SIIF
SIIF is Japan's leading impact investing infrastructure foundation, managing multiple impact investment funds, publishing the authoritative annual market survey, serving as GSG Impact JAPAN secretariat, and structuring the country's first Social Impact Bonds for financial institutions, government bodies, and social enterprises.
- Company typePrivate
- Founded2019
- HeadquartersMinato, Japan
- Headcount11–50
- GTM typeB2B
- OfferingServices
What SIIF does
SIIF (公益財団法人 社会変革推進財団) is Japan's central infrastructure organization for impact investing, operating as a public interest incorporated foundation established on October 1, 2019 through the merger of the Social Innovation Promotion Organization and the Social Investment Promotion Foundation. The foundation's core work spans three operating layers: (1) market infrastructure — publishing Japan's authoritative annual "Japan Impact Investment Landscape" survey since 2017, developing Impact Measurement & Management (IMM) frameworks and vision papers across three focus themes (Opportunity Gap, Regional Revitalization, Healthcare), and serving as the secretariat for GSG Impact JAPAN and the Impact-Driven Finance Initiative (74 financial-institution signatories); (2) capital deployment — co-managing multiple impact investment vehicles including the Japan Impact Investment No. 2 Fund / Hataraku FUND (with Shinkisei Impact Investment), the SIIFIC Wellness Fund (via subsidiary SIIF Impact Capital Co., Ltd.), and grant/investment allocations under Japan's Dormant Deposit Utilization Act; and (3) financing innovation — structuring Japan's first Social Impact Bonds (Kobe City 2017, Hachiouji City 2017, Okayama City 2019, Toyonaka City) and supporting impact-focused IPO frameworks.
SIIF's customer base is horizontal across four segments: social enterprises and impact startups receiving capital and management support; financial institutions and investors adopting impact finance practices; national and local government bodies engaging in SIB/PFS structuring and dormant deposit programs; and general consumers reached through public education (consumer awareness of impact investing reached 8.8% in 2025). Revenue flows from foundation grants (notably from the Japan Foundation / 日本財団), fund management fees and carried interest on managed AUM, dormant deposit fund-distribution allocations (selected FY2019, FY2020, FY2021), and advisory/research services. The foundation does not sell commercial products and distributes its research and frameworks as public goods.
Operationally, SIIF is governed by Chairman Ohno Shuichi (大野修一) with Managing Director Kudo Nanako (工藤七子) and Secretary General Aoyanagi Mitsumasa (青柳光昌) leading an 11–50 person team organized into Impact Officers, Impact Catalysts, Research Fellows, and Philanthropy Advisors. The organization coordinates Japan's largest impact investing event (Social Impact Day), produces the "Elephant Talk" podcast, and has had its case studies adopted by Oxford University's Saïd Business School and Skoll Centre for Social Entrepreneurship.
SIIF firmographics
Firmographics- Name
- SIIF
- Legal name
- 公益財団法人社会変革推進財団 (Public Interest Incorporated Foundation Social Innovation and Investment Foundation)
- Website
- https://siif.or.jp
- Company type
- Private
- Founded year
- 2019
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- SIIF is Japan's leading impact investing infrastructure foundation, managing multiple impact investment funds, publishing the authoritative annual market survey, serving as GSG Impact JAPAN secretariat, and structuring the country's first Social Impact Bonds for financial institutions, government bodies, and social enterprises.
- Ownership category
- akta.pro rank
SIIF industry classification
Industry- Product category
- Impact Investing and Social Finance
- NAICS
- Other Financial Vehicles (52599)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Sustainable Private Markets (Impact PE/VC, Private Credit, Infrastructure) (FSAAALAG)
- akta.pro secondary industries
- Impact / ESG Venture Capital (FSANAAAG), ESG/SRI/Impact Mutual Funds (FSAAAEAI), ESG & Sustainability Research (FSACAGAH)
Keywords
Where SIIF is headquartered
LocationHeadquarters
- HQ city
- Minato
- HQ country
- Japan
- HQ region
- Asia
Offices1 record
Markets served
SIIF business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Others
Revenue model
- Foundation Grants and Government Commissions: SIIF operates as a public interest foundation (公益財団) funded by grants from major Japanese foundations, most notably the Japan Foundation (日本財団), which supports SIIF's operational costs and programmatic activities including grant-making and impact measurement.
