NCB Capital

What NCB Capital does

NCB Capital (NCBキャピタル株式会社) is a Fukuoka-based fund management company founded in January 2015 as the venture and growth capital arm of Nishi-Nihon City Bank, Japan's largest regional banking group in Kyushu. The firm manages three successive vehicles of the NCB Kyushu Activation Fund franchise — the inaugural fund (wound down), the second fund of 50 billion yen (closed to new investment), and a third fund of 40 billion yen established in June 2023 that is actively investing through June 2031. Its mandate is regional revitalization of the Kyushu economy, with two primary use cases: providing equity and mezzanine capital to growth-stage companies seeking acceleration, and structuring succession solutions for SMEs whose owners face aging and lack of next-generation heirs.

Operating with a lean team of 1-10 employees and a 100%-owned operating subsidiary (NCB Capital Investment) established in July 2019, the company originates deals principally through its parent bank's regional SME network, supplemented by referrals from professional advisors, co-investment partners (notably New Horizon Capital), and LP introductions. In addition to capital deployment through common stock, preferred stock, corporate bonds, and convertible instruments, NCB Capital provides hands-on portfolio services: outside director and auditor dispatch, KPI setting and PDCA management, fundraising support through its banking relationships, and M&A advisory.

Revenue is generated via management fees and performance fees on the funds under management (combined committed capital of roughly 90 billion yen). The LP base spans policy banks (Development Bank of Japan, Shoko Chukin), a postal bank, regional banks, leasing companies, broker-dealers (Tokai Tokyo Investment), and Kyushu-based corporates, giving the platform institutional credibility while keeping the operational footprint intentionally small.

Name

NCB Capital

Legal name

NCBキャピタル株式会社

Website

https://ncbcap.co.jp

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

1–10 employees

Short description

NCB Capital is a Fukuoka-based fund management company and subsidiary of Nishi-Nihon City Bank that manages the NCB Kyushu Activation Fund franchise, providing equity, mezzanine, and operational support to Kyushu-region SMEs facing business succession and to growth-stage companies.

Ownership category

akta.pro rank

Product category

Private Equity and Venture Capital

NAICS

Other Financial Investment Activities (5239), Miscellaneous Financial Investment Activities (523999)

SIC

Investors, Nec (6799)

akta.pro primary industry

Corporate Venture Capital (CVC) (FSANAAAF)

akta.pro secondary industries

Corporate Strategic Partnership & Ecosystem Investment Arms (FSANAHAF), Strategic / Balance-Sheet CVC (On-balance-sheet investing) (FSANAHAA)

Keywords

• Venture capital
• Private equity funds
• Regional revitalization
• Mezzanine financing
• Business succession

Headquarters

HQ city

Hakata

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: NCB Capital generates revenue through fund management operations, collecting management fees and performance fees from the funds it operates. The company manages three funds: NCB九州活性化ファンド (completed), NCB九州活性化2号ファンド (50 billion yen), and NCB九州活性化3号ファンド (40 billion yen).

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

NCB Capital is a regional fund management company that manages multiple Kyushu Activation Funds (NCB九州活性化ファンド) providing equity and mezzanine risk capital to regional Kyushu-based companies. The company supports business succession, growth capital, buyouts, and carve-out investments for SMEs, while also offering portfolio management support, fundraising assistance, and business opportunity networking.

Product overview

NCB Capital operates a portfolio of regional revitalization funds in Kyushu, Japan. The company offers three generations of NCB九州活性化Funds (1st fund completed, 2nd fund closed to new investments, and 3rd fund actively investing) totaling over 90 billion yen in combined capital. These funds provide equity and mezzanine financing to regional enterprises for growth capital, business succession, buyouts, and business regeneration. In addition to fund management, NCB Capital offers business operation support services, fundraising support leveraging its banking network, and business opportunity proposal services to portfolio companies.

