Tokyo, Japan: Linnovate Asset Servicing Group, RAISE Technologies and the VC Fund Controllers Network (VCFCN) today hosted Japan Weeks 2026: Japan’s New Exit Era: Rethinking Alternative Investments Growth Beyond IPOs at Tokyo American Club. The event brought together fund managers, investors and industry specialists to discuss how Japan’s private markets are evolving.
With traditional IPO pathways becoming less viable for many privately held companies, the program examined the shift toward M&A and secondary transactions and what it means for GPs, investors and fund operations.
Moderated by Miki Ito, Vice President, Strategic Operations & Investor Relations at Minerva Growth Partners, the panel featured Gregory Rokuro Hara, Chief Executive and Managing Partner and Chairman of the Investment Committee at J-STAR Co., Ltd.; Hiroyuki Sawamura, Head of Strategy & Promotion Team, Innovative Corporate Promotion Department at Sumitomo Mitsui Trust Bank; Takahiro Kanzaki, Founder & CEO of Kepple Group Inc.; and Takeshi Onishi, Partner at WiL (World Innovation Lab).
The panelists examined how recent Tokyo Stock Exchange reforms are reshaping the options available to startups, growth companies and buyout targets, and why a listing is no longer the default route for many of them. The conversation turned to the rising role of M&A and secondary transactions, and how GPs are adjusting their portfolio construction and exit planning to make use of these routes. Speakers also considered the Japan market from the outside in, discussing what international investors and acquirers are looking for when they evaluate opportunities in the country.
“As IPOs, M&A, and secondary transactions become more active, startups and growth companies in Japan have more options when choosing the right shareholders,” said Miki Ito. “For funds, this means thinking beyond IPO support and focusing on what each company needs most at its current stage. This session brought together perspectives from buyout, venture capital, secondary investments, and LPs. I hope we can continue discussing how to strengthen Japan’s private capital markets across investment strategies, stages, and check sizes.”
Fund Operations in the New Alternatives Investments Environment
Moderated by Henry Lin, Founder and CEO of Linnovate Asset Servicing Group, the panel featured Ken Kuga, Founder and CEO of Diagonal, Inc.; Nariatsu Tanaka, Director of Investor Relations at Endeavour United Co., Ltd.; and Yucheng Fan, Partner at Harney’s Funds & Asset Management Group.
The discussion focused on how fund operations are keeping pace with a market where holding periods are getting longer and deal structures are getting more sophisticated. Panellists looked at how back-office infrastructure is adapting to these changes, including the evolving best practices around NAV facilities, continuation vehicles and other structured transactions. They also addressed the practical demands of cross-border administration, compliance and regulatory reporting, and how fund controllers and finance teams are scaling their capabilities as structures become more complex. The conversation closed with a look at where technology and automation fit in, and how they can help modernize fund operations.
“As exit routes in Japan diversify, the operational foundation behind each fund matters more than ever,” said Henry Lin. “With M&A, secondaries and continuation vehicles playing a bigger role alongside IPOs, GPs are managing longer hold periods and more complex structures, and investors expect transparency and accuracy throughout. That puts real demands on fund controllers and finance teams, and technology and automation will be central to meeting them. We thank our speakers and guests for their candid insights, and we look forward to continuing the conversation with Japan’s fund community.”
The discussions at Japan Weeks 2026 underscored that Japan’s private markets are entering a new phase, one in which exit strategy and fund operations are closely linked. As GPs adopt a wider range of liquidity solutions, they face growing expectations from investors for transparency, speed and accuracy, and many are looking to technology and automation to help them meet these expectations.
The event was hosted by Linnovate Asset Servicing Group, RAISE Technologies and the VC Fund Controllers Network (VCFCN) as part of Japan Weeks 2026.
About Linnovate Asset Servicing Group
Linnovate Asset Servicing Group is a leading asset services provider focused on driving innovation in the alternative investments industry. Across the full fund lifecycle, it offers Fund Administration, Investor Relations, Regulatory Compliance, Portfolio Monitoring, Reporting Services and Technology Consulting Services, all powered by RAISE, its proprietary cloud-based platform that brings the functions of alternative investing into a single ecosystem. With 13 offices globally, Linnovate Partners administers over $140 billion in assets across more than 800 alternative investment funds.
About RAISE Technologies
RAISE, the technology arm of Linnovate Partners, is a leading asset servicing and technology provider dedicated to the alternative investment industry. Combining deep financial expertise with cutting-edge technology, RAISE delivers comprehensive fund administration, digital asset solutions, and investor reporting services to private equity, real estate, hedge funds, and more. Currently serving over 10,000 fund managers and investors with more than $2 trillion in assets across its ecosystem, RAISE is at the forefront of modernizing alternative investment operations through automation and innovation.
About VC Fund Controllers Network (VCFCN)
VC Fund Controllers Network (VCFCN) is a general incorporated association established in 2022 for fund controllers and other professionals involved in VC and CVC fund operations in Japan. With more than 230 members as of October 2026, it provides a platform for sharing practical knowledge, raising industry standards, and building connections across the community.
The Network organizes seminars, networking sessions, and other learning opportunities for its members. Seminar topics range from compliance, portfolio valuation, and investor relations to leadership. In a field where opportunities for structured learning and peer exchange have traditionally been limited, VCFCN offers a valuable forum for members to deepen their expertise and connect with peers.
