Marathon Capital Partners

What Marathon Capital Partners does

Marathon Capital Partners is a Japan-based independent private equity firm founded in April 2021, specializing in capital partnerships, succession support, and M&A for small and medium-sized enterprises (SMEs) with operating profit under ¥5 billion and sales under ¥50 billion. The firm operates two investment limited partnerships — Marathon Fund 1 (¥113.5 billion final close, February 2023) and Marathon Fund 2 (¥350 billion final close, January 2026) — through which it acquires controlling or significant minority stakes in domestic SMEs, then delivers hands-on value creation spanning successor identification, professional management placement, governance restructuring, sales expansion, DX/IT improvement, and overseas market entry. The firm generates revenue through management fees on committed/invested capital and carried interest on exits, with portfolio diversification across 29+ companies spanning apparel, automotive, construction, SMO (clinical trial site management), veterinary, security, digital marketing, fitness, and other SME verticals.

The firm's competitive positioning rests on three differentiated assets: the Japan Pro Manager Association (日本プロ経営者協会), a 1,500+ member professional manager talent pool founded by representative Toshinori Ono in 2019 that addresses SME succession challenges directly; the founder's overseas serial entrepreneur and exit background, described as unique among domestic small-cap PE funds; and partnerships with major Japanese trading houses and advertising agencies enabling PR support, overseas expansion, and recruitment reach rarely available in the SME segment. The institutional LP base includes the Organization for Small & Medium Enterprise Revitalization (SMRJ), Daiwa Securities Group, Daido Life Insurance, Shinsei Bank, Kiraboshi Bank, SMBC Group, AI Capital, and other corporate and regional bank investors. The team of ~20+ investment professionals draws from Nomura Securities, Daiwa Securities, KPMG FAS, MUFG Bank, SMBC, Itochu, and other major institutions, supporting full investment lifecycle execution from deal sourcing through exit.

Operationally, Marathon runs a sales-led, relationship-driven PE model with no proprietary technology product — its offering is financial capital plus advisory and operational support. Geographic footprint is Japan-only, with headquarters in Marunouchi, Tokyo and a Kansai regional office in Osaka established April 2025. The firm actively sources deals through direct outreach, partner referrals, and industry networks including the Mitsui Bussan Enterprise Risk Protection Protocol, with portfolio investments executed through special purpose companies (tokubetsu mokuteki kaisha) for each transaction.

Name

Marathon Capital Partners

Legal name

マラトンキャピタルパートナーズ株式会社

Website

https://www.marathoncapital.co.jp/

Company type

Private

Founded year

2021

Operating status

Operating

Short description

Marathon Capital Partners is a Japan-based independent private equity firm, founded 2021, that invests in small and medium-sized enterprises through Marathon Fund 1 (¥113.5B) and Fund 2 (¥350B), providing capital, succession support, M&A execution, and hands-on value creation across 29+ domestic portfolio companies.

Ownership category

akta.pro rank

Product category

Private Equity Fund Management

NAICS

Other Financial Vehicles (525990), Other Investment Pools and Funds (5259), Other Financial Investment Activities (5239)

SIC

Investment Advice (6282)

akta.pro primary industry

Early-Stage Venture Capital (Series A/B) (FSANAAAB)

Keywords

• Private equity
• SME investment
• Business succession
• M&A advisory
• Capital partnerships

Headquarters

HQ city

Tokyo

HQ country

Japan

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Marketing or Sales, Operations, Others

Revenue model

1. Investment Returns and Exit Gains: Returns generated through successful exits of portfolio companies. The fund invests capital into SMEs, creates value through hands-on operational support, and exits via trade sales, IPOs, or other M&A transactions.
2. Fund Management Fees: Management fees from funds under administration. Fund 1 reached 113.5 billion yen final close; Fund 2 reached 350 billion yen final close.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Marathon Capital Partners is a Japan-based private equity firm that manages investment funds (Marathon 1号 and Marathon 2号) focused on capital partnerships and M&A advisory for small and medium-sized Japanese companies. The firm provides capital alongside hands-on value-add support covering business succession planning, governance improvement, sales expansion, and overseas market expansion for SME owners and founders.