- Impact Investment Fund Management: SIIF co-manages impact investment funds including the Japan Impact Investment No. 2 Fund (with Shinkin Impact Investment / Shinkisei Impact Investment) and the Hataraku FUND, earning management fees and carried interest from fund operations. Also manages SIIFIC Wellness Fund through SIIF Impact Capital.
- Dormant Deposit Projects: Under the Dormant Deposit Utilization Act, SIIF acts as a fund-distributing organization, receiving dormant deposits from the government and redistributing them as grants and investments to social enterprises. SIIF was selected as a fund-distributing organization for fiscal years 2019, 2020, and 2021.
- Research and Advisory Services: SIIF generates revenue through publishing annual impact investment surveys, conducting specialized research (e.g., B-Corp surveys, IMM guidebooks, gender pay gap analysis), and providing advisory services to corporations, financial institutions, and government bodies on impact investing frameworks.
Go-to-market motion3 records
Distribution channels4 records
Marketing channels8 records
SIIF product offering
Product offeringCore offering
SIIF operates as Japan's central impact investing infrastructure foundation, managing multiple impact investment funds (Hataraku FUND/Japan Impact Investment No. 2 Fund, SIIFIC Wellness Fund), structuring Social Impact Bond (SIB/Pay-for-Success) transactions with municipal governments, publishing the authoritative annual Japan Impact Investment Landscape survey, running accelerator programs (Hallucigenia Lab, Social Change Makers), developing Impact Measurement & Management (IMM) frameworks, and convening the Impact-Driven Finance Initiative across financial institutions.
Product overview
SIIF (社会変革推進財団) is a foundation focused on creating systemic social and economic change through impact investment, impact measurement/management, and innovative financing mechanisms. The organization operates multiple investment funds (Japan Impact Investment No.2 Fund/Hataraku FUND, SIIFIC Wellness Fund), accelerator programs (Hallucigenia Lab, Social Change Makers), and support initiatives (single mother entrepreneurship, dormant deposit utilization). Key offerings include annual impact investment market reports, IMM frameworks, and Social Impact Bond structuring support. SIIF facilitates impact finance through the Impact-Driven Finance Initiative and conducts research/publishing on benefit corporations and impact IPOs.
Differentiator
Problem solved
Functional benefit
Products and services
- Hataraku FUND (Japan Impact Investment No. 2 Fund) Venture capital impact investment fund targeting social issue resolution through investment in companies that strengthen mechanisms for supporting workers in society. Co-managed with Shinkisei Impact Investment. Portfolio includes CureApp, Tasuketai, Kaiteku, Life is Tech, Ubie.
- SIIFIC Wellness Fund Impact investment fund focused on structural solutions to wellness domain social issues in aging Japan, including preventive healthcare, employee health management, and regenerative medicine. Managed by SIIF Impact Capital. Portfolio includes Proximar, TreGem Biomed Pharma, J-Pharma, C-HAS Plus.
- System Change Investment Framework Proprietary framework including vision papers, issue structure maps, and system change library addressing three themes: opportunity inequality, regional revitalization, and healthcare. Designed for impact investors seeking systemic social change.
- Impact Measurement & Management (IMM) Service Methodology and advisory service for measuring and managing social/environmental impact of investments and programs, including practice guidebooks, vision papers, and issue structure maps. SIIF aligned with global OPIM standards.
- Hallucigenia Lab (Resource Circulation Seed Accelerator) Seed accelerator program supporting organizations creating new resource circulation mechanisms, targeting unconventional social business ideas aimed at redesigning economic systems beyond economic rationality.
- Nippon Foundation Social Change Makers Social entrepreneur accelerator program providing seed funding and acceleration support for early-stage ventures tackling social challenges, operated in partnership with the Nippon Foundation.
