Innovation Network Corp. of Japan (INCJ) has said that the government-backed investment fund collected ¥769.4 billion in the nine years from its 2009 launch to the end of March this year, 2.4 times more than the amount it invested.
INCJ plans to invest a total of some ¥1.1 trillion by the end of March 2025, when it finishes its operations, aiming to collect ¥2.2 trillion.
Whether the target will be met depends on the course of business reconstruction of Japan Display Inc., the biggest investment target for INCJ, sources familiar with the situation said Friday.
Japan Display launched operations in April 2012 by integrating the small and mid-size liquid crystal display businesses of Hitachi Ltd., Toshiba Corp. and Sony Corp.
INCJ, created in July 2009 with the aim of providing medium — to long-term risk money, is set to become a fully owned subsidiary of Japan Investment Corp., a new public-private investment fund to be established in late September.
In the nine years, INCJ made direct investment in 133 cases. By the end of July this year, it had sold out shares in target firms in 41 of the total cases.
During a news conference on Friday, INCJ Chairman and Chief Executive Officer Toshiyuki Shiga said, “Realignment is necessary for Japanese companies because they are in excessive competition.”