) of 2-10 billion yen per deal, LP secondary acquisitions, business succession/MBO support, and fund administration services through its subsidiary WM Fund Associates.

Product overview

WMパートナーズは、2013年7月に設立された独立系プライベート・エクイティ・ファーム。日本におけるグロース・キャピタル投資とLPセカンダリー投資のパイオニアとして、分散投資型のベンチャーキャピタルや企業買収型のバイアウトファンドとは異なるユニークな投資戦略を持つ。主力商品としてWMグロース3号・4号・5号投資事業有限責任組合（計約289億円の運用総額）と、LPセカンダリー専門のジャパンプライベートエクイティオポチュニティ2021・2024投資事業有限責任組合（計約400億円の運用総額）を運用。投資サービスとしては、成長資金の提供・資本構成の見直し・持続的成長のためのカタリスト提供を行うグロース・キャピタル投資と、事業了承・事業再編・MBO支援を行うグロース・バイアウト投資を提供。またグループ会社のWM Fund Associatesがファンドアドミニストレーションサービスを提供し、約50のGP・100以上のファンドを支援する。

Differentiator

Problem solved

Functional benefit

Products and services

• WM Growth 3 Fund (WMグロース3号)
• WM Growth 4 Fund (WMグロース4号)
• WM Growth 5 Fund (WMグロース5号)
• JPEOF2021 (Japan Private Equity Opportunity Fund 2021)
• JPEOF2024 (Japan Private Equity Opportunity Fund 2024)
• Growth Capital Investment Service (グロース・キャピタル投資)
• Growth Buyout Investment Service (グロース・バイアウト投資)
• LP Secondary Investment Service (LPセカンダリー投資)
• Fund Administration Service (ファンドアドミニストレーション)

Quantifiable outcome

• 6 portfolio companies achieved IPO
• +2 more outcomes

Named customers7 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered minor and core.

• Bridge Consulting Group Inc. (ブリッジコンサルティンググループ株式会社)minorStrategic or Co-development Partner · 1 January 2023Investment from WM Growth 4 fund. BCG is a professional sharing platform for accountants. WM provides ongoing support including board representation.
• A-I Capital Co., Ltd. (エー・アイ・キャピタル株式会社)coreStrategic or Co-development Partner · 1 September 2021Joint operation of LP secondary investment funds including JPEOF2021 (100 billion yen) and JPEOF2024 (300 billion yen). AIC serves as investment advisor while WM serves as GP. Partnership pioneered Japan's domestic LP secondary market and created innovative structures like continuation funds.
• Finance Produce Co., Ltd. (株式会社ファイナンス・produce)minorStrategic or Co-development Partner · 1 January 2021Strategic advisor and deal introducer for MBO transactions. Led by Matsui Katsunari, provides financing advice for management buyouts.

Scale indicators6 records

Recent moves11 records

Expansion highlights5 records

Direct peers

• Unison Capital: Unison Capital is one of Japan's leading independent PE firms focused on growth capital and buyout investments for mid-market Japanese companies. Their fund size, growth-stage focus, and Japanese mid-market thesis overlap directly with WM Partners' growth capital strategy.
• J-STAR Co., Ltd. J-STAR is an independent Japanese PE firm targeting growth-stage and succession-driven investments in mid-market companies, with multiple flagship funds. Their 'oton a venture' / business succession focus and Japanese mid-market positioning make them a direct comparable to WM Partners' growth capital thesis.
• Industrial Growth Platform Inc. (IGPI): IGPI is a Japan-focused PE and consulting hybrid firm executing growth capital and buyout investments with operational improvement expertise. Their combination of advisory services and direct investment mirrors WM Partners' approach to value-add growth equity in Japanese mid-market companies.
• Advantage Partners: Advantage Partners is a Japan-focused PE firm specializing in buyouts and growth capital across mid-market companies, including complex carve-outs and succession transactions. Their ticket size and Japanese mid-market focus closely match WM Partners' growth buyout strategy.
• HarbourVest Partners: HarbourVest is a global leader in LP secondaries, fund of funds, and co-investments, with an active Japan presence. As the dominant global LP secondary player, HarbourVest represents WM Partners' most direct strategic competitor in the secondary market and serves as the global benchmark for the strategy WM Partners has pioneered domestically.
• A-I Capital: A-I Capital is WM Partners' joint GP in the JPEOF LP secondary fund series (JPEOF2021 100B JPY, JPEOF2024 300B JPY). Both firms are pioneers in Japan's domestic LP secondary market and share deal sourcing, fund vehicles, and operational infrastructure, making them the closest direct peer in the secondary strategy.

Broad incumbents

• Partners Group: Partners Group is a global private markets firm with significant Japan presence across primaries, secondaries, and direct investments. Their broader multi-strategy platform contrasts with WM Partners' Japan-only focus but competes for the same Japanese institutional LP capital and secondary deal flow.
• Carlyle Japan: Carlyle operates one of the largest global PE platforms with an active Japan buyout and growth strategy. Their Japan team competes for larger mid-market and upper-mid-market deals that overlap with WM Partners' growth buyout ticket range while offering global LP networks.
• SMBC Capital Partners: SMBC Capital Partners is the PE arm of Sumitomo Mitsui Banking Corporation, which is also an anchor LP in WM Partners' JPEOF funds. They compete in growth capital and buyouts across Japanese mid-market with deeper capital base and broader bank distribution, representing a key competitive threat.

Others

• Japan Asia Investment Co., Ltd. (JAIC): JAIC was the predecessor organization from which WM Partners' three founders spun out in 2013. JAIC continues to operate as a separate Japan-focused PE and venture firm. While not a direct competitor for the same deals, JAIC represents the firm's heritage and an adjacent ecosystem player with overlapping LP relationships.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments21 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about WM Partners