BLUEPASS CAPITAL

What BLUEPASS CAPITAL does

BLUEPASS CAPITAL INC. (株式会社ブルパス・キャピタル) is a Tokyo-based private equity fund management company founded in November 2020. It operates Dolphin Fund 1 LP (ドルフィン1号投資事業有限責任組合), which raised 104.1 billion yen in committed capital between its first close on January 29, 2021 and final close on March 26, 2021, with limited partners comprising domestic qualified institutional investors and 11 financial institutions. The firm targets Japanese small and mid-sized enterprises (SMEs) with enterprise values of 10-100 billion yen and EBITDA of 2-20 billion yen, executing growth investments, business succession transactions, carve-outs, and going-private deals.

The firm's core product is the active management of this fund, supplemented by a value-added solutions offering that delivers hands-on operational support to portfolio companies — including business model innovation, profit-structure reform, growth strategy execution, digital transformation (DX) promotion, organizational development, and human-resource management. A distinguishing structural feature is the firm's close coordination with Proled Partners (株式会社プロレッド・パートナーズ), a sister consulting firm founded by Susumu Satani that provides access to hundreds of consultants and industry experts supporting portfolio value-up. The investment strategy emphasizes preserving corporate DNA through owner-led succession and mid-market growth investment rather than financial engineering.

BLUEPASS CAPITAL monetizes through standard private equity fund economics: periodic management fees on committed or invested capital, plus carried interest on exits. All ~15 disclosed portfolio investments to date are Japan-domiciled, spanning beauty equipment, D2C apparel and leather goods, beauty salons, fresh produce retail, civil/industrial materials, BPO call centers, thermoplastic resins, cat cafés, used-car sales, construction staffing, IT staffing, and health supplements. As of 2025-2026, four portfolio companies have been fully exited. A second fund was announced on April 1, 2025, indicating platform scaling. The firm is privately held with no public ticker.

Name

BLUEPASS CAPITAL

Legal name

株式会社ブルパス・キャピタル（英語表記：BLUEPASS CAPITAL INC.）

Website

https://bluepass-c.com

Company type

Private

Founded year

2020

Operating status

Operating

Short description

BLUEPASS CAPITAL is a Tokyo-based private equity firm founded in 2020 that manages Dolphin Fund 1 LP (104.1 billion yen committed capital) and invests in Japanese SMEs with EV of 10-100 billion yen, providing hands-on value-up support through its Proled Partners consulting network across succession, growth, and carve-out deals.

Ownership category

akta.pro rank

Headquarters

HQ city

Tokyo

HQ country

Japan

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Private Equity Fund Management: BLUEPASS CAPITAL operates as a private equity fund manager, generating returns through investment exits and fund management fees. The company manages the Dolphin Fund 1 LP with 104.1 billion yen in committed capital from domestic institutional investors and financial institutions.

Distribution channels1 record

Marketing channels3 records

Core offering

BLUEPASS CAPITAL (株式会社ブルパス・キャピタル) is a Tokyo-based private equity firm that manages the Dolphin Fund 1 (ドルフィン1号投資事業有限責任組合), a 104.1 billion yen fund focused on investing in Japanese SMEs with enterprise value of 10-100 billion yen and EBITDA of 2-20 billion yen. The firm provides equity capital and management support to mid-market companies in Japan, partnering with Proled Partners (a consulting firm) for sourcing and value creation. The fund's capital is backed by 11 financial institution limited partners.

Product overview

BLUEPASS CAPITAL is a private equity firm that operates the ドルフィン1号投資事業有限責任組合 (Dolphin Fund 1) with total committed capital of 104.1 billion yen. The firm provides two core services: (1) Private Equity Fund Management, investing in Japanese SMEs with enterprise values of 10-100 billion yen through growth investments, business succession deals, carve-outs, and LBOs; and (2) Value-Added Solutions offering hands-on operational support including business model innovation, profit structure reform, growth strategy acceleration, and organizational development to portfolio companies.

Differentiator

Problem solved

Functional benefit

Products and services

• Dolphin Fund 1 (ドルフィン1号投資事業有限責任組合) BLUEPASS CAPITAL's flagship private equity fund providing equity capital and management support to Japanese SMEs with enterprise value of 10-100 billion yen and EBITDA of 2-20 billion yen; backed by 11 financial institution limited partners.

Named customers14 records

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• プロレド・パートナーズ（Proled Partners）coreStrategic or Co-development Partner · 2 November 2020BLUEPASS CAPITAL operates in close coordination with Proled Partners, a consulting firm founded by Susumu Satani. Proled Partners provides hundreds of consultants and industry experts who support the fund's portfolio companies with organized value-up capabilities. This partnership enables differentiated hands-on operational support unavailable from traditional PE funds.

Scale indicators1 record

Recent moves11 records

Expansion highlights5 records

Direct peers

• Integral Corporation: Japanese mid-market PE firm focused on SMEs and business succession deals. Operates multiple funds targeting similar enterprise value ranges to Bluepass (EV 10-100B yen) with comparable hands-on operational support model.
• M&A Capital Partners: Japanese SME-focused M&A advisory and investment platform targeting similar middle-market succession and growth transactions. Operates in the same Japanese SME deal ecosystem with comparable target company size profiles.
• Unison Capital: Established Japanese mid-market buyout firm with multiple fund vintages targeting Japanese SMEs and mid-cap companies. Similar investment style focusing on succession and growth deals with operational value-add support, making it a directly comparable PE platform.
• Polaris Capital Group: Japanese mid-market PE firm managing multiple funds with succession and growth investment focus on SMEs. Similar deal sourcing networks and investment criteria to Bluepass, with comparable multi-fund platform trajectory.
• Nihon M&A Center: Japan's leading SME M&A advisory platform focused on succession transactions. While primarily an advisor/intermediary rather than principal investor, it sources and competes for the same succession deal flow that Bluepass targets, making it a key comparable for Japanese SME succession deal volume.
• Advantage Partners: Japanese mid-market private equity firm founded in 1997, focuses on buyouts and growth investments in Japanese SMEs with similar value-up approach. Bluepass's representative director (Sugita) previously worked at Advantage Partners, suggesting direct pedigree overlap and comparable target company profile.

Broad incumbents

• KKR Japan: Global private equity leader with significant Japan presence across mid-market and large-cap deals. While typically larger transactions than Bluepass's mid-market focus, occasionally overlaps on carve-outs and succession deals, and serves as comparable LP-facing fundraising benchmark.
• Carlyle Japan: Global private equity giant with established Japan operations focusing on larger mid-market and large-cap deals. While targeting different end of the size spectrum, competes for quality Japanese succession and carve-out transactions and represents an LP relationship benchmark for Japanese institutional investors.
• Bain Capital Private Equity: Global PE platform with active Japan operations across mid-market and large-cap. Has notable Japanese consumer and retail sector exposure; competes in adjacent deal space and represents incumbent benchmark for institutional LPs evaluating Japanese PE allocations.

Regional players

• EQT (formerly Baring Private Equity Asia): Asia-focused private equity platform with Japan presence, pursuing mid-to-large cap deals across the region. Provides regional comparable for multi-fund platform economics, though typically targeting larger companies than Bluepass's SME focus.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/bluepass-capital-inc

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

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

M&A

Investments1 record

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

Frequently asked questions about BLUEPASS CAPITAL