Jon Soberg, CEO and managing partner at MS&AD Ventures, is one of the 100 leading corporate venturing professionals in our 2026 Powerlist.
Jon Soberg, CEO and managing partner of MS&AD Ventures, the Silicon Valley-based corporate VC unit of the Japan-listed holding company with five insurance subsidiaries, has invested in and worked with companies across six continents and held more than 70 board positions.
It is the sort of extensive experience and strong track record that builds further success, especially now Tadahiko (Mark) Yanagisawa was promoted to partner and president in April after two years as business development manager. Soberg has had three partners in Silicon Valley, starting with Tak Sato, who originally started MS&AD Ventures with him, and Jack Toyama, who went back to Tokyo in April. In addition, there have been four primary interface people on the Japan side, so Soberg has been a constant through a lot of change.
However, one of its biggest moves was MS&AD Ventures and Europe-based venture capital firm Redstone expanding their long-standing partnership in February 2025, integrating Redstone’s team directly into MS&AD’s operations to source deals and manage portfolio companies, particularly for MS&AD’s $100m Fund V. This collaboration deepened their four-plus year relationship, focusing on scaling global investments in AI and financial services, and helped MS&AD cope with its 40 or more deals since the start of last year.
With its substantial portfolio, MS&AD Ventures’ latest exit successes under Soberg include Ergo Group, a subsidiary of Munich Re’s, acquisition of Next Insurance in July 2025, for $2.6bn, marking the largest property and casualty (P&C) insurtech acquisition. Other trade sales from Soberg’s portfolio since the start of 2025 include Vouch (acquired by Hiscox), Hourly (WeSure), FloodFlash (NormanMax) and BlackSwan Technologies (Hub Security).
Soberg has also had nine IPO exits, including Rubrik, and his current board/observer positions include Safe Security, Artificial, Flex and ValidMind, among others.
This a lot, especially as MS&AD Ventures has evolved to become the platform for all startup investment including strategic investment for MS&AD Group. Soberg and his team work with all the global business units on strategic investments and business development.
Fortunately, Soberg believes giving people responsibility is the best way to build a strong team – that and managing a $400m pot after the end-2024 increase in assets under management.
“I like to let people run as fast and as far as they can. I give people a lot of opportunities, and allow them to step up and take ownership,” he said for last year’s GCV Powerlist award.
Soberg says he has modelled the unit on a traditional VC fund with an emphasis on being “nimble, fast and flexible”, and that it mainly targets early-stage companies. Typically, MS&AD Ventures will not lead deals.
What differentiates MS&AD Ventures today is its dual fluency. In Silicon Valley, it behaves like a conventional VC: fast, syndicate-friendly, founder-aligned. In Tokyo, it acts as a translator, mapping emerging risks into underwriting and product innovation. This “bridge” role is increasingly valuable as insurers grapple with systemic shifts, from climate volatility to cyber accumulation risk.
Internally, the unit has also evolved. Engagement with the parent has deepened, moving beyond board decks into pilots, partnerships and strategic alignment. The fund is no longer just sourcing optionality; it is shaping how MS&AD competes.
Soberg’s influence is evident in the balance struck between independence and relevance. Too much corporate gravity can suffocate venture returns; too little makes the effort ornamental. MS&AD Ventures is threading that needle, quietly, deliberately, and with growing credibility among both founders and global co-investors.
In a market where many corporate funds retreat during downturns, consistency becomes a signal. MS&AD Ventures has stayed active, selective and aligned. That may not generate headlines, but it is precisely how enduring CVC franchises are built.
The GCV Powerlist represents the 100 individuals spearheading the future of the corporate venturing industry.
These individuals excel in terms of their venturing approach and structure, number and quality of portfolio companies and in their contributions to the corporate venturing profession.
Here’s a snapshot of their recent deals:
