Dai-ichi Life invests JPY1 bn in VC fund

Japan’s Dai-ichi Life Insurance Company (Dai-ichi Life) has committed JPY1 billion (USD9.03 million) to a venture capital fund investing in renewable energy, marking the insurer’s tenth domestic impact investment in the past 17 months.

Impact investing refers to investments in enterprises that produce social and environmental benefits, in addition to financial returns. Dai-ichi Life is one of the pioneers of such investments in Japan’s insurance industry.

The venture capital fund, EEI Fund 4 Investment Limited Partnership, will invest in startups with new technologies and services in renewable energy and energy storage, Dai-ichi Life says in a statement on March 21.

The fund is managed by Tokyo-based Energy & Environment Investment Inc. (EEI). According to Dai-ichi Life, this is the only energy and resource-focused venture capital manager in Japan.