Tokyo VC Minerva Growth raises $44m for late-stage startups
- ByStartupStory | January 14, 2026
Tokyo’s Minerva Growth Partners Raises $44M First Close for Fund II, Targets Late-Stage Japanese Tech
Minerva Growth Partners, the Tokyo-based growth equity specialist, has secured $44 million in first close commitments for its second fund, targeting a $125 million final size to fuel late-stage Japanese startups navigating pre-IPO scaling challenges.
Founded by ex-Mercari CFO Kei Nagasawa and Morgan Stanley’s Kensuke Murashima, Minerva addresses Japan’s structural growth capital gap where promising tech firms often list prematurely due to limited private funding options. Backers include Japan Investment Corporation alongside global institutions.
Filling Japan’s Late-Stage Void
Japan’s startup ecosystem matured dramatically – 50+ unicorns, $10B+ VC deployment – but growth equity remains scarce. Minerva Fund I (2020, $120M) backed 8 tech leaders including Infcurion, which IPO’d on Tokyo Growth Market in October 2025 with Minerva’s hands-on support from executive search to post-listing IR.
Fund II doubles down on the proven playbook:
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Pre-IPO scaleups: 1-3 billion yen checks for PMF-proven firms targeting 100 billion yen revenue
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Public market crossovers: Secondary buys in newly-listed tech plus spin-outs
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Sector focus: Consumer internet, B2B SaaS, healthtech, fintech
Current dynamics amplify opportunity: stricter TSE listing rules demand larger pre-IPO rounds; secondary liquidity from maturing VC funds creates entry points.
Strategic LP Backing Signals Momentum
Japan Investment Corp’s JPY3 billion anchor underscores government priority on tech self-reliance amid US-China tensions. Minerva’s Pleiad Investment Advisors partnership – managing 240 billion JPY – provides crossover expertise from private to public lifecycle stages.
Portfolio construction emphasizes “patient capital” for bold bets:
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Unit economics obsession: Only backers with LTV:CAC >3x, 40%+ YoY growth
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Global ambitions: Firms exporting SaaS/healthtech to SEA/US markets
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IPO readiness: Dedicated operating partners for governance, capital strategy
Timing Japan’s Tech Inflection
Minerva converges four tailwinds:
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TSE Prime reforms: Minimum 100 billion yen market cap pushes delayed listings
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Corporate venturing: Softbank, Recruit deploy $5B+ for late-stage deals
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Currency tailwinds: Weak yen boosts SaaS exports 20% YoY
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US rate cuts: Cheaper growth capital revives M&A appetite
Fund I’s 3x DPI proves the thesis – Infcurion delivered 4x returns at IPO.
Path to Institutionalizing Growth Equity
$125M Fund II final close expected Q2 2026. Minerva eyes 12-15 deployments through 2028, targeting 3-5 IPOs annually as Japan’s public markets deepen. Fund III could double to $250M+ as LP pipeline overflows.
Minerva proves Japan isn’t “funding winter” – it’s growth equity summer. When Softbank Vision Fund exits early bets, Minerva captures the value creation phase, engineering global champions from Tokyo’s tech underdogs.
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