Establishment of an Impact Investment Fund Utilizing Dormant Deposits
A 1 billion yen impact investment fund utilizing dormant deposits has been established in Gunma Prefecture to revitalize tourism.
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- 📰 Published: April 1, 2026 at 00:00
Gunma Regional Co-creation Partners Co., Ltd. (CEO Hideo Kagiyama, hereinafter referred to as "Our Company") has been selected for the "Dormant Deposit Utilization Project*1" by the Japan Association for the Advancement of Philanthropic Activities (Representative Director Masaya Ninomiya, hereinafter referred to as "JANPIA"), a designated activity organization for dormant deposits. We have established the "Gunma Sustainable Tourism Fund" (Formal Name: Gunma Sustainable Tourism Investment Business Limited Partnership) (details in separate document), a social impact investment*2 fund, with a total amount of 1 billion yen.
This is the first initiative in Japan to establish a fund for tourism revitalization at the prefectural level using dormant deposits, involving prefectural related organizations, regional financial institutions, and tourism-related businesses.
Through the operation of this fund, themed "Creating Sustainable Tourist Destinations," Our Company will maximize the potential of the region and contribute to the sustainable development of the local society and economy, as well as environmental conservation.
*1 A system based on the "Act on the Utilization of Funds Related to Dormant Deposits for the Promotion of Private Public Interest Activities," which utilizes deposits for which there has been no transaction for 10 years or more to solve social issues and promote private public interest activities.
*2 An investment method that aims to achieve both economic returns and solutions to social issues.
1. Fund Overview
Fund Name | Gunma Sustainable Tourism Investment Business Limited Partnership |
Total Fund Amount | 1 billion yen |
General Partner (GP) | Gunma Regional Co-creation Partners Co., Ltd. |
Limited Partners (LPs) | Japan Association for the Advancement of Philanthropic Activities (JANPIA) The Gunma Prefecture Tourism and Products Association (GTIA) H.I.S. Co., Ltd. The Gunma Bank, Ltd. The Towa Bank, Ltd. Kitagunma Shinkin Bank Kiryu Shinkin Bank Shinonome Shinkin Bank Tonogun Shinkin Bank |
Investment Targets | ① Funds for the reuse of vacant houses and shops in tourist areas within Gunma Prefecture ② Funds for initiatives to reduce environmental impact, such as renewable energy ③ Funds for supporting the stable employment of foreign workers through the development and operation of educational programs |
Fund HP |
Diagram of the Scheme
The LP investors bring together a diverse range of investment entities, providing "funds x knowledge x implementation power" to the region as a strong network through public-private collaboration.
2. Overview of the General Partner (GP)
Company Name | Gunma Regional Co-creation Partners Co., Ltd. |
Representative | Hideo Kagiyama, President and Representative Director |
Established | December 2020 |
Address | Moto-soja Town, Maebashi City, Gunma Prefecture |
Shareholders | The Gunma Bank, Ltd. (100%) |
Business Activities | Investment, Fund establishment and operation |
Comments from the GP
Hideo Kagiyama, President and Representative Director, Gunma Regional Co-creation Partners Co., Ltd.
I am extremely pleased to be able to launch this initiative with JANPIA and others, supporting companies tackling social issues through the establishment of an impact investment fund utilizing dormant deposits. The Gunma Bank Group, in its Medium-Term Management Plan "Growth with 'Purpose' ~Towards Sustainable Growth of the Region and the Gunma Bank Group~," has set "Challenging the Creation of a Sustainable Regional Economic Zone" as a strategic theme in its basic policy. We intend to promote this through joint funds with regional stakeholders, and this initiative is one such measure. We will continue to provide creative value and contribute to the sustainable development of the local community.
3. Core Impact Targeted by This Fund
This fund will invest in the following three priority areas to build a sustainable future for the region:
Reuse of vacant houses and shops
→ Revitalizing dormant regional individuality and creating new value in the local economy
Support for the stable employment of foreign workers
→ Fostering a diverse regional society and securing human resources
Reducing environmental impact for sustainable tourism
→ Balancing tourism and environmental conservation, building a tourism model that protects the region's natural resources
These are not merely social contributions but strategic investments that achieve both profit opportunities for regional economic independence and social value for sustainability.
4. Comments from LP Investors
Akihiko Horie, Managing Director and Head of Consulting Business Headquarters, The Gunma Bank, Ltd.
I would like to express my sincere gratitude to JANPIA, the Gunma Prefecture Tourism and Products Association, many regional financial institutions, and H.I.S. Co., Ltd. for their approval and participation in the establishment of this fund.
Gunma Prefecture possesses diverse tourism resources, including rich nature and hot springs. However, it also faces regional challenges such as population decline, labor shortages, and business succession. We believe that this fund, under the framework of social impact investment utilizing dormant deposits, holds significant meaning in that it brings together diverse entities beyond the scope of finance to tackle these challenges through collaboration.
Our bank has set "Challenging the Creation of a Sustainable Regional Economic Zone" as a goal in its Medium-Term Management Plan, and this fund is an initiative that embodies this philosophy in the tourism sector. By working together with each investor, we will contribute to the creation of sustainable tourist destinations that leverage regional resources and foster a virtuous cycle in the regional economy, going beyond mere financial provision to offer supportive guidance.
Aiko Kosaki, Director of the Investment Business Department, Japan Association for the Advancement of Philanthropic Activities (JANPIA)
As a fund conducting "investment business" under the Dormant Deposit Utilization Act, we have selected this project as a funding recipient for fiscal year 2024. We recognized its strengths in addressing regional issues rooted in local circumstances, its collaborative approach with numerous regional financial institutions, travel agencies, and foundations as LPs, and its commitment to tackling unique challenges in "hot spring areas" with diverse stakeholders. Furthermore, its proactive stance in addressing social issues in the tourism and energy sectors in collaboration with regional stakeholders is expected to serve as a model for other regions. JANPIA will support the resolution of issues in Gunma together with all of you.
Hiroshi Kajiki, General Manager of Sales Headquarters, H.I.S. Co., Ltd.
It is a great honor to have the opportunity to participate in this fund.
From our position on the front lines of regional revitalization, we see great potential in the social impact that this fund aims to achieve.
We are committed to accelerating business growth as a hands-on partner and maximizing social impact.
We sincerely look forward to embarking on a journey of "co-creation" towards the realization of a sustainable regional society through strong collaboration with all of you.
Tatsuya Irisawa, Chairman, Kitagunma Shinkin Bank
By participating in this fund focused on tourism revitalization, we, as a regional financial institution with many hot spring areas in our service region, intend to contribute to the sustainable development of the local community.
Through this fund, we will strive to contribute to solving regional issues more than ever before.
Masumi Tsukui, Chairman, Kiryu Shinkin Bank
Our bank is headquartered in Kiryu City and conducts community-based business activities. We will celebrate our 100th anniversary on February 14, 2025. Under our vision of "ALL FOR SMILE," which means acting for the smiles of the community, we strive to contribute to the development of the local community as the most accessible financial institution, by providing support that is close to our customers.
Through this fund, we will invest in themes such as the reuse of vacant houses and shops, support for the stable employment of foreign workers, and support for renewable energy, thereby contributing to the creation of sustainable tourist destinations.
Masato Iwasaki, Chairman, The Gunma Prefecture Tourism and Products Association (GTIA)
People in Gunma often say, "There's nothing in Gunma." However, after leaving Gunma and taking on the role of Chairman of the Gunma Prefecture Tourism and Products Association, I look at Gunma anew and feel that it is full of "charm." Our association works to create tourist destinations by collaborating with stakeholders such as the government, tourism associations, and those involved in the tourism industry, so that many people can enjoy this "charm" in a "sustainable" manner.
The tourism industry, like other industries, faces many challenges, including labor and successor shortages, a decrease in tourists due to population decline, and rising prices. We expect that the initiative by Gunma Regional Co-creation Partners Co., Ltd. to support companies tackling social issues through this impact investment fund will lead to the resolution of these issues and increase the feasibility of "sustainable tourism."
We will continue to strive to achieve our association's mission: "Connecting a 'Waku Waku' (Exciting) GUNMA to the Future."
Keiichi Yokoyama, Chairman, Shinonome Shinkin Bank
Our bank is a shinkin bank operating in the central and southern parts of Gunma Prefecture, and we were able to celebrate our 100th anniversary in June 2025, supported by the local community. Our service area has many tourism resources, including the World Heritage site "Tomioka Silk Mill and Related Sites." However, we feel that fostering and promoting more tourism opportunities is crucial for regional revitalization. We are delighted to be involved in this fund, working together with JANPIA and others to invigorate the attractive tourism resources throughout Gunma Prefecture. Our bank will also strive to create value for further regional revitalization by leveraging Gunma's attractive tourism resources.
Masaaki Yamaguchi, General Manager of Sales Planning Department, The Towa Bank, Ltd.
The characteristic of this fund, "Sustainable Regional Development through Regional Co-creation," aligns with our bank's purpose: "We will stand by our regional customers and create a prosperous future together."
The establishment of a prefectural-level fund with a tourism theme for dormant deposit utilization is a pioneering initiative in Japan. We deeply resonate with the philosophy of achieving both regional economic independence and profit opportunities, as well as social value for sustainability, rather than mere social contribution, and have therefore participated.
We will continue to actively collaborate to support the development of tourist destinations and become a pillar of support for the regional economy within Gunma Prefecture.
Takashi Sakai, Chairman, Tonogun Shinkin Bank
Tonogun Shinkin Bank is headquartered in Numata City and operates 16 branches.
We have made this investment with the desire to revitalize the tourism-related businesses in Gunma Prefecture and invigorate the tourism-related businesses, which are the main industries of the Tone-Numata region.
With our management philosophy of "Drawing the Future Together with You," we stand by the dreams of our customers and the people living in the region and aim to achieve them together. Through our investment in this fund, we will collaborate with stakeholders to support the creation of attractive tourist destinations, address regional challenges, and contribute to enhancing the region's appeal and sustainable development.
5. Background of the Fund's Establishment
Gunma Prefecture is blessed with diverse tourism resources such as Kusatsu, Ikaho, and Minakami. However, regional businesses are facing challenges such as changing tourism needs, labor shortages, and business succession. Therefore, a region-wide initiative through public-private collaboration is crucial.
We have been exchanging opinions with the Gunma Prefecture Tourism and Products Association (GTIA), a related organization in Gunma Prefecture, regarding tourism-related issues and future prospects. Our Company has leveraged the knowledge gained from the "Ikaho Onsen Town Revitalization Project"*, and GTIA has utilized its network with prefectural tourism organizations and administrative bodies, as well as its experience in supporting foreign workers, to consider concrete measures.
Subsequently, our Company, Gunma Bank, and GTIA engaged in discussions for a public-private partnership initiative and signed a "Comprehensive Cooperation Agreement for Promoting Regional Tourism Development and Regional Promotion within Gunma Prefecture" in January 2026.
Regional financial institutions and tourism-related businesses that agreed with the vision of these three parties and sympathized with the awareness of issues and the philosophy of social impact investment have gathered, leading to the establishment of this fund with the aim of creating a sustainable region.
* Prior to this initiative, our Company jointly established a town development company, Ishiraku Co., Ltd., with regional businesses to revitalize the Ikaho Onsen town. Ishiraku Co., Ltd. acquired and renovated a former inn, estimated to be over 100 years old and closed for business, and operates "IKAHO HOUSE 166" as a center house for the tourist destination, creating new tourist flows.
6. Features of the "Gunma Sustainable Tourism Fund"
・Sustainable Regional Development through Regional Co-creation
Local town development and regional revitalization often depend on specific individuals or organizations, and it is difficult for single businesses to solve complex problems or operate sustainably. Therefore, we collaborate with local financial institutions, tourism and commerce associations, and government bodies to support businesses involved in regional revitalization and new participants from outside the region. This allows us to promote initiatives that were previously limited by individual efforts, leading to expected business growth and maximization of social impact.
To solve such problems, we invest in business companies responsible for regional revitalization, and financial institutions, tourism and commerce associations, and government bodies collaborate to promote business growth and maximize social impact.
・Practice of Impact Measurement and Management (IMM) through Investment and Supportive Guidance
We are committed to Impact Measurement and Management (IMM) from investment consideration and execution to post-investment supportive guidance. IMM is a process of continuously measuring the impact of business activities on the environment and society quantitatively and qualitatively, and using the results to improve management and revise strategies. By utilizing logic models and impact reports created during IMM, we explain the social impact of businesses to stakeholders and build consensus, leading to further business growth and impact creation.
This fund goes beyond mere financial provision. It is a next-generation tourism and regional investment model that incorporates [Management Support to Draw Out Regional Value], [System for Impact Measurement and Visualization], and [Balancing Sustainability and Profitability]. It aims not just to preserve regional tourism but to develop it. Connecting regional value to a sustainable future—that is the true mission of this fund.
7. Future Outlook
This fund will broadly recruit individuals and organizations who wish to challenge new businesses in various regions of the prefecture, and applications can be made using the application form on our company's website. We will also collaborate with LP investors and respond carefully to consultations from the region.
Furthermore, with the theme of "Creating Sustainable Tourist Destinations," we will promote a wide range of initiatives, including ① Support for tourism regional development, ② Multicultural coexistence and inbound response, ③ Support and collaboration for regional businesses, ④ Information dissemination and digital marketing, ⑤ Education, training, and human resource development, and ⑥ Promotion of SDGs and sustainability, aiming to become a model for a sustainable regional society through mutual assistance.
FAQ
What is the Dormant Deposit Utilization Project?
It is a system that utilizes deposits for which there has been no transaction for 10 years or more to solve social issues and promote private public interest activities, based on the "Act on the Utilization of Funds Related to Dormant Deposits for the Promotion of Private Public Interest Activities."
What is impact investment?
It is an investment method that aims to achieve both economic returns and solutions to social issues.
What are the main investment targets of the "Gunma Sustainable Tourism Fund"?
The main investment targets include funds for the reuse of vacant houses and shops in tourist areas within Gunma Prefecture, funds for initiatives to reduce environmental impact such as renewable energy, and funds for supporting the stable employment of foreign workers.
What was the background behind the establishment of this fund?
The background includes the need for a region-wide initiative through public-private collaboration to utilize Gunma Prefecture's tourism resources and address regional challenges such as labor shortages and business succession. The signing of a comprehensive cooperation agreement between our Company, Gunma Bank, and GTIA also served as a catalyst.
What are the future prospects for the fund?
We will broadly recruit individuals and organizations who wish to challenge new businesses in various regions of the prefecture. In collaboration with LP investors, we will promote a wide range of initiatives, including support for tourism regional development, multicultural coexistence and inbound response, and support for regional businesses, aiming to become a model for a sustainable regional society through mutual assistance.