i-nest Capital Inc., an independent venture capital firm headquartered in Shibuya, Tokyo, has completed the final close of its second fund at approximately 6.5 billion yen. The vehicle, named i-nest 2 Investment Limited Partnership, expanded through an additional offering after its first close in January 2025. The completion also coincides with the formal shift to a three-partner leadership structure designed to strengthen investment oversight.
Final close and expanded investor base
The fund originally held its first close on January 31, 2025, and has since attracted commitments from existing limited partners as well as new investors. Business corporations and financial institutions played a central role in the additional fundraising, bringing the vehicle to its final size of roughly 6.5 billion yen. The firm expressed appreciation to all investors for their participation and confidence in the fund.
First fund track record
The first fund was launched in December 2019 with 7.3 billion yen and invested in 45 companies, leading to 14 exits. Those exits included four initial public offerings, among them Cover Corporation, Secure Inc., THECOO Inc., and Basic Inc. Managing General Partner Takashi Yamanaka said this experience demonstrated that long-term sector conviction and consistent support from seed to later stages contribute to investment returns.
Investment strategy and focus areas
The second fund targets three core areas: entertainment, intellectual property and new lifestyles; added value for existing industries through AX and DX; and advanced technology linked to national policy priorities such as semiconductors, decarbonisation and space. The strategy spans all investment stages, with roughly 25 percent of new investments reserved for seed deals. The remaining 75 percent is allocated almost equally among early, middle and later stages to diversify exit timing.
Portfolio construction and milestone approach
The firm also uses milestone-based investing to increase capital in companies that meet specific performance conditions, allowing positions to grow as businesses validate their models. This approach is intended to concentrate resources in promising companies while maintaining flexibility across the venture lifecycle. It reflects a commitment to disciplined follow-on investment rather than passive allocation.
Three-partner leadership model
In June 2026, Tetsuya Nakajima joined the firm as a partner, creating a three-person leadership team with Takashi Yamanaka and Shigeo Tsukamoto. Each partner holds investment responsibility and sits on the investment committee, where decisions are debated directly. Nakajima brings about ten years of investment experience and more than twenty exits from his previous role in corporate venture capital at Colopl Next.
Recent deployment and firm outlook
Since the first close, the second fund has already invested in 11 companies as of September 14, 2026. Yamanaka noted that the firm deliberately keeps a medium-sized fund to remain deeply involved with each portfolio company. The firm is also recruiting venture capitalists, stating that prior investment experience is not required, and it continues to pursue new industry creation and productivity improvement through startup growth.
The final close of i-nest 2 at approximately 6.5 billion yen positions i-nest capital to continue its stage-agnostic investment approach across Japan's evolving startup landscape. With a three-partner governance model and an existing portfolio of 11 companies, the firm aims to combine disciplined decision making with close founder support. The announcement reinforces its focus on long-term value creation and social contribution through new industrial growth.