Mizuho to launch China tech fund, commits initial $20m: Report

Pedestrians are reflected in the logo of Mizuho Financial Group outside a Mizuho Bank Ltd branch in Tokyo, Japan. Photographer: Tomohiro Ohsumi/Bloomberg

Mizuho Securities, a subsidiary of Japan’s second-largest lender Mizuho Financial Group, will establish a technology investment fund in China in partnership with two local venture capital firms, according to a report by the Nikkei.

Mizuho Securities is said to have made an initial $20-million commitment to the fund, which will be managed by Cybernaut Investment Group and New Frontier Capital Management (Hong Kong), in which the Japanese brokerage house is a shareholder.

The new fund will focus on investments in technologies such as artificial intelligence and fintech. Mizuho and Cybernaut expect to expand the portfolio to about $300 million, the report said.

In an attempt to boost its services for corporate clients abroad, Mizuho plans to help Japanese firms partner with and invest in Chinese startups.

Earlier this month, the parent group joined an initiative to support startup businesses through a cooperation with Hong Kong’s Cyberport and the Hong Kong Science and Technology Parks Corporation. Under the agreement, the parties will assist Japanese and Hong Kong startups in entering the two markets, participating in business demonstration events, pursuing R&D, as well as facilitating investments.

Mizuho said the partnership will contribute to the economic development of Japan and of the Greater Bay Area encompassing Hong Kong, Shenzhen, and Guangzhou.

In October, Mizuho also sealed a deal with China Investment Corporation, Nomura Holdings, Daiwa Securities Group, Mitsubishi UFJ Financial Group and Sumitomo Mitsui Financial Group, to set up a private equity fund to finance Japanese companies entering the Chinese market and Japan-China joint ventures.

 

Also Read:

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.