UntroD Capital Japan Secures First Close for Second Crossover Impact Fund to Back Late-Stage Deep-Tech Startups
UntroD Capital Japan has achieved the first close of its second crossover fund, the UntroD Crossover Impact Fund No. 2 Investment Limited Partnership. Led by President and CEO Akihiko Nagata, the Tokyo-based firm is doubling down on a strategy designed to finance deep-tech ventures from late-stage private rounds through their initial public offerings and beyond.
The fund launch comes as late-stage Japanese startups face persistent growth-capital shortfalls, risks associated with "small IPOs," and governance hurdles during transition phases. UntroD’s crossover framework addresses these bottlenecks by delivering continuous growth capital and hands-on governance support. The firm's flagship crossover strategy, launched in December 2024, has already seen five of its eight portfolio companies successfully complete public listings as of August 2026.
Key Strategic Partnership & Financial Backing
To strengthen its asset management capabilities, UntroD is collaborating with Mitsubishi UFJ Asset Management, one of Japan's largest asset managers. The partnership combines UntroD’s venture ecosystem experience in deep-tech incubation with Mitsubishi UFJ Asset Management’s expertise in public equity markets.
The fund’s first-close investor roster features prominent financial institutions, including:
- Mitsubishi UFJ Asset Management
- Resona Bank
- Kyoto Chuo Shinkin Bank
- The Kiyo Bank
- Matsui Securities
Target Sectors and Fund Structure
The vehicle targets R&D-driven, high-impact domestic startups solving global environmental and human challenges. Focus sectors include healthcare, biotechnology, space, sensing, robotics, agriculture, marine technologies, clean energy, electronics, and novel materials.
- Investment Stage: Last-round funding and cornerstone investments for late-stage startups with high IPO probability.
- Investment Period: Up to eight years and four months starting September 2026, with a possible two-year extension.
- General Partner: UntroD Crossover Impact Fund No. 2 LLP.
Established in 2015 under its former brand Real Tech Fund, UntroD Capital Japan has built a cumulative assets under management (AUM) footprint of ¥50 billion across venture, global, growth, debt, and crossover funds.
Norbert Gehrke