- Single Mother Entrepreneurship Support Program Entrepreneurship support program for single mothers providing funding, mentorship, and networking to enable economic independence through business creation. Phase 2 selected 4 from 289 applicants.
- Dormant Deposit Utilization Program Government-commissioned program utilizing dormant bank deposits (accounts inactive 10+ years) to fund social problem-solving activities, operating in compliance with Japan's Dormant Deposit Utilization Act.
- Social Impact Bond (SIB) Structuring Service Pay-for-success financing mechanism structuring service where SIIF co-designs, capitalizes, and participates as investor in results-based financing programs with municipal governments. Established Japan's first SIBs.
- Annual Japan Impact Investment Landscape Survey Annual research publication tracking Japan's impact investment market size, trends, and challenges, including consumer awareness surveys. The authoritative benchmark since 2021, reporting ¥18.65 trillion outstanding as of March 2025.
Quantifiable outcome
- Japan's impact investment outstanding grew from ¥5.1 trillion (2020) to ¥18.6 trillion (2025), a 3.6x increase in 5 years, with SIIF as the primary research institution and market catalyst.
- +3 more outcomes
Companies that use SIIF
Customer profileNamed customers30 records
Segments5 records
Ideal customer profiles4 records
SIIF technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature7 records
SIIF partnerships and signals
Strategic signalPartnerships
18 partnerships are on record, tiered regional, core and global.
- Nishiawakura Village / SCI-Japan (西粟倉村)regionalSIIF, SCI-Japan, and Nishiawakura Village signed a partnership agreement to begin a regional wellbeing survey aimed at realizing 'living with enjoyment.' This is SIIF's first formal regional collaboration for wellbeing measurement, representing a new direction in community-focused system change.
- UNIVA (一般社团法人UNIVA)coreSIIF and UNIVA signed a comprehensive partnership agreement to collaborate on initiatives related to social challenge resolution and sustainable society building.
- Smart City Institute (SCI-Japan, 一般社団法人スマートシティ・インスティテュート)coreSIIF and SCI-Japan signed a partnership memorandum to jointly promote evidence-based regional wellbeing initiatives. Collaboration includes validation of the Regional Wellbeing (Well-Being) Index, joint research on regional social wellbeing, and co-implementation of projects for social problem solving. SCI-Japan has developed a Regional Wellbeing Index used by over 200 municipalities.
- Ueda Chamber of Commerce and Industry (上田商工会議所)regionalSIIF and the Ueda Chamber of Commerce and Industry signed a comprehensive partnership agreement aimed at promoting diverse human resource development and career advancement in the region.
- SIIF Impact Capital (SIIFインパクトキャピタル株式会社)coreSIIF established SIIF Impact Capital (SIIFIC) as a wholly or partially owned subsidiary to manage the SIIFIC Wellness Fund focused on the wellness sector. SIIFIC's co-representatives are 梅田和宏 and 三浦麗理. The fund completed its first closing and began making investments targeting structural solutions to wellness-related social challenges.
- Operating Principles for Impact Management (OPIM) / Impact PrinciplesglobalSIIF signed the Operating Principles for Impact Management (Impact Principles), aligning its impact management practices with global standards. SIIF published its disclosure report and received independent third-party verification of its alignment.
- Rockefeller Philanthropy Advisors (ロックフェラー・フィランソロピー・アドバイザー)globalSIIF entered a business partnership with Rockefeller Philanthropy Advisors (RPA), one of the largest philanthropy advisory organizations in the US, to support Japanese high-net-worth individuals in strategic philanthropy activities. SIIF previously operated a philanthropy advisory service, which was later spun off as an independent company, Philanthropy Advisors Inc.
- GIIN (Global Impact Investing Network)globalSIIF joined the GIIN as a member to enhance the scale and effectiveness of social impact investing. GIIN is the global industry association for impact investing, providing networking, research, and standard-setting for the global impact investment market.
- GSG Impact JAPAN (旧 GSG国内諮問委員会)coreSIIF serves as the secretariat for GSG Impact JAPAN National Partner (formerly GSG Domestic Advisory Committee), the Japanese national partner of the global GSG (Global Steering Group for Impact Investment). This role positions SIIF at the center of Japan's impact investing policy and ecosystem coordination.
