Aozora Bank Group Launches JPY 15bn Venture Debt Fund to Support Growing Japanese Startups

Aozora Corporate Investment, a wholly owned fund management subsidiary of Aozora Bank, has established a new venture debt fund, the "Aozora HYBRID No. 4 Investment Limited Partnership," totaling 15 billion yen.

Established on August 7, 2026, the fund serves as the direct successor to the Aozora HYBRID No. 3 fund launched in July 2023, which is nearing full deployment after three years of operations.

The new vehicle aims to meet strong, ongoing demand for venture debt financing among high-growth Japanese startups. By offering hybrid financing instruments—including venture debt and equity investments—the fund acts as a bridge between equity capital from venture capital firms and corporate investors, and traditional debt financing from commercial banks.

• Fund Name: Aozora HYBRID No. 4 Investment Limited Partnership
• Inception Date: August 7, 2026
• Total Fund Size: ¥15 billion
• General Partner: Aozora Corporate Investment Co., Ltd.
• Limited Partner: Aozora Bank, Ltd.
• Target Investments: High-growth domestic startups in Japan
• Investment Schemes: Venture debt financing and equity investments

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Japan FinTech ObserverNorbert Gehrke