🧠 Food for thought

Implications, context, and why it matters.

Minerva’s track record remains unproven beyond a single exit

• Minerva lists the state-supported Japan Investment Corp (JIC) among Fund II backers 1. The prior 19.2 billion yen vehicle has only one disclosed public exit to date. Infcurion, a payments firm, went public in October 1.
• The firm has stakes in several other companies 1.
• No disclosed Distributions to Paid-In (DPI) or Total Value to Paid-In (TVPI) exist for the first fund. Judging impact on Japan’s late-stage capital gap is early, and one IPO can skew the picture.

Secondary buyers can target Japan’s trapped late-stage capital

• Japan has a shortage of late-stage funding, which pushes startups to list early 1. The Tokyo Stock Exchange is tightening listing criteria, which creates a liquidity mismatch for Series C/D (later-stage equity) companies stuck between growth needs and exit options.
• Secondary liquidity providers (investors who buy existing shares from early backers or employees) and venture debt firms (lenders offering debt to startups) can step in. They can offer bridge financing (short-term funding) or employee liquidity to “soonicorns” (startups close to unicorn status) in Minerva’s portfolio 1 and in competitors’ holdings.
• Focus on current Series C/D startups in Japan’s deep tech (commercializing advanced science and engineering) and mobility (transportation and automotive technology). Market observers see strong innovation in these areas 2. Reach them before they face rushed IPO decisions or down rounds (fundraising at a lower valuation).