Japanese banks back fund to develop space industry

SMBC, MUFG, and Mizuho Bank are all named limited partners.

Five Japanese lenders have joined the Space Frontiers Second Fund, aimed at supporting the development of space-related industries and companies in Japan.

Sumitomo Mitsui Banking Corporation, Sumitomo Mitsui Trust Bank, Mizuho Bank, MUFG Bank and the Development Bank of Japan are backing the fund as limited partners.

Other limited partners include the Toyota Motor Corporation and Mitsubishi Heavy Industries. 

The fund, established by SPARX Asset Management (SAM), aims to support human resources and technology development in space-related industries, foster globally competitive Japanese space companies, and con- tribute to technological innovation throughout Japan, according to a press release.

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The fund’s operations are scheduled to begin in April 2024 under the management of SAM, with a total capital backing of JPY11b. The subscription target is at least JPY 15b.

It will accept additional subscriptions from investors who agree with the Fund’s purpose through 30 September 2024.