Bee Alternatives Japan合同会社（代表社員：乙訓 史樹）、株式会社三井住友銀行（頭取CEO：福留 朗裕）、SMBCベンチャーキャピタル・マネジメント株式会社（代表取締役：吉川 弘昭）は、スタートアップの持続的な成長を支援するセカンダリーファンドを設立しました。

日本では、2010年代から急拡大したエクイティ資金により、スタートアップ市場が拡大してきました。一方、直近では満期を迎える投資ファンドが増加しており、これに対応するセカンダリー（未上場株式の二次流通）やM&A市場の成長など、非上場株式の流動性を高めることが課題となっております。

非上場株式の流動性を高めることは、スタートアップの上場時期や資金調達方法の選択肢を広げることに繋がり、日本のエコシステム成長に向けた重要な要素です。
斯かる状況下、スタートアップの持続的な成長を支える環境を整備すべく、「国内VCファンドが、投資先を継続支援するために設立する投資ビークルへ投資をするセカンダリーファンド」を組成し、第１号案件の投資を行いました。今後、１年程度をかけて外部の投資家を募集します。

本ファンドの活動を通じ、日本経済の再成長、成長資金の供給と運用対象の多様化による資産運用立国の実現に寄与してまいります。

【ファンド概要】
・名称　　　　　　　ジャパン・ブーストアップ1号投資事業有限責任組合
・運営者　 　　　　　Bee Alternatives Japan 合同会社、SMBCベンチャーキャピタル・マネジメント株式会社
・運用総額　　　　　 50億円（今後外部の投資家を募集し、100～150億円での組成を目指す）
・設立日＆運用期間 　2025年2月26日＆10年間
・投資対象　　　　　 国内VCファンドが設立する投資ビークル

Bee Alternatives Limited（以下「BAL」）の持株会社である Bee Alternatives Management Ltd.（以下「BAM」）* は、JAFCO Group株式会社（以下「JAFCO」）より、JAFCO Investment（Asia Pacific） Ltd.（以下「JAFCO Asia」）の発行済全株式を取得するための最終契約（以下「本買収」）を締結したことをお知らせいたします。本買収は、アジア地域におけるBAMの投資プラットフォームおよび運用能力の強化を目的とした戦略的取り組みの一環です。買収完了後、BAMは当該ファンドのジェネラル・パートナーおよびマネージャー（いずれもリミテッド・パートナーシップ契約に基づく定義）の株式を直接または間接的に保有することになります。

JAFCO Asiaは、テクノロジー関連の成長企業を対象に、アーリーステージからグロースステージまで幅広く投資を行うベンチャーキャピタル運用会社です。1990年代の設立以来、アジア太平洋地域において先駆的な存在として、革新を牽引し、起業家支援に注力してきました。シンガポールに本社を構え、台湾および中国にも子会社を展開しており、東南アジア・台湾・中国・インドを含む広範な地域で強固な投資基盤を構築しています。

本買収は、BAMの長期的な成長戦略における重要なマイルストーンであり、BALが展開するセカンダリー投資事業とは一線を画す独立した取り組みです。堅実な運営基盤を有する既存プラットフォームを取得することにより、BAMは当該地域でのプレゼンスを一層強化し、グループ全体の投資戦略との補完関係を築くことで、新たな価値創出の機会を追求します。さらに、本買収を通じて、アジアにおけるPE/VCエコシステムの連携を強化し、成長および協業の新たな可能性を切り拓くことを目指します。

BALは今後も引き続き、グローバルなセカンダリー投資に特化したファンドの運用および助言を行ってまいりますが、本買収はそれとは独立した事業として設計・運営されており、プラットフォームの多様化およびアジア太平洋地域における更なる展開を図るものです。

本買収のクロージング（取引完了）は、関係当局の承認およびその他のクロージング条件の充足を前提として、2025年中に完了する予定です。

(*) 組織再編により、今後BALはBAMの子会社になる予定である。

On 9th July 2024, Bee Alternatives was featured in MARR Online, a news portal that offers daily M&A related news and reports. The article can be found here.

https://www.marr.jp/menu/ma_strategy/ma_pefund/entry/52966

Our Founding Partner, Fumiki Otokuni, highlighted that according to Japan’s Financial Instruments and Exchange Act, investee funds must be registered as Specially Permitted Businesses for Qualified Institutional Investors (SPBQII) in Japan if the investor (e.g., a secondary fund like ours) is also a Japan-registered SPBQII.
It has always been challenging for us to proceed with attractive deals when both the seller and the investee fund were foreign. This difficulty has been a significant factor in our decision to restructure the GP/fund and spin off from Ant Capital Partners. Now, by becoming independent and relocating Bee Alternatives to Malaysia as a licensed fund manager, we are proud to say that we have broader opportunities from both Japanese and non-Japanese sellers.

In both Japan and Asia (ex-Japan), institutional investors such as corporate pension funds and financial institutions make up the majority of sellers.
"The government linked funds in Asia would also appreciate secondary solutions to recycle their capital in old committed funds into the new generation funds in their effort building up the private capital market." Yuliang Chen mentioned.

Similarly, Atsuhiko Inoguchi predicted that the demand for PE secondaries is expected to steadily increase.  "Some LPs have already reached their investment budget limits, making it increasingly challenging for them to invest in or re-commit to newly launched funds. This circumstance will likely prompt LPs to contemplate selling their existing investments to reallocate their investment budgets:" he added.

Bee Alternatives Limited（以下「Bee Alt」）は、運営するファンドを通じて、みずほ証券株式会社と共に、Bee 6 Target１号投資事業有限責任組合に出資を行ったことをお知らせいたします。 

Bee Altは、主に国内のGP・LPに対して、プライベート・エクイティ・ファンドへの出資持分の譲受（LPセカンダリー）、継続ファンド（GP-ledセカンダリー）等の流動化ソリューションを提供しております。 

今後も、国内を中心に投資家に対する適切な流動化機会の提供、ファンド・マネージャーの皆様に対する柔軟性を持たせたファンド運営機会の提供等を通じて、黎明期にある国内セカンダリー市場の発展に貢献して参ります。

Bee Alternatives Limited (BAL), a distinguished member of the Malaysian Venture Capital & Private Equity Association (MVCA), had the honour of participating in the Malaysia Venture Forum 2023: Reflect, Assess and Charge Forward. The event drew over 200 attendees from Malaysia and the wider region, making it the flagship event of the year for MVCA.

On December 6, 2023, Yuliang Chen, Founding Partner of BAL and a committee member of MVCA, had the privilege of contributing as an esteemed panelist in a session addressing the "Rising Pressure of Exits: How SEA Navigates the Dynamics in the Current Market Environment." Joining him were industry representatives, including Aliff Omar from Ekuinas, Khairu Rejal from Investible, and Selvarany Rasiah from Kapital DX. The panel was skillfully moderated by Zhen Hui Low from Artem.

During the panel session, Yuliang shared valuable insights into various liquidity solutions within secondaries, with a focus on both GP-led and LP-led transactions. A key emphasis was placed on GP-led transactions, highlighting how GPs can retain trophy assets deemed untimely for divestment in the current market environment. This involves secondary investors providing selling LPs in the original fund to achieve liquidity, allowing GPs to manage assets in the continuation fund, add value, and maximize exit valuations. This mutually beneficial approach proved to be a winning formula for all stakeholders. Yuliang also underscored the critical importance of governance with strong alignment of interests with GPs when executing GP-led transactions and shared his positive perspective about the future secondary opportunities and exits in SEA.

BAL extends its sincere gratitude to SaiKit Ng, Chairman of MVCA, and the entire MVCA team for orchestrating a successful summit in Malaysia that attracted not only local professionals but also those from abroad. We trust that our participation and contribution will add weight to MVCA’s effort in propelling the industry to new heights.

On 9th November, we were invited to participate in the BDA Japan PE Conference 2023. The event was attended by the investment professionals in the private equity industry in Japan.

Our Founding Partner, Atsuhiko Inoguchi, was invited as one of the esteemed panelists for the GP-led Secondaries in Japan session. The session mainly delved into the evolving landscape of the secondaries market in Asia, with a specific focus on the Japanese market. Alongside with Bee Alternatives Limited, J-Star and AI Capital were also invited to participate in the discussion to offer a wholistic perspective from the buyer, seller, and managing GP standpoints in the completion of a secondaries transaction.

During the session, Atsuhiko shared his valuable insights about the challenges typically faced by a buyer in secondaries transactions. He emphasized on the importance of effectively managing the expectations of LPAC and ensuring a robust alignment with the managing GP before and after a secondaries transaction.

Overall, the panel of speakers collectively concurred on the significance of secondaries in the current economic climate, where M&A and IPO opportunities are scarce. Secondaries transactions emerged as a vital mechanism in providing liquidity to LPs, playing a pivotal role in recycling private capital in the PE landscape.

We would like to express our gratitude to BDA Partners for the opportunity to contribute our knowledge in the PE secondaries space and congratulate them for a successful event.

Bee Alternatives Limited (BAL) just had a heartwarming event recently. On October 21st, we had the immense pleasure of hosting the wonderful children from Rumah K.I.D.S for a day filled with laughter, connection, and unforgettable experiences.

Our day kicked off with a trip to an animated movie, where the children were treated to a cinematic adventure that had laughter lighting up the hall. The movie ended with a great moral, enriching not only the children but members of Bee Alternatives Ltd as well.

Following the movie, we gathered for a delicious lunch, creating a space for meaningful conversations and connections where our team members had the privilege of interacting with these bright and spirited individuals, fostering our sense of community and responsibility with the various components of this society.

The highlight of the day was undoubtedly the exhilarating laser tag game session! Laughter and excitement echoed through the arena as Bee Alternatives members joined hands with the children, discussing the shooting strategies, battling between the teams.

At BAL, we believe in giving back to the community we thrive in, and this joyful event was a testament to our motto. Witnessing the children’s simple joy and excitement was truly priceless!

A heartfelt thank you to Rumah K.I.D.S for providing a loving and healthy growing environment to the children which we could testify through the courteous disposition carried by each and every one of the children throughout the outing.

We recently participated in the Asia PE-VC Summit hosted by DealStreetAsia in Singapore, a two-day summit attended by hundreds of investment professionals from the region.

Our Founding Partner, Yuliang Chen, was invited to be one of the esteemed panelists, sharing profound insights on the topic of what is stopping GP-led secondaries in Asia. He shared the panel with representatives from HarbourVest Partners, TR Capital, and MUFG Investor Services.

Yuliang Chen highlighted some important trends observed within the Asian secondaries market. One of the crucial points he emphasized was the significance of stronger GP alignment in GP-led transactions. He stressed the importance of being discerning when choosing to collaborate with managers who express an intention to execute GP-led transactions. To enhance the sense of GP alignment, secondary investors are exploring various structured solutions and raising expectations regarding the GP's ability for value creation and emphasizing on portfolio exits within a visible timeline.

While secondaries have finally gained traction in Asia, serving as an essential tool for viable exit solutions in the region, we envision tremendous opportunities that Bee Alternatives can seize in supporting various secondary opportunities, whether they are GP-led or LP-led transactions.

We would like to take this opportunity to express our gratitude to DealStreetAsia for extending the invitation and to congratulate them on hosting another successful summit this year!