- Impact-Driven Finance Initiative (インパクト志向金融宣言)coreSIIF established and serves as secretariat for the Impact-Driven Finance Initiative (インパクト志向金融宣言), a multi-stakeholder declaration with financial institution signatories committed to impact finance practices. Grew from 21 signatory institutions (November 2021) to 74 (January 2025), with collective impact finance outstanding of ¥17 trillion.
- SIMI (社会的インパクト・マネジメント・イニシアチブ)coreSIIF co-organizes Social Impact Day with SIMI, the Social Impact Management Initiative. Both organizations collaborate on IMM practice guidebooks, research publications, and industry events. SIMI is a key ecosystem partner in Japan's impact measurement field.
- Sasakawa Peace Foundation (公益財団法人笹川平和財団)coreSIIF co-hosted the Social Impact Investment Forum 2018 and 2019 with the Sasakawa Peace Foundation and GSG Domestic Advisory Committee. SPF serves as a key co-organization partner for major SIIF events and is a leading Japanese foundation in peace and global issues.
- Social Investment Partners (SIP, 一般社団法人ソーシャル・インベストメント・パートナーズ)coreSIIF co-operates the Japan Venture Philanthropy Fund (JVPF) with SIP, making grants and providing management support to social enterprises. SIP's co-representatives are 鈴木栄 and 高槻大輔. JVPF has supported organizations including Rennovater, Kizuki, Regional Education Charmization Platform, and Home Start Japan.
- Capital Medica Ventures (株式会社キャピタルメディカ・ベンチャーズ)coreSIIF supports Capital Medica Ventures' Healthcare Frontier Fund (ヘルスケア・ニューフロンティア・ファンド), providing impact measurement support and co-publishing annual impact reports on the fund's portfolio companies. CMV's representative is 青木武士. The fund has been publishing impact reports since 2018.
- Zebras and Company (株式会社ゼブラ アンド カンパニー)coreSIIF partnered with Zebras and Company, an organization supporting zebra companies (mission-driven businesses that are neither startups nor traditional corporations), for co-hosted events including sessions at Osaka-Kansai Expo 2025's Women's Pavilion, and regular thought leadership collaboration on system change and alternative business models.
- Impact Startup Association (認定特定非営利活動法人インパクトスタートアップ協会)coreSIIF joined the Impact Startup Association as a supporting member (赞同会員), collaborating with the association that considers 'solving social issues' as a growth engine for sustainable society. SIIF conducted the first joint survey with the association in June 2025.
- Philanthropy Advisors (フィランソロピー・アドバイザーズ株式会社)regionalSIIF's former philanthropy advisory team (小柴優子, 藤田淑子) spun off to form Philanthropy Advisors Inc., a company providing philanthropy advisory services for high-net-worth individuals in Japan. SIIF maintains a close relationship with the company.
- Oxford University Saïd Business School & Skoll Centre for Social EntrepreneurshipglobalSIIF was featured in case studies developed by Oxford University's Saïd Business School and the Skoll Centre for Social Entrepreneurship, as part of research and educational material development led by faculty from these institutions in collaboration with SIIF and its domestic partners. These cases are used in Oxford's Impact Investment Program and published books, sharing Japan's experience globally.
Scale indicators8 records
Recent moves8 records
Expansion highlights7 records
SIIF competitors and assessment
Company assessmentDirect peers
- Social Finance UK: UK-based SIB/Pay-for-Success specialist and impact investment advisor. SIIF's role pioneering and structuring Japan's first SIBs (Kobe, Hachioji, Okayama, Toyonaka) is directly comparable to Social Finance UK's role developing the UK SIB market.
- GSG Impact: Global steering body for impact investing that operates National Partner networks in multiple countries. SIIF serves as GSG Impact JAPAN's National Partner secretariat, making it a peer at the national node level of the same global network.
- BlueOrchard Finance: Global impact investment manager (originally founded by ILO) with focus on financial inclusion, climate, and sustainable development. Comparable to SIIF as a specialized impact investment fund manager and emerging-markets/wholesale capital channel.
- Bridges Fund Management: UK impact investment fund manager focused on sustainable and impact strategies across private equity, venture, and private credit. Comparable to SIIF's role managing Japan Impact Investment No. 2 Fund, Hataraku FUND, and SIIFIC Wellness Fund with similar focus on measurable social/environmental outcomes.
- Global Impact Investing Network (GIIN): Global industry network for impact investing that publishes research, maintains standards (IRIS+), and convenes practitioners. SIIF is a GIIN member and operates in a similar industry-association capacity at the national level for Japan as GIIN does globally.
- Instiglio: International SIB/PFS structuring specialist with operations in Latin America, Africa, and Asia. Comparable to SIIF in its hands-on SIB structuring expertise, government engagement model, and role in developing pay-for-success markets outside the US/UK.
- Rockefeller Philanthropy Advisors: US-based philanthropy advisory organization that partnered with SIIF in 2020 to provide strategic philanthropy services to Japanese HNW individuals. Comparable as a philanthropy advisory and ecosystem player with international reach, though focused on grantmaking rather than investing.
- Acumen: Global impact investment fund manager and ecosystem builder with regional academies in Africa, Pakistan, India, and Colombia. Comparable to SIIF in combining fund management, ecosystem convening, talent development, and research publication around impact investing.
- Big Society Capital: UK's social investment wholesaler and impact investing infrastructure organization, established in 2012 with Dormant Bank Account funding. Highly comparable to SIIF in role, structure, and use of regulatory capital to develop the impact investing market.
Regional players
- Social Impact Investment Foundation (SIIF Taiwan): Taiwan's social impact investment promotion foundation, similar in name and mission to SIIF Japan. Comparable as a regional peer working on impact investing infrastructure, policy advocacy, and ecosystem development in an Asian market.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
SIIF social profiles
Digital presenceSIIF compliance and trust
Trust signalCompliance1 record
SIIF financial estimates
Financial estimateRevenue estimate
Valuation estimate
SIIF leadership team
Management profileNumber of profiles
Profiles13 records
SIIF subsidiaries and ownership
Company hierarchySubsidiaries5 records
SIIF funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
SIIF M&A and investment
M&A and investmentM&A
Investments8 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about SIIF
What does SIIF do?
SIIF operates as Japan's central impact investing infrastructure foundation, managing multiple impact investment funds (Hataraku FUND/Japan Impact Investment No. 2 Fund, SIIFIC Wellness Fund), structuring Social Impact Bond (SIB/Pay-for-Success) transactions with municipal governments, publishing the authoritative annual Japan Impact Investment Landscape survey, running accelerator programs (Hallucigenia Lab, Social Change Makers), developing Impact Measurement & Management (IMM) frameworks, and convening the Impact-Driven Finance Initiative across financial institutions.
Is SIIF a public or private company?
SIIF is a private company. It is classified as nonprofit foundation owned and is currently operating.
When was SIIF founded?
SIIF was founded in 2019. It employs 11 to 50 people.
Where is SIIF based?
SIIF is headquartered in Minato, Japan, in the Asia region.
How does SIIF make money?
Four revenue lines are on record. Foundation Grants and Government Commissions are the primary driver. The others are impact Investment Fund Management, dormant Deposit Projects and research and Advisory Services.
Who are SIIF's main competitors?
Direct peers on record are Social Finance UK, GSG Impact, BlueOrchard Finance, Bridges Fund Management, Global Impact Investing Network (GIIN), Instiglio, Rockefeller Philanthropy Advisors, Acumen and Big Society Capital. Social Impact Investment Foundation (SIIF Taiwan) is listed as a regional player.
Does SIIF have an API?
No public API is recorded for SIIF.
What industry is SIIF in?
SIIF's product category is Impact Investing and Social Finance. Its primary akta.pro industry code is FSAAALAG, Sustainable Private Markets (Impact PE/VC, Private Credit, Infrastructure), with a secondary code of FSANAAAG, Impact / ESG Venture Capital. Its NAICS code is 52599 and its SIC code is 6282.