Like the first edition, Mitsui Kinzoku-SBI Material Innovation Fund II will be jointly managed by CVC-as-a-service group SBI Investment.
Japanese nonferrous metals manufacturer Mitsui Mining and Smelting Company has formed a ¥5bn ($33.3m) Mitsui Kinzoku-SBI Material Innovation Fund II.
The team includes GCV Institute alumna Feibi Liu (pictured), who is Mitsui Mining and Smelting’s market co-creation and CVC manager. It is a joint venture with SBI Investment, the investment and CVC-as-a-service arm of financial services firm SBI Group, and will operate for five years.
Similar to the inaugural Mitsui Kinzoku-SBI Material Innovation Fund formed in 2017, the second iteration will continue to target sustainability-related areas strategic to its parent company.
The first fund invested in 11 companies operating in environment and energy, life sciences and innovative electronics. In addition to funding, Mitsui Kinzoku struck strategic partnerships with multiple portfolio companies.
SBI Investment backs diverse companies working on technologies such as AI, blockchain, fintech, IT, healthcare and environmental energy. The firm also helps manage multiple CVC funds for corporates such as Panasonic, Nikon, Ricoh and KDDI, with more than ¥150bn ($1bn) in total capital under management.