Differentiator

Problem solved

Functional benefit

Brands

• NCB九州活性化ファンド: 最初組成された地域活性化ファンド（清算決了済）
• NCB九州活性化2号ファンド
• NCB九州活性化3号ファンド

Products and services

• NCB Kyushu Activation Fund 2 (NCB九州活性化2号ファンド) A 50 billion yen closed-end regional revitalization fund providing equity, preferred stock, and corporate bond investments to Kyushu-based companies for growth capital, business succession, buyouts, and carve-out transactions. GP: NCB Capital Co., Ltd.
• NCB Kyushu Activation Fund 3 (NCB九州活性化3号ファンド) A 40 billion yen regional revitalization fund currently actively investing in Kyushu-based companies, providing growth capital, buyout investments, and business regeneration support. Investment forms include common stock, preferred stock, convertible bonds, and financing. LPs include Nishi-Nihon City Bank, Kyushu Lease Service, Shoko Chukin Bank, Japan Post Bank, Tokai Tokyo Investment, and multiple regional enterprises.
• Business Operation Support (事業運営サポート) Post-investment portfolio support service for investee companies, including management and financial consulting, improvement plan development, internal control and organizational structure building, KPI setting and progress management, PDCA cycle implementation, outside director dispatch, and successor development.
• Fundraising Support (資金調達サポート) Integrated investment and financing support service leveraging the company's bank-affiliated fund capabilities, including bank formation reviews from an economic rationality perspective to help portfolio companies secure capital.
• Business Opportunity Proposal (事業機会のご提案) Network-driven business development service for portfolio companies providing sales expansion support, new business proposals, and M&A information sharing, leveraging the network of fund investors and LP relationships.
• Equity and Mezzanine Investment (普通株式・優先株式・社債による投資手法) Investment services using common stock, preferred stock, and corporate bonds, flexibly combined based on target company circumstances and needs to provide risk capital for business succession, growth, and operational improvement.

Quantifiable outcome

• Supported establishment of new 5th factory with 2.3 billion yen investment (三好食品)
• +2 more outcomes

Named customers10 records

Segments3 records

Ideal customer profiles2 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 major and supporting.

• ニューホライズンキャピタル株式会社 (New Horizon Capital)majorStrategic or Co-development PartnerCo-investment partner managing ニューホライズン4号投資事業有限責任組合. Jointly invested in 株式会社フードプラス・ホールディングス with NCB Capital. Both firms派遣 directors and auditors to the portfolio company.
• Syrris LtdsupportingStrategic or Co-development PartnerSubsidiary of portfolio company 株式会社旭製作所. Joint R&D with parent company on automated DX-ready glass reaction equipment.
• Network of Professional Advisors (Accountants, Lawyers, Consultants)supportingImplementation/ SI/ Consulting PartnerNCB Capital leverages a network of experts including accountants, tax accountants, lawyers, and consultants for complex business succession schemes and operational improvements at portfolio companies.

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Mitsubishi UFJ Capital: Independent venture capital firm affiliated with Mitsubishi UFJ Financial Group, focused on growth-stage Japanese companies. Comparable bank-adjacent VC, but operates at a national scale with much larger fund vehicles than NCB Capital.
• SMBC Venture Capital: Venture capital arm of Sumitomo Mitsui Banking Corporation, one of Japan's mega-banks. Overlaps with NCB Capital as a bank-affiliated CVC deploying equity into growth-stage Japanese companies, but at much larger scale and broader geographic reach.
• MUFG Innovation Partners: CVC arm of Mitsubishi UFJ Financial Group investing in growth-stage and venture companies across Japan. Comparable as a bank-led strategic investor, but with significantly larger capital base and broader sector/geographic mandate than NCB Capital's Kyushu focus.
• JAFCO Group: Japan's largest independent venture capital and growth equity firm with broad sector coverage. Comparable in deploying risk capital into Japanese growth-stage companies, but operates at vastly larger scale with broader geographic and sector diversification than NCB Capital.
• Mizuho Capital: Venture capital subsidiary of Mizuho Bank (mega-bank). Overlaps with NCB Capital in deploying growth equity into Japanese SMEs and mid-market companies, but at materially larger fund sizes and broader national mandate.

Direct peers

• Daiwa Corporate Investment: Investment arm of Daiwa Securities Group providing equity and mezzanine capital to mid-market Japanese companies. Comparable in deploying preferred shares and structured capital into Japanese growth and succession scenarios, similar to NCB Capital's investment methods.
• QB Capital: Kyushu-focused investment firm closely tied to Nishi-Nihon City Bank's ecosystem; one NCB Capital manager previously worked at QB Capital. Directly comparable as a regional deal-sourcing and fund operations peer serving the same Kyushu SME market.
• Hokuhoku Capital: Venture capital subsidiary of Hokuhoku Bank (Hokuriku region). Directly comparable as another regional-bank-affiliated VC/CVC in Japan pursuing similar growth-capital and business succession themes for SMEs in its respective region.
• New Horizon Capital: Tokyo-based PE firm that co-invested with NCB Capital in Food Plus Holdings. Comparable as a Japan-focused mid-market PE fund with overlapping mid-sized deal activity and similar use of preferred shares and board representation.

Emerging players

• Nihon M&A Center: Japan's leading SME M&A intermediary focused on business succession transactions. Comparable as a key player in the same Japanese SME succession market NCB Capital targets, with partial overlap in deal sourcing and succession solutions, though Nihon M&A Center acts as advisor rather than principal investor.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

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

M&A

Investments9 records

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

Frequently asked questions about NCB Capital