Norinchukin Capital

What Norinchukin Capital does

Norinchukin Capital Co., Ltd. is a Tokyo-based private equity fund management company established on August 10, 2021, as a wholly-owned subsidiary of The Norinchukin Bank. The firm operates two fund vehicles: the Norinchukin Capital Ⅰ Private Equity Investment Limited Partnership (a JPY 39 billion growth and buyout fund focused on Japanese mid-to-late-stage companies, with deal sizes of JPY 0.5B–5B and 3–6 year holds), and the Norinchukin Capital Strategic Co-Creation Fund I Investment Limited Partnership (a JPY 9.7 billion CVC fund targeting seed-to-early-stage startups globally in Climate Tech, FinTech, AgTech, FoodTech, and LifeTech).

The firm's core proposition combines capital deployment with operational support — including human-resource assistance, sales and supplier introductions, DX promotion, and post-investment management — anchored in its privileged access to the JA, JF, and JForest cooperative networks (collectively representing over 10 million members in Japan's primary industries) and The Norinchukin Bank's 20+-year track record of 300+ global PE fund investments and 50+ co-investments.

Revenue is generated through traditional PE economics: management fees and carried interest on committed and deployed capital across the two funds, with the firm restricted by Japanese regulation to offering products exclusively to qualified institutional investors (特定投資家) under the Financial Instruments and Exchange Act's qualifying-investor special operations framework. Portfolio actions since 2023 span buyout acquisitions (Yamasui Group, HOUSE BUILD Holdings, TISCO) and CVC investments across Japan, Southeast Asia (eFishery, Tazapay), South Asia (Seeds Fincap, Varaha ClimateAG), and Europe (Klim). The firm runs a lean team of approximately 24 professionals.

Name

Norinchukin Capital

Legal name

Norinchukin Capital Co., Ltd.

Website

https://nc-cap.co.jp

Company type

Private

Founded year

2021

Operating status

Operating

Headcount range

11–50 employees

Short description

Norinchukin Capital is a Tokyo-based private equity and CVC fund manager, wholly owned by The Norinchukin Bank, that invests across Japanese buyouts and global seed-to-early-stage startups in agriculture, food, climate, fintech, and life sciences via two funds totaling roughly JPY 48.7 billion.

Ownership category

akta.pro rank

Product category

Private Equity Fund Management

NAICS

Portfolio Management and Investment Advice (523940), Other Investment Pools and Funds (5259), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Investment Advice (6282), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

SDG / Thematic Sustainable Investment Funds (FSANAJAN)

Keywords

• Private equity fund management
• Growth capital investment
• Buyout investment services
• Corporate venture capital
• Innovation startup investment

Headquarters

HQ city

Tokyo

HQ country

Japan

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D

Revenue model

1. Fund Management Fees: Norinchukin Capital generates revenue through management fees and performance fees (carried interest) from managing its private equity funds. The company operates qualifying private investor special operations (適格機関投資家等特例業務) under Japan's Financial Instruments and Exchange Act.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

Norinchukin Capital is a private equity fund management company that manages two primary funds: a JPY 39 billion Growth and Buyout fund investing in mid-to-late-stage Japanese companies, and a JPY 9.7 billion CVC fund for seed-to-early-stage startups in Climate Tech, FinTech, AgTech, FoodTech, and LifeTech sectors. The company provides equity capital and post-investment operational support to portfolio companies, leveraging the parent Norinchukin Bank's global network and the JA Group ecosystem for sourcing and value creation.

Product overview

Norinchukin Capital is a private equity fund management company established by The Norinchukin Bank in August 2021. The company operates two main fund products: (1) Norinchukin Capital Ⅰ Private Equity Investment Limited Partnership, a JPY 39 billion Growth/Buyout fund for mid-to-late stage Japanese companies, and (2) Norinchukin Capital Strategic Co-Creation Fund Investment Limited Partnership, a JPY 9.7 billion CVC fund for seed/early-stage startups in Climate Tech, FinTech, AgTech, FoodTech, and LifeTech globally. Beyond fund management, the company provides investment support services including business expansion assistance, organizational strengthening, and talent recruitment for portfolio companies.

