Third Arrow Strategies

What Third Arrow Strategies does

Third Arrow Strategies LLC is a San Francisco-headquartered corporate governance consultancy focused exclusively on Japanese corporate boards. Founded by Tracy Gopal — a former EY Managing Director and former Strategic Research Lead at ISS with three decades of Japan-focused governance experience and fluency in Japanese — the firm operates the Japan Board Diversity Network (JBDN), described as the largest global network of Japanese and non-Japanese professionals seeking or serving as board director roles in Japan. The company name references the Third Arrow of Abenomics, signaling its mission to channel investment into Japan through stronger, more diverse boards.

The firm's service portfolio centers on four interlocking revenue streams: retained board director search for Japanese companies seeking diverse (gender, nationality, expertise) candidates; corporate governance advisory and customized board training under the Corporate Solutions banner; recurring individual and corporate JBDN memberships providing network access, governance education, and semi-annual Tokyo events; and the JBDN Investor Circle, a subscription-based peer group for institutional investors and governance data providers. Revenue is generated through a combination of professional services fees (search engagements), recurring subscription memberships, and event sponsorship from a deep partner ecosystem that includes Nishimura & Asahi, Skadden, Sodali, KPMG Japan, Bain & Company, FGS Global, Diligent, MSCI, Glass Lewis, Bloomberg, and IBM Japan. No proprietary technology platform underlies the business; delivery is human-capital intensive, relying on the founder's relationships, the JBDN network, and the candidate database.

Go-to-market combines direct enterprise sales (with complimentary Calendly-based consultations as the entry point), community-led growth through JBDN memberships, and event-driven engagement (seminars, the Global Board Leadership Series, regional in-person events in Tokyo and San Francisco). Primary customers are Japanese publicly listed companies navigating Tokyo Stock Exchange governance requirements, with secondary segments including private equity firms seeking governance-minded directors for portfolio companies, institutional investors focused on stewardship, pre-IPO companies building boards ahead of listing, and senior female executives seeking board opportunities. Notable enterprise touchpoints include Sony Group Corporation, Hitachi, SMBC, Orix, and NEC, which feature as speakers or board case studies in JBDN programming. Marketing relies on thought leadership content, earned media (Forbes Japan, Nikkei, Nikkei Asia), conference presence (ICGN, CLSA, CFA Society Japan), podcast appearances, and LinkedIn-driven founder branding.

Name

Third Arrow Strategies

Legal name

Third Arrow Strategies LLC

Website

https://thirdarrowstrategies.com

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

1–10 employees

Short description

Third Arrow Strategies is a San Francisco-based governance consultancy operating the Japan Board Diversity Network, the largest global network of board-ready candidates for Japanese corporate boards. Founded by Tracy Gopal, it provides board director search, governance training, and recurring membership programs to Japanese public companies, private equity firms, and institutional investors.

Ownership category

akta.pro rank

Product category

Corporate Governance Consulting

SIC

Services-Management Consulting Services (8742)

akta.pro primary industry

Strategic Partnerships, Alliances & JVs Advisory (BPAHADAI)

akta.pro secondary industry

Third-Party/Vendor Risk & Due Diligence (BPAHAFAG)

Keywords

• Board director search
• Corporate governance advisory
• Board diversity consulting
• Executive search services
• Governance training programs

Headquarters

HQ city

San Francisco

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Board Director Search Services: Retained search and placement of diverse, global-minded board director candidates for Japanese companies. The company identifies and matches highly qualified candidates (Japanese and non-Japanese) with boards seeking to strengthen governance and diversity.
2. Corporate Membership Programs: Annual corporate group memberships providing companies with JBDN access, training programs, coaching, and media recognition for supporting female leadership. Customizable corporate training packages are also offered.
3. Individual Membership (JBDN): Individual membership in the Japan Board Diversity Network offering access to governance resources, education, private consulting sessions, board director training, and candidate database inclusion.
4. Investor Circle Partnership: Partnership program for investors and governance data providers who pay for recognition, branding, event sponsorship opportunities, and access to the investor circle dialogue.

