As part of the global GCV Keystone benchmarking survey, and with support from the Japan Venture Capital Association (JVCA), we conducted a special focus analysis of Japanese corporate venturing units, with responses from 41 CVCs representing a range of industries.
The Japanese CVC community continues to mature with investment capital pools expanding – half now manage over $100m (some via outsourced CVC-as-a-service relationships), though without the VC-level financial accountability often seen in Europe and North America. Many are robustly staffed with non-investors who provide transformative insights as well as looking for commercial and M&A opportunities.
CVC’s influence in VC ecosystem
60.1%
of Japanese VC funding rounds include CVCs, participating in deals representing 67.4% of total value
CVC community maturity
68%
of Japanese CVCs have now survived their first three years, up from 45% in 2024, 54% are in ‘expansion phase’
CVC fund size
50%
have assets under management (AUM) of $100m or more, 20% manage over $1bn
CVC role in corporate innovation
49%
rated creating new businesses (Horizon 2) as the top 2026 priority
Corporate venturing toolkit
55%
have ‘venture client’ programmes, while 44% have business development teams
CVC operating model
60%
are organised as independent entities, with 34% set up via GP/LP structures
Geographic investment focus
73%
invest in Europe, as well as the 95% that bet on startups in the US and Canada and Asia-Pacific
Financial performance targets
71%
are not expected to deliver VC level performance, 18% have no financial targets
Team size and structure
72%
have teams with more than six members, with 69% averaging four years or less of experience
CVC compensation levers
27%
can award ‘spot’ bonuses and 17% of units have a financial upside programme (‘carry’)
Contents
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