Subscribe to unlock this article
Thanks for your support.
The Japanese corporate environment traditionally operates on a seniority-based system, which restricts younger leaders from advancing early in their careers. As a self-funded searcher, Moto Dohi experienced firsthand the challenges of navigating this structure, and he realized that traditional SFs could break these barriers. This realization led him, in 2023, to support Eisuke Kobayashi and Suzaki Mitsuharu (founders of Japan Bullseye Capital) and launch White Horse Capital Management, alongside other graduates from the IMD Business School. The fund’s name, “White Horse,” was inspired by a bar next to the school in Switzerland.
Their objective is to back ambitious and capable individuals who can lead, grow, and transform businesses, cultivating the next generation of leaders, particularly in Japan, where untapped talent is abundant but often constrained by corporate norms. In less than a year, they have already invested in 3 SFs: M-Capital, Japan Bullseye Capital, and Japan Relay Partners. They plan to expand this number significantly over the next few years. Additionally, they recently participated in the acquisition of I’ll Corporation, a company that produces 3D data and Styrofoam art for theme parks and concerts.
For now, White Horse Capital Management has started with an initial capital of $3M, but they expect to continuously increase this amount to support a broader pool of next-generation leaders. They possess strong cash-generating businesses from other investments and plan to remain fully independent.
Moto explained, “Japan’s market presents a unique opportunity, particularly due to its aging population and the seniority-based corporate culture. This creates a gap for younger leaders to step in and transform businesses, especially in the SME sector. At White Horse, we see this as a chance to empower MBA graduates to not only grow personally but also reshape the business landscape by driving innovation, efficiency, and long-term success in Japan. We believe the SF model can bring fresh energy to Japan’s SMEs and, ultimately, contribute to revitalizing the economy.”
To date, most Japanese deals have been made through accelerators, but White Horse’s philosophy is to back exclusively traditional SFs, as they offer a different pathway for leadership development. Moto emphasized that the traditional model gives searchers the true entrepreneurial experience, including its challenges and isolation. While their current focus is Japan, they are open to expanding into other markets, including Europe, as they believe in the global potential of this asset class.