Differentiator

Problem solved

Functional benefit

Products and services

• Norinchukin Capital I Private Equity Investment Limited Partnership A JPY 39 billion Growth and Buyout fund that provides equity investment to mid-to-late-stage unlisted Japanese companies. Growth investments feature up to 10% ownership, JPY 0.5-2.5 billion per investment, and 3-5 year hold periods; Buyout investments feature over 50% ownership, JPY 1-5 billion per investment, and 4-6 year hold periods. The fund is exclusively offered to qualified institutional investors.
• Norinchukin Capital Strategic Co-Creation Fund Investment Limited Partnership A CVC (Corporate Venture Capital) fund of approximately JPY 9.7 billion targeting seed to early-stage startups in Climate Tech, FinTech, AgTech, FoodTech, and LifeTech sectors globally, with investment sizes of JPY 0.3-1 billion per deal. Leverages collaboration with JA, JF, and JForest Group networks to support portfolio companies in primary industries and local community revitalization.
• Growth Investment Services Provides growth capital to companies aiming to go public within a few years, with equity investments typically within 10% ownership and investment amounts of JPY 0.5-2.5 billion, targeting middle to later-stage ventures. Includes post-investment operational support in business expansion, organizational strengthening, and talent recruitment.
• Buyout Investment Services Provides capital for business succession, turnaround, and carve-out transactions with majority ownership (over 50%) and investment amounts of JPY 1-5 billion, targeting growth and mature companies with stable cash flows. Includes post-investment operational support.
• Innovation Investment Services Provides seed and early-stage investment to domestic and foreign startups related to agriculture, finance, lifestyle, and regional revitalization, leveraging collaboration with JA, JF, and JForest Group networks to solve challenges in primary industries and local communities. Investment sizes range from JPY 0.3-1 billion per deal.

Quantifiable outcome

• Doubled revenues for three consecutive years (for portfolio company Tazapay)
• +2 more outcomes

Segments3 records

Ideal customer profiles4 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 flagship.

• JA Group (Japan Agricultural Cooperatives)flagshipStrategic or Co-development PartnerNorinchukin Bank is a member of JA Group which has over 10 million members in primary industries. Portfolio companies gain access to JA Group's extensive network spanning trading, healthcare, insurance, and media operations. JA Group serves as a key strategic partner for companies addressing food and agriculture markets.
• JF Group (Japan Fisheries Cooperatives)flagshipStrategic or Co-development PartnerJF Group represents Japan's fisheries cooperative network. Norinchukin Capital leverages JF relationships for portfolio companies in aquaculture and fisheries technology sectors, including unicorn investment in eFishery.
• JForest GroupflagshipStrategic or Co-development PartnerJForest Group represents Japan's forestry cooperative network. Strategic partnership enables investment opportunities in forestry, carbon credit, and environmental sustainability sectors.

Scale indicators6 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Whiz Partners: Independent Japanese PE firm focused on mid-market buyouts and growth investments. Comparable in ticket size, target company profile, and emphasis on operational value creation in Japanese SMEs.
• Advantage Partners: Independent Japanese mid-market PE firm with multi-fund buyout franchise. Comparable as a Japanese PE manager executing control buyouts in similar JPY 1-5B ticket size with succession-focused deal sourcing.
• Daiwa Corporate Investment: Private equity and venture capital subsidiary of Daiwa Securities Group. Comparable as a Japanese financial-institution-affiliated PE/VC investor providing growth and venture capital to mid-market and startup companies.
• Globis Capital Partners: Japanese venture capital firm investing in growth-stage startups. Comparable as a Japan-focused growth/venture investor with sector-agnostic mandate and active portfolio support.
• JAFCO Group: Japan's largest venture capital and growth equity firm with multi-fund structure across early-stage and buyout/growth stages. Directly comparable as a Japanese PE/VC fund manager running parallel fund vintages targeting similar growth-stage companies.
• Nissay Capital: Private equity arm of Nippon Life Insurance, one of Japan's largest insurance groups. Highly comparable as an institutional sponsor-backed PE firm providing growth and buyout capital to mid-market Japanese companies.
• Mizuho Capital: Venture capital and PE subsidiary of Mizuho Financial Group. Comparable as a bank-affiliated PE/VC firm investing across growth and buyout stages in Japanese companies with sector specialization.
• SMBC Venture Capital: Venture capital arm of Sumitomo Mitsui Banking Corporation. Comparable as a major-bank-affiliated Japanese PE/VC investor running multiple funds with growth and CVC mandates.
• Industrial Growth Platform (IGPI): Independent Japanese PE firm focused on mid-market operational improvement, buyouts, and turnarounds. Comparable as a mid-market Japanese PE manager executing control buyouts and providing post-investment operational support.

Emerging players

• Beyond Next Ventures: Japanese venture capital firm with strong focus on deep tech, agritech, and life sciences startups. Comparable as an early-stage Japanese VC with thematic food/agriculture/life science investment focus similar to Norinchukin Capital's CVC fund.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

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

M&A

Investments19 records

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

Frequently asked questions about Norinchukin Capital