Trust Capital

What Trust Capital does

Trust Capital is a Tokyo-based alternative asset management firm specializing in mezzanine capital for Japanese private equity transactions. Originally founded in March 2000 as Sanshin Capital, a wholly-owned subsidiary of Mitsui Trust & Banking, the firm evolved through several reorganizations within the Sumitomo Mitsui Trust Group before being acquired in August 2015 by Everglory Group Limited (95.1%), a subsidiary of Singapore-based The Croesus Group, with Sumitomo Mitsui Trust Bank retaining a 4.9% strategic stake. The firm operates a diversified alternative asset platform spanning mezzanine investment funds (its core product since 2004), venture capital funds, growth capital funds, fund-of-funds, and infrastructure/mega solar funds, and has deployed over JPY 300 billion of capital since inception.

The product architecture is delivered through Trust Capital Co., Ltd. (the management company, licensed as a Type II Financial Instruments Business operator under Kanto Finance Bureau registration (金商)第3443号) and its wholly-owned subsidiary GK Trust Capital Mezzanine (合同会社トラスト・キャピタル・メザニ), a limited liability company established in January 2020 that houses the regulated investment business partnerships (Trust Capital Mezzanine 2020, 2022, and 2026 Investment Business Partnerships) and is registered as a money lending business. Trust Capital's primary customer base is bifurcated: institutional LPs (pension plans, insurance companies, and blue chip corporate investors) seeking access to Japanese private market returns, and Japanese portfolio companies needing flexible subordinated debt to bridge senior debt and equity in MBO, LBO, and corporate restructuring transactions.

The revenue model is a classic alternative asset management structure: recurring management fees on committed/invested capital across the fund complex, supplemented by performance fees and carried interest on successful mezzanine and private equity realizations. Go-to-market is institutional B2B direct sales leveraging the Sumitomo Mitsui Trust Group distribution network and management's deep relationships (CEO Daniel K. Fujii was previously Representative Director at Blackstone Japan). The firm operates with a notably lean headcount of 1-10 employees from its Tokyo headquarters at Sakura Muromachi Building in Chuo-ku.

Name

Trust Capital

Legal name

トラスト・キャピタル株式会社

Website

https://trust-cap.net

Company type

Private

Founded year

2000

Operating status

Operating

Headcount range

1–10 employees

Short description

Trust Capital is a Tokyo-based alternative asset management firm specializing in mezzanine capital for Japanese private equity transactions, managing mezzanine, venture, growth, infrastructure, and fund-of-funds vehicles with over JPY 300 billion deployed since 2000.

Ownership category

akta.pro rank

Product category

Alternative Asset Management

NAICS

Portfolio Management and Investment Advice (52394), All Other Financial Investment Activities (52399)

akta.pro primary industry

Venture Capital Fund-of-Funds / Multi-Manager Platforms (FSANAAAJ)

Keywords

• Alternative asset management
• Mezzanine capital funds
• Private equity investment
• Fund of funds
• Infrastructure investment

Headquarters

HQ city

Chuo

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, Others

Revenue model

1. Fund Management Fees: Management fees earned from operating various alternative investment funds including mezzanine funds, venture capital funds, fund-of-funds, growth capital funds, and infrastructure funds.
2. Performance Fees / Carried Interest: Performance-based fees from successful fund investments, particularly from mezzanine and private equity fund operations.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

Trust Capital is a Japan-based alternative asset management firm that operates a suite of investment funds, with its core business being mezzanine capital funds providing subordinated debt with equity-like features for domestic private equity transactions, including MBOs and LBOs. The firm also operates venture capital, growth capital, fund-of-funds, and infrastructure (mega solar) funds, deploying capital alongside Sumitomo Mitsui Trust Bank and Everglory Group Limited.

