MUFG Taps Ex-T. Rowe Price CIO to Lead New ¥50 Billion Growth Fund
Mitsubishi UFJ Financial Group (MUFG) and its banking subsidiaries have commenced operations of Artemis Ventures, a new general partner entity designed to manage a targeted 50 billion yen ($330 million) equity fund focused on Japan’s mid-to-late-stage startups.
The banking giant has appointed Archibald Ciganer—a veteran investor formerly with T. Rowe Price Japan—as Managing Partner to lead the new firm.
Bridging the Growth Gap
The establishment of Artemis Ventures follows MUFG’s October 2025 announcement regarding the creation of an equity fund dedicated to Japanese growth companies. As the Tokyo Stock Exchange tightens listing criteria for its Growth Market, domestic startups are increasingly staying private for longer periods. Consequently, the demand for private capital to fuel expansion has surged, shifting the exit landscape away from exclusive reliance on IPOs toward M&A and secondary market transactions.
"To support growth, we require a venture capital partner that is well-versed in both Japanese and global markets, capable of navigating diverse exit strategies, and committed to long-term partnerships post-listing," the bank stated.
MUFG Bank notes that annual fundraising by Japanese startups has hit 800 billion yen, a tenfold increase over the past decade. The new fund aims to capitalize on this liquidity by engaging in "crossover" investing and direct secondary transactions—areas where late-stage capital is critically needed.
Fund Structure and Leadership
Artemis Ventures, headquartered in Akasaka, Tokyo, began operations on February 3, 2026. The entity will serve as the General Partner (GP) for the upcoming "Artemis Fund 1" (provisional name), which is scheduled for establishment in April 2026.
The fund is targeting a total size of 50 billion yen. Capital commitments (LP interests) will be anchored by the market divisions of MUFG Bank and Mitsubishi UFJ Trust and Banking, with plans to solicit further investment from domestic and international external investors.
Archibald Ciganer brings over 15 years of experience in Japanese equity investing. During his tenure at T. Rowe Price Japan, he served as a portfolio manager and CIO, leading numerous investments across both public and private sectors. He is recognized as a pioneer in crossover investing in Japan, having focused on late-stage private placements since 2018.
Joining Ciganer in the leadership team are Toshio Nakao as Representative Director and Nao Sano as Director.
MUFG aims to utilize the fund to bridge Japanese growth firms with global investors, leveraging the group’s comprehensive financial capabilities to drive portfolio value and ecosystem development.
Norbert Gehrke