Go-to-market motion3 records

Distribution channels3 records

Marketing channels8 records

Core offering

Third Arrow Strategies is a corporate governance consultancy operating the Japan Board Diversity Network (JBDN). It provides retained board director search to place diverse, global-minded candidates on Japanese corporate boards, governance advisory and training for Japanese companies, and a membership-based community for board-ready female leaders and corporate members. The firm was founded by Tracy Gopal, a former EY Managing Director and former Strategic Research Lead at ISS, to strengthen board governance and diversity in Japan.

Product overview

Third Arrow Strategies operates as a professional services firm offering a portfolio of interconnected governance and board excellence services. The core offering is the Japan Board Diversity Network (JBDN), a global network dedicated to corporate governance and board diversity in Japan. This is complemented by Board Director Search Services for strategic talent acquisition, Corporate Solutions for governance advisory and training, Events & Programs for world-class education, and the Investor Circle for investor-focused governance education. Individual and Corporate Membership programs provide access to the JBDN network, training, and mentorship. Together, these services form an integrated ecosystem supporting board diversity, governance excellence, and leadership development in Japan.

Differentiator

Problem solved

Functional benefit

Products and services

• Japan Board Diversity Network (JBDN) The most influential global network dedicated to corporate governance and board diversity in Japan, connecting, inspiring, and educating current and future female leaders to accelerate sustainable growth.
• Board Director Search Services Strategic retained search and placement of diverse, global-minded board director candidates (Japanese and non-Japanese) for Japanese corporate boards, focused on skills-based candidates contributing to long-term sustainable corporate value.
• Corporate Solutions Expert advisory services for governance excellence in Japan, specializing in board composition, governance frameworks, leadership development, and customized board training seminars for organizations seeking to meet global standards.
• Events & Programs World-class education, global networking, and idea exchange through seminars and programs covering corporate governance trends, board effectiveness, and leadership development, including the Global Board Leadership Series and semi-annual in-person events in Tokyo.
• JBDN Investor Circle An elite peer group of investors, governance data providers, and professional firms dedicated to strengthening governance and driving value in portfolio companies through education of board directors who influence change, offering event sponsorship, dialogue, and recognition.
• JBDN Individual Membership Annual membership for senior female executives offering access to JBDN's exclusive network, leadership community, specialized training in governance and ESG, public speaking coaching, one-on-one mentorship, and inclusion in the candidate database.
• JBDN Corporate Membership Annual corporate group memberships for companies investing in female leadership, offering tailored development, training programs, and recognition benefits for supporting board diversity.
• Investor Solutions Solutions supporting value creation for institutional investors' portfolio companies through board candidate search and Investor Circle programs aligned with stewardship and ESG goals.

Quantifiable outcome

• JBDN members featured in media outlets including Forbes Japan, Nikkei, Nikkei Asia, CLSA forums, ICGN conferences

Named customers5 records

Segments7 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Twelve partnerships are on record, tiered core and minor.

• Skadden, Arps, Slate, Meagher & Flom LLPcoreGTM or Marketing PartnerSkadden is a prominent international law firm and event sponsor for JBDN governance seminars and events. The firm has co-hosted and sponsored events on topics including activist communications, strategy, and defense, contributing legal expertise and marketing support to JBDN programming.
• Sodali & Co.coreGTM or Marketing PartnerSodali & Co. (formerly Morrow Sodali) is a governance advisory firm and event sponsor for JBDN programs including the Global Corporate Governance Trends seminar. The firm provides governance expertise and co-branding for events addressing board evaluations and global governance standards.
• Nishimura & AsahicoreGTM or Marketing PartnerNishimura & Asahi is a leading Japanese law firm and a key event sponsor and co-host for JBDN programs including climate change governance, METI guidelines on corporate takeovers, risk oversight, and TOBs & MBOs seminars. The firm provides governance and legal expertise for JBDN events.
• KPMG JapancoreGTM or Marketing PartnerKPMG Japan serves as event host and sponsor for the 2026 Corporate Governance Code Revisions seminar. The firm contributes audit and governance expertise to JBDN programming and provides thought leadership on governance trends in Japan.
• FGS GlobalcoreGTM or Marketing PartnerFGS Global (formerly Finsbury Glover Hering) is a strategic communications firm and event sponsor for JBDN governance seminars on activist communications and defense. The firm contributes expertise in investor relations and communications strategy to JBDN programming.
• Bain & CompanycoreGTM or Marketing PartnerBain & Company is a consulting firm that serves as event host for JBDN programs including the 'Corporate Strategy in the Boardroom' seminar and the Transformational Board Leadership special event in Tokyo. The firm provides strategic and governance expertise for JBDN events.
• Bloomberg LPminorGTM or Marketing PartnerBloomberg LP served as event host for the 'Critical Financial and Markets Knowledge' seminar, contributing financial data and market analysis tools to JBDN governance education programs.
• IBM JapanminorGTM or Marketing PartnerIBM Japan served as event host for the 'AI Fundamentals: Possibilities and Risks for Business' seminar, providing technology and AI governance expertise for JBDN programming on board oversight of artificial intelligence.
• MSCIminorGTM or Marketing PartnerMSCI served as event sponsor for the 'MSCI ESG Ratings, Methodology, and Strategy Tools' seminar, contributing ESG ratings data and climate risk analysis expertise to JBDN governance education programs.
• Glass LewisminorGTM or Marketing PartnerGlass Lewis, a leading proxy advisory firm, participated in the JBDN Glass Lewis 2023 Roundtable Issuer Survey, contributing governance and proxy voting expertise to JBDN programs.
• US Japan CouncilcoreStrategic or Co-development PartnerThe US Japan Council is a strategic partner for governance initiatives, co-hosting the 'Diverse Boards for a Sustainable Future' conference. The organization works to strengthen US-Japan relations and supports JBDN's mission to advance board diversity in Japan.
• Japan Society of Northern CaliforniaminorStrategic or Co-development PartnerTracy Gopal, the founder, serves as a Board Director at the Japan Society of Northern California, creating a strategic alignment between the two organizations focused on US-Japan business and governance relations.

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Spencer Stuart: Global executive search and leadership advisory firm widely recognized for its Board Practice and Board Index research; competes directly with Third Arrow in placing diverse board directors at major Japanese and global enterprises.
• Russell Reynolds Associates: Global executive search firm with a Board & CEO Advisory practice focused on board composition, succession, and diversity; competes with Third Arrow in placing global-minded directors at Japanese boards.
• Egon Zehnder: Global executive search and leadership advisory firm with deep board practice and active diversity initiatives; comparable to Third Arrow as a competitor for board search mandates and governance advisory at large Japanese enterprises.
• Korn Ferry: Large executive search and organizational consulting firm with a Board & CEO Services practice; competes with Third Arrow for board director search mandates and offers broader talent advisory services.
• Heidrick & Struggles: Global executive search firm with a dedicated Board of Directors practice that places diverse directors and advises on board effectiveness; comparable to Third Arrow as a direct competitor in board director search, especially in Japan where it has an established office.

Direct peers

• Sodali & Co. Global governance advisory and shareholder services firm (formerly Morrow Sodali) providing board evaluations, governance consulting, and investor engagement; directly comparable as a partner and competing provider of governance advisory to Japanese companies.
• FGS Global: Strategic communications advisory firm (formerly Finsbury Glover Hering) active in Japan governance and investor communications; an event partner of Third Arrow and a comparable provider of governance and activist defense advisory to Japanese boards.
• WomenCorporateDirectors Foundation: Global membership organization of women corporate board directors with peer chapters and director education; directly comparable to JBDN as a peer-to-peer network that develops and connects women board directors, although with global rather than Japan-only focus.

Emerging players

• 2020 Women on Boards: Nonprofit organization focused on increasing the percentage of women on corporate boards through education, advocacy, and a national board matching database; comparable to JBDN as a community-led governance/diversity platform, though primarily US-focused.
• Diligent: Governance, risk, and compliance SaaS provider with board portal software, director recruitment, and ESG offerings; a JBDN event partner and an emerging player in technology-enabled governance services that could expand into candidate matching Third Arrow currently performs manually.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/third-arrow-strategies-llc

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

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 Third Arrow Strategies