October 28, 2022 Approval for JICT's Decision on Project Support

The Minister for Internal Affairs and Communications has today approved an application from the Fund Corporation for the Overseas Development of Japan's ICT and Postal Services Inc. (headed by OSHIMA Amane, President & CEO) to authorize a decision on support for the development of ICT business, etc. in the U.S. and elsewhere via LP investment.

1. Background

The Fund Corporation for the Overseas Development of Japan's ICT and Postal Services Inc. (JICT) submitted an application to the Minister for Internal Affairs and Communications based on the provisions of Article 25, Paragraph 2 of the Act on the Fund Corporation for the Overseas Development of Japan's ICT and Postal Services (Act No. 35 of 2015). This application sought approval for JICT's decision to support the development of ICT business, etc. in the U.S. and elsewhere via LP investment^*1 (the "target project").
In response to the application, the Minister examined the nature of the support and the target project in accordance with the Support Standards for the Fund Corporation for the Overseas Development of Japan's ICT and Postal Services Inc. (MIC Notice No. 412 of 2015) and the Policy for Fund Investment by the Fund Corporation for the Overseas Development of Japan's ICT and Postal Services Inc. (Directive dated March 31, 2022), and has confirmed that the project meets the support standards and the directive. Accordingly, the Minister has today approved the application as requested.

• *1
  Limited Partner

2. Target project

JICT will invest up to US$25 million (approximately 3.6 billion yen^*2) in NEC and Translink Orchestrating Future Fund, L.P., a new investment fund operated by Translink Capital as GP^*3, to participate in supporting the development of ICT business, etc. in the U.S. and elsewhere, together with NEC Corporation and others.
The project aims to step up the pace of business growth among startups in the realm of 5G/6G, DX, and other key ICT fields by creating business synergies between LP investors and startup companies, supported by the GP, thereby contributing both to creating growth businesses and to solving social issues.

• *2
  Based on a rate of US$1 = 145 yen
• *3
  General Partner

Outline

• Target project: Development of ICT business, etc. in via LP investment
• Target regions: The U.S., Israel, Europe, Asia, etc.
• Approved amount of support by JICT: Up to US$25 million
• Total project cost: US$150 million (tentative)
• Joint investors: NEC Corporation and others

• *
  The published materials are in Japanese only.