a range of other ecosystem actors. The wider aim is to transform the structure of the health and care institutions in Japan to change individual perceptions of how healthcare models work. Wellness Fund Limited Partners are diverse and include: Higo Bank, Organization for Small & Medium Enterprises and Regional Innovation JAPAN, Japan Post Insurance Co., Ltd., Teikoku Seiyaku Co., Ltd., Keio University, SIIF, Tokio Marine & Nichido Fire Insurance Co., Ltd., and Kaneto Capital Management Pte. Ltd. The WF set a long-term goal of driving social change (impact) to create “a society where everyone can live better.” To that end, the portfolio of investments aims to increase wellness literacy and enrich social capital in Japan. Specifically, WF’s investment thesis focuses on wellness as an attitude for living a better life and reflects a shift from “quantity” health (merely extending life expectancy) to “quality” health (activeness, self- determination, and positive lifestyle). As of November 2024, the SIIFIC had assets under management of ¥3.6 billion (approximately US$23.04 million). 33 The WF, through its Theory of Change (ToC), set a goal of achieving “Wellness Equity” and identified two leverage points: Improving Wellness Literacy and Enhancing Social Capