- We aim to become a good partner trusted by investees by meeting the various management needs of investees such as sustainable growth, business restructuring, and business succession, and offering assistance in all aspects.
- We aim to become a fund manager trusted by investors by achieving excellent investment results through investments in growing companies and working on proper information disclosure.
- We aim to become a private equity investment firm trusted by society through sustainable growth of our businesses and healthy and fair business practices.
Characteristics of T Capital
Message from the President
Since our inception in 1998, at the dawn of the private equity market in Japan, we launched our fund management business as Tokio Marine Capital, the private equity arm of the Tokio Marine Group, and have since established and operated a total of seven funds.
We invest capital entrusted by institutional investors in Japan and overseas—including banks, insurance companies, and pension funds—into high-quality mid-sized and small companies. Through hands-on support and active engagement, we work closely with our portfolio companies to drive their growth, while striving to be a trusted partner to both our investors and our portfolio companies.
In October 2019, we completed a management buyout from the Tokio Marine Group, transitioned to an independent ownership structure, and were renamed T Capital Partners. The letter “T” embodies our core values of “Trust”, “Team Spirit”, and “Tokyo”.
In recent years, an increasing number of owner-managed companies have turned to private equity funds as trusted partners in addressing business succession and recapitalization needs, working together to achieve sustainable growth. At the same time, large corporations are increasingly utilizing funds as partners and acquirers of non-core subsidiaries and businesses as they seek to optimize their portfolios and enhance capital efficiency.
We place “Trust” at the core of everything we do, pursue disciplined investments, and remain fully committed to addressing the management challenges faced by our portfolio companies, thereby supporting their sustainable growth and long-term development.
Koji Sasaki
President and Managing Partner
Management Philosophy
The core of our business activities is trust.
About T Capital
more than 27years
Years of investment
over$2.2billion
Total commitments from
institutional investors
34
Total buyout investments
Stable fund management principles as a long-established firm
Long-established and proven track record
Started buyout investments as a pioneer of Japan’s private equity industry in 1998 and has survived and generated steady track records through volatile market changes.
Inherited trust and responsibility from Tokio Marine Capital
We have built the independent fund management structure distinguished from the affiliation of Tokio Marine Group.
Trust and responsibility accumulated since the inception has been inherited to each member through the change of our capital structure.
Investment focus on excellent small to midcap companies in Japan
Focus is put on investments in small- to medium-sized corporations equipped with core capabilities, such as those which hold good technology or business models unsurpassed by others. After the investment, TMCap strongly supports managers of portfolio companies as an indispensable partner to ensure moderate and sustainable value creation.
Experienced professional investment team
Our investment team members have a wide variety of backgrounds and experience, having devoted themselves to TMCap for more than 8 years on average. All investment professionals sincerely work together under our slogan “Trust” to solve the management issues of our portfolio companies.
Transparency and close communication with our excellent investors
Investors of the funds we manage are highly qualified and understand the importance of medium- to long-term growth of companies. TMCap maintains a high level of transparency for investors and corporate governance in fund management through close communication with each investor.
Company Overview
| Name | T Capital Partners Co., Ltd. |
|---|---|
| Address | Otemachi Park Building 11F, 1-1-1, Otemachi, Chiyoda-ku, Tokyo 100-0004 Access |
| Founded | December 1991 |
| President | Koji Sasaki |
| Business | Management and operation of buyout investment funds |
| Business Operator Engaging in Specially Permitted Businesses for Qualified Institutional Investors, etc. | Filed in October 2007 |
| Financial Instruments Business Operator | Director-General of the Kanto Finance Bureau (Financial Instruments Business) No. 2374 |
| Membership | Japan Private Equity Association Investment Management Association of Japan |
| Funds under management | TMCAP2016 Limited Partnership T Capital VI Limited Partnership |
（Affiliated Company）
| Name | T Capital Innovations Co., Ltd. |
|---|---|
| Address | 1-1-1, Otemachi, Chiyoda-ku, Tokyo 100-0004 |
| Founded | March 2026 |
| President | Akinori Nishida |
| Business | Management and operation of buyout investment funds |
History
| 1980s | Tokio Marine began its proprietary pre-IPO/late stage venture investing. |
|---|---|
| 1991 | Tokio Marine Capital was founded as a specialized PE investment arm for Tokio Marine (corporate venture capital). |
| Late 1990s | Began full-scale activities in PE investment including buyout as Tokio Marine Group |
| August 1998 | Began third-party fund management with “TMCAP98” (JPY 4 billion) (completed liquidation in March 2007) |
| October 2000 | Began “TMCAP2000” (JPY 22 billion) (completed liquidation in July 2009) |
| March 2003 | Began “New Wanbishi Partners” (dedicated fund for specific investment deal jointly with TMCAP2000) (completed liquidation in July 2008) |
| March 2005 | Began “TMCAP2005” (JPY 33 billion, buyout focus) (completed liquidation in September 2015) |
| August 2011 | Began “TMCAP2011” (JPY 23 billion) (completed liquidation in June 2020) |
| April 2013 | Signed the Principles for Responsible Investment for the first time as a private equity investment firm (GP) headquartered in Japan |
| October 2016 | Began “TMCAP2016” (JPY 52 billion) |
| October 2019 | Changed company name to T Capital Partners with the completion of management buyout from Tokio Marine Group |
| December 2020 | Began “T Capital VI” (JPY 81 billion) |
| January 2021 | Total commitments to funds founded to date exceed JPY 220 billion or $2.1 billion. |
| March 2026 | Established T Capital Innovations Co., Ltd. |
Funds
| TMCAP98 (Liquidated) |
TMCAP2000 (Liquidated) |
TMCAP2005 (Liquidated) |
TMCAP2011 (Liquidated) |
TMCAP2016 (Under management) |
T Capital VI (Under management) |
|
|---|---|---|---|---|---|---|
| Date of foundation | August 21, 1998 | October 2, 2000 | March 25, 2005 | August 15, 2011 | October 21, 2016 | December 4, 2020 |
| Gross capital commitments |
3.7 billion yen | 22.3 billion yen | 32.6 billion yen | 23.336 billion yen | 51.728 billion yen | 81.094 billion yen (Note 1) |
| Investment target | Venture Buyout |
Venture Buyout |
Buyout | Buyout | Buyout | Buyout |
| Number of investees | 19 (Of those, 2 are buyouts) |
11 (Of those, 7 are buyouts) |
4 | 7 | 8 | 7 |
(Note 1) Including other investment entities established side by side with T Capital VI
Total fund commitments (Note 2)
(Note 2) Total fund commitments include 6.2 billion yen of a dedicated fund founded to jointly invest in Wanbishi Archives, the investee of TMCAP2000.