TOKYO Hakuba Knight Fund reaches initial target of US$25M

The TOKYO Hakuba Knight Fund, operated by National Search Fund (NSF), has reached its initial target of 4 billion yen (US$25M) and closed at the end of March 2026. In addition to the Tokyo Metropolitan Government, various institutions—including regional banks, credit unions, and the Tokyo Credit Guarantee Association—participated as LPs. These include Kiraboshi Bank, Shiba Shinkin Bank, Jonan Shinkin Bank, Seibu Shinkin Bank, and the Bank of Yokohama.

This marks the first time in Japan that a credit union has invested in a fund of SFs, demonstrating that financial institutions supporting local communities are also backing systems that develop the next generation of managers responsible for the future of SMEs.

NSF has received more than 300 searcher applications to date, of which 21 have been selected and trained. Six have successfully completed succession, and two investments have been executed through the TOKYO Hakuba Knight Fund.

Kenta Maeda, COO of NSF, commented: “We have achieved the 4 billion yen target we have been pursuing since the fund’s inception, and we are pleased to have successfully closed the fund. I believe that the participation of three Tokyo-based credit unions and the Tokyo Credit Guarantee Association reflects a strong commitment among financial institutions to collaborate beyond traditional boundaries in order to support SME succession in Tokyo through new approaches. The search fund model develops the next generation of managers and supports the ‘second founding’ of companies. Through this fund, we hope to further expand this model from Tokyo.”