Product overview

Trust Capital is an alternative asset management company operating as a single unified investment management platform. The company offers a suite of investment products including Mezzanine Investment Funds, Venture Capital Funds, Growth Capital Funds, Fund-of-Funds, and Infrastructure/Mega Solar Funds. The company manages these products through its group company GK Trust Capital Mezzanine (合同会社トラスト・キャピタル・メザニン), which operates multiple registered investment partnerships (トラスト・キャピタル・メザニン2020投資事業組合, トラスト・キャピタル・メザニン2022投資事業組合, トラスト・キャピタル・メザニン2026投資事業組合). With over JPY 300 billion invested since 2000, Trust Capital positions itself as a leading provider of mezzanine capital for domestic private equity transactions in Japan.

Differentiator

Problem solved

Functional benefit

Products and services

• Mezzanine Investment Funds Investment funds providing mezzanine capital (subordinated debt with equity-like features) for Japanese private equity transactions, including MBOs, LBOs, and capital restructurings. Over JPY 300 billion deployed since 2000.
• Venture Capital Funds Funds investing in early-stage and growth-stage companies, originally launched at the firm's founding in March 2000.
• Growth Capital Funds Funds providing growth capital to mid-stage Japanese companies; operations started in March 2004.
• Fund of Funds Funds-of-funds structure that invests in other private equity and alternative asset funds on behalf of institutional investors.
• Mega Solar / Infrastructure Funds Infrastructure investment funds focused on solar power generation and other infrastructure assets, started in February 2014.

Quantifiable outcome

• Over JPY 300 billion of capital invested since establishment in 2000

Named customers11 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

Scale indicators2 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Nihon M&A Center: Nihon M&A Center is Japan's largest mid-market M&A advisory and intermediary firm, facilitating thousands of small-to-mid cap M&A transactions annually. It is a direct peer to Trust Capital as both firms are deeply embedded in Japan's mid-market M&A ecosystem and frequently participate in the same transactions as financing partners or co-investors.
• Integral Corporation: Integral Corporation is a Japanese private equity and venture capital firm that operates multiple funds targeting growth-stage and buyout opportunities in Japan. It is a direct peer to Trust Capital as both firms operate Japan-focused alternative investment platforms serving institutional LPs with diversified strategies including PE and VC.
• JAFCO Group: JAFCO Group is Japan's largest and most established venture capital and private equity firm, managing multiple fund vintages across early-stage, growth, and buyout strategies. It is a direct peer to Trust Capital as both firms operate Japan-focused alternative asset management platforms serving institutional investors with diversified fund offerings.
• Japan Industrial Partners: Japan Industrial Partners (JIP) is a leading Japanese private equity firm specializing in corporate carve-outs, restructurings, and large-cap buyouts. It is a direct peer to Trust Capital as both firms participate in Japanese corporate restructuring and LBO transactions, often competing for similar institutional LP mandates.
• Advantage Partners: Advantage Partners is a Tokyo-based private equity firm specializing in management buyouts and corporate restructurings in Japan. It is a direct peer to Trust Capital as both firms focus on Japanese mid-market MBO/LBO transactions, often providing flexible financing solutions similar to Trust Capital's mezzanine offerings.

Broad incumbents

• Mizuho Capital: Mizuho Capital is the venture capital and private equity arm of Mizuho Financial Group, operating multiple funds across venture, growth, and buyout strategies in Japan. It is a broad incumbent peer to Trust Capital as both firms serve Japanese institutional LPs with diversified alternative investment offerings, though Mizuho Capital benefits from the larger banking group balance sheet.
• DBJ Capital: DBJ Capital is the private equity investment arm of the Development Bank of Japan, operating multiple PE funds focused on growth capital and buyout transactions. It is a broad incumbent peer to Trust Capital as both firms provide alternative financing solutions to Japanese mid-market companies, though DBJ Capital benefits from government backing and a larger fund capacity.
• SMBC Capital: SMBC Capital is the venture capital and private equity subsidiary of Sumitomo Mitsui Banking Corporation, operating multiple funds across Japan's PE/VC ecosystem. It is a broad incumbent peer to Trust Capital as both firms originate from major Japanese banking groups (Sumitomo Mitsui) and serve overlapping institutional LP bases with similar alternative investment products.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

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

M&A

Investments3 records

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

Frequently asked questions about Trust Capital