Animal Spirits Establishes Fund II, "Animal Spirits 26," Aiming for 6 to 8 Billion Yen

Animal Spirits LLC (Representative Partner: Yusuke Asakura), a venture capital firm, announced the establishment of its second fund, "Animal Spirits 26 Investment Limited Partnership," on April 30, 2026. Building on the insights gained from its first fund's investment activities, this second fund adopts an operational policy of a "disciplined mid-sized fund" suitable for the Japanese startup market.

In its first fund, established in 2023, the company focused on "social transformation for future generations" as its investment theme, investing in 27 companies primarily in the seed and early stages. To date, it has achieved three exits, including the stock listing of Batonz Inc. and the M&A of Michivik Inc., supporting the growth of its portfolio companies.

In recent years, venture capital firms have been increasing in size both domestically and internationally. However, the Japanese startup market has a unique structure compared to the US market in terms of market capitalization at the time of listing and the scale of publicly traded shares. Our goal is to create startups that generate major industries and drive "social transformation for future generations." To continuously fulfill this mission, it is essential for the fund to generate sustainable returns. Therefore, we believe it is important to maintain an appropriate size that balances investment discipline with support quality, rather than aiming for scale expansion.

With this philosophy in mind, following our first fund (approximately 6.3 billion yen), we have set the target fund size for the second fund at 6 to 8 billion yen to maintain a disciplined mid-sized scale. While avoiding the dilution of investment discipline due to increased size, we will secure the capital supply capacity necessary for entrepreneurs to continue their challenges, maintain a system for continuous engagement with entrepreneurs, provide sufficient risk money at the necessary timing, and be deeply involved with each company.

The investment targets will continue to be primarily seed and early-stage companies, with the main themes of "Protecting the Nation" and "Pioneering the Frontier." We will invest in businesses that address structural issues facing Japanese society, such as labor shortages and aging populations, and business succession, as well as in technological fields that challenge the creation of new industries like space, AI, and robotics.

Animal Spirits will continue to strive to create startups that lead social transformation for future generations, acting as an "investor with an entrepreneur's perspective," by being the closest partner to entrepreneurs.

Comment from Representative Partner, Yusuke Asakura

Through my direct involvement in the management of listed companies and startups, I have realized that what entrepreneurs truly need is sufficient risk money delivered at the right time, and support during critical moments such as fundraising, M&A, and IPOs. As outsiders, our ability to provide essential value to entrepreneurs, who think more deeply about their own businesses than anyone else in the world, is limited to areas where our knowledge gap is significant or where our external perspective offers unique insights.

With reforms progressing in the Tokyo Stock Exchange Growth Market, and with growth after listing and investment returns being scrutinized more than ever, it is essential to maintain investment discipline and engage deeply with each company.

Animal Spirits is involved with its portfolio companies from both business and financial perspectives, led by myself, who has experienced entrepreneurship, company sales, and the reconstruction of a listed company, and Shota Araki, a professional in financial strategy who has worked on M&A. We will engage in venture investment as "investors with an entrepreneur's perspective," covering exits including IPOs and M&A.

Investment Themes and Example Areas

We will invest in startups in the seed and early stages, focusing on areas that contribute to "social transformation for future generations." Specifically, we envision the following businesses and technologies:

【Protecting the Nation】Solving Japan's Social Issues

Labor Shortages / Stagnant Productivity

Super-aged Society

Business Succession / Regional Economies / Social Isolation

Aging Infrastructure / Disaster Prevention

【Pioneering the Frontier】Industrializing Japan's Technological Capabilities

AI / Robotics (Physical AI)

Space

Energy / Decarbonization

Semiconductors / Advanced Materials

We will also execute follow-on investments after the initial investment.

GP Profile

Yusuke Asakura (Representative Partner)

After graduating from the University of Tokyo Faculty of Law, having attended a jockey training school, he joined McKinsey & Company. He then returned to Naked Technology, a startup he founded during his university years, and became its representative. Following its sale to mixi, Inc., he joined the company and became its Representative Director, President, and CEO. After leading the company's business turnaround and renewed growth through a change in business model, he founded Signifiant, with the theme of creating startups that continue to grow after IPO, following a period as a visiting researcher at Stanford University. Through Signifiant, he established the growth capital fund "THE FUND" and provided risk money to late-stage startups such as SmartHR, Taiyme, and Astroscale. He subsequently founded Animal Spirits and engages in venture investment in seed and early-stage companies with the theme of "social transformation for future generations."

Major works include "Finance Thinking" and "The Analects, Abacus, and Myself."

Shota Araki (General Partner)

Graduated from Waseda University Faculty of Political Science and Economics. After working as a certified public accountant at Ernst & Young ShinNihon LLC, he obtained an MBA from Northwestern University Kellogg School of Management. At Goldman Sachs Securities, in both the Tokyo office and the New York headquarters, he engaged in M&A advisory and fundraising for a wide range of clients from large corporations to startups, primarily in the technology, media, and industrial sectors. He then joined Signifiant with the establishment of the independent growth capital firm "THE FUND," and was involved in startup investments in over 10 companies, mainly in the late stage.

Track Record of First Fund (Established 2023)

Number of Investments: 27 companies (primarily seed and early stage)

Exits: 3 (1 IPO / 2 M&A)

*As of June 30, 2026

Fund Overview

Fund Structure

Investment Limited Partnership

General Partner (GP)

Animal Spirits LLC

Establishment Date

April 30, 2026

Fund Size

6 to 8 billion yen

Investment Target

Seed and early-stage startups developing businesses that contribute to "social transformation for future generations."

*Mainly unlisted domestic startups (foreign companies also eligible)

Investment Amount per Company

Up to 500 million yen

Investment Policy

Lead, Co-lead, Follow-on, Secondary, etc.

Animal Spirits will continue to support startup growth and promote "social transformation for future generations" as an "investor with an entrepreneur's perspective," leveraging its firsthand experience in managing companies at different phases, from seed-stage startups to listed companies.

Contact Information

Animal Spirits LLC https://animalspirits.jp