Japan's First Private Equity Fund Investment Product for Individual Investors Utilizing Blockchain Technology
SBI Securities, Shinsei Trust & Banking, Tokio Marine Asset Management, and BOOSTRY have jointly developed Japan's first public offering scheme for security tokens of specified beneficial interest-issuing trusts that realize PE investment, and will collaborate on its public offering.
Expansion of the PE Market
In recent years, asset management has seen growing attention not only on investments in traditional assets such as stocks and bonds, but also on investments in alternative assets called alternative investments, driven by the development of investment methods and improvements in risk-return profiles.
In particular, attention to PE investment in unlisted companies is increasing. The Japanese government formulated the "5-Year Startup Development Plan" in 2022 to support startup companies that create innovative businesses, announcing plans to expand investment in startups to a scale of 10 trillion yen over five years. With such government support, the growth of the domestic PE market is expected to become increasingly active.
Barriers to PE Investment for Individual Investors
On the other hand, most PE investments are limited to institutional investors, and access for general individual investors remains difficult.
PE Funds with excellent track records and high evaluations tend to focus on fundraising from institutional investors rather than individual investors, with one factor being their emphasis on building long-term relationships with institutional investors.
Institutional investors such as pension funds and financial institutions, as professional investors, have sophisticated investment decision-making processes and invest in PE Funds as long-term partners with a deep understanding of PE Fund investment policies. Therefore, for PE Funds, there is the advantage that investments continue from a long-term perspective even in challenging market environments.
The reality is that excellent PE Funds can secure sufficient capital from institutional investors alone, so they often do not feel the need to raise funds from individual investors.
Additionally, there are various other barriers to individual investor investment in PE Funds, including regulatory constraints, high minimum investment amounts, long-term capital lock-up (low liquidity), and the requirement for advanced specialized knowledge.
Providing Individual Investors with Investment Opportunities in PE Funds
This Scheme was developed to provide individual investors with investment opportunities in unlisted company stocks, which have had limited access for individuals, through investments in domestic PE Funds.
1. Tokio Marine Asset Management, as an institutional investor serving as gatekeeper, carefully selects excellent PE Funds on behalf of individual investors from a professional perspective backed by years of PE investment experience and track record
The PE management team at Tokio Marine Asset Management, which serves as gatekeeper in this Scheme, originated when Tokio Marine & Nichido Fire Insurance began PE investment in 1997, and has approximately 30 years of management experience. In 2002, the PE management team was transferred from that company to Tokio Marine Asset Management and began managing PE Funds. Assets under management amount to approximately 1.5 trillion yen (as of end of June 2025), with favorable performance (before fee deductions) exceeding TOPIX (PME basis) over the past 10 years.
2. Development of a product that diversifies risk by making diversified investments in multiple excellent PE Funds (Fund of funds)
This Scheme combines buyout funds and venture capital funds to achieve optimal investment efficiency. Additionally, the selection of funds to be included will be carefully chosen by maximizing the expertise of Tokio Marine Asset Management, which has extensive experience in the field of PE investment. Through investments in multiple PE Funds—buyout funds and venture capital funds targeting companies at different life stages among unlisted companies—the Scheme aims to improve returns and diversify risks.
3. Small-lot investment is possible utilizing "ibet for Fin" developed under BOOSTRY's leadership
The offering, acquisition, and transfer of security tokens in this Scheme will be managed on the consortium-type blockchain platform "ibet for Fin", developed under BOOSTRY's leadership.
This is Japan's first offering of specified beneficial interest-issuing trusts investing in domestic PE Funds utilizing security tokens.
This time, by combining the knowledge of Tokio Marine Asset Management, which has been investing in PE Funds for many years, with tokenization technology, it has become possible to provide investment opportunities to individual investors as well.
SBI Securities has endeavored to provide a wide range of products and services, supporting the long-term asset formation of individual investors through more diverse investment options. In the security token field, the company has led the development of the security token market as a securities company, with a track record of handling multiple security tokens, including Japan's first public offering case. Going forward, through such initiatives, SBI Securities will further expand new investment opportunities utilizing digital technology.
Shinsei Trust Bank, toward the development of the STO (Security Token Offering) market that provides fundraising methods utilizing ST, is advancing product development related to security tokens by leveraging knowledge cultivated as a trust bank mainly in the field of asset liquidation and securitization business, and provides services such as security token issuance and management. Going forward, Shinsei Trust Bank will continue to strive to provide valuable financial services to customers by utilizing cutting-edge digital technology.
Tokio Marine Asset Management aims to realize democratization of investment and create more equitable asset formation opportunities by providing individual investors with advanced investment opportunities such as PE, which were previously centered on institutional investors.
In addition to conventional investment methods, by providing individual investors with a new option called "alternative investment," Tokio Marine Asset Management will support long-term asset formation and prosperous future planning.
Furthermore, by directing individual investor funds toward growth companies that will shape Japan's future through PE, Tokio Marine Asset Management will accelerate innovation creation and contribute to the revitalization and sustainable growth of the Japanese economy.
BOOSTRY is an IT vendor established under the mission of "enabling the transfer and use of all rights, connecting challengers and supporters." The company provides systems necessary for security token sales and management, and is working to create a new capital market utilizing technology. Going forward, BOOSTRY will continue to aim for its realization through collaboration with various stakeholders.
Norbert Gehrke
