The University of Tokyo-backed carveout fund’s latest limited partners include corporates Daikin, Hakuhodo and Mitsubishi Estate.
Corporates Daikin, Hakuhodo, Mitsubishi Estate and Fuyo General Lease have helped University of Tokyo’s Innovation Platform (UTokyoIPC) subsidiary expand its carveout vehicle, Accelerating Open Innovation Fund I (AOI 1), to ¥24bn ($222m).
The fund is set to reach the final close in late June this year and will operate until 2035. University of Tokyo had committed to its $26.1m first close in May 2020, investing alongside Mitsubishi UFJ Bank and Sumitomo Mitsui Banking Corporation.
Fellow financial services firm SBI Group took part in the latest close, as did air conditioning equipment manufacturer Daikin, marketing group Hakuhodo, property developer Mitsubishi Estate, leasing service Fuyo General Lease and the government-backed Development Bank of Japan.
Formed in association with business consulting and data provider Astamuse and incubator operator Dream Incubator, AOI 1 focuses on carveout deals as well as joint ventures.
In addition to backing Fimecs and Onedot (Babily) shortly after its launch, the fund’s portfolio includes Arav, Bird Initiative, HarvestX and Urban X Technologies.
– A version of this article first appeared on our sister site, Global Corporate Venturing.
