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Tokyo, December 16, 2022 – Japan Investment Corporation (JIC) has announced its decision to set up JIC Venture Growth Fund No.2 Investment Limited Partnership (VGF2) for JPY200 billion yen with JIC Venture Growth Investments Co., Ltd. (VGI) as its fund management company.

JIC aims to stimulate a virtuous cycle of risk capital to support next-generation industries inJapan. To achieve this vision, JIC promotes open innovation as a means for supportinggrowth and enhancing the international competitiveness of businesses. JIC approachesthese challenges by stimulating private sector investments in open innovation together with JIC’s own investment, while fostering investment professionals.

VGI has been investing in startups through JIC Venture Growth Fund No.1 Investment Limited Partnership (VGF1), which was formed in September 2020. VGI will leverage the establishment of VGF2 to expand the domestic startup market and further engage in investment activities that contribute to solving market issues – one of the JIC initiatives included in the government's “Startup Development Five-year Plan” released on November 28, 2022.

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