Product overview

Marathon Capital Partners is a private equity fund that specializes in capital partnerships and investment in small-to-medium enterprises (SMEs) in Japan. The company operates investment funds (Marathon 1号投資事業有限責任組合 and Marathon 2号投資事業有限責任組合) and provides business support services including succession support, governance strengthening, overseas expansion assistance, and sales growth strategies. As an investment company, their offering consists of financial investment products and advisory services rather than software products or technology platforms.

Differentiator

Problem solved

Functional benefit

Products and services

• Marathon 1号 Fund The first investment fund managed by Marathon Capital Partners, providing capital partnerships and M&A support to Japanese small and medium-sized companies, with hands-on value-add assistance covering business succession, governance improvement, sales expansion, and overseas expansion. Designed for SME owners and founders seeking a long-term operating partner rather than a passive sponsor.
• Marathon 2号 Fund The second investment fund managed by Marathon Capital Partners, continuing the firm's SME-focused capital partnership and M&A strategy in Japan and extending the same hands-on value-add support model across succession, governance, sales expansion, and overseas expansion for portfolio companies. Intended for Japanese SME owners and founders who want both capital and operational partnership.

Quantifiable outcome

• Fund 1: 11.35 billion yen raised from multiple investors including 3 billion yen from中小機構 (SMRJ)
• +2 more outcomes

Named customers27 records

Segments5 records

Ideal customer profiles1 record

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, minor and core.

• いよぎんキャピタル株式会社 (Iyo Gin Capital)majorStrategic or Co-development Partner · 1 April 2025Mezzanine investment partner for Shiraishi Sekkei/Sasuke Group deal. Provided mezzanine financing through special purpose company.
• 三井物産・企業リスクプロテクション協議会minorOthers · 21 October 2021Protocol joined October 2021 with 483 member companies (as of October 2021). Provides group insurance, welfare services, and Mitsui Bussan integrated platform access.
• 日本プロ経営者協会 (Japan Pro Manager Association)coreStrategic or Co-development Partner · 1 January 2019Association founded by representative Ono in 2019. Operates world-class talent pool of 1500+ professional managers for successor placement. Key differentiator for portfolio company support.

Scale indicators7 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Japan Industrial Partners: One of Japan's most established independent PE firms, focused on mid-market and SME buyouts including succession deals. Direct competitor for the same Japanese SME succession opportunity set that Marathon targets.
• M&A Capital Partners: Japanese M&A advisory and investment firm specializing in SME succession transactions. Closely comparable business model targeting the same succession-driven SME segment.
• Integral Corporation: Japanese independent PE firm focused on small-cap buyouts and succession deals. Directly comparable in deal size, geographic focus, and value-add strategy to Marathon.
• Nihon M&A Center: Japan's largest SME M&A intermediary, facilitating thousands of succession-driven transactions annually. Competes with Marathon for seller relationships and provides a benchmarking view on SME deal flow and pricing.
• J-Will Partners: Japanese PE firm with focus on succession and mid-market buyouts. Comparable in size and SME-succession orientation to Marathon Capital Partners.

Broad incumbents

• Carlyle Group (Japan): Global PE giant with significant Japan operations and buyout activity. While typically larger deal sizes, Carlyle's Japan team competes for premium succession and mid-market opportunities.
• Advantage Partners: Larger Japanese PE firm with broader mid-market focus, including buyouts and growth investments. Operates at slightly larger scale than Marathon but competes for some of the same succession opportunities.
• KKR (Japan): Global PE firm with Japan-focused buyout strategy, including SME and mid-market deals via KKR Japan. Indirect competitor that benefits from scale advantages Marathon lacks.
• SBI Holdings (Private Equity): Japanese financial conglomerate with active PE and venture investment operations. Comparable in operating in Japan with capital deployment focus, though at much larger scale and broader mandate.

Emerging players

• Yoshida & Partners: Japanese boutique M&A advisory and investment firm focused on SME succession. Comparable in size and target market, providing similar succession-driven capital partnership services.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks5 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries2 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Marathon Capital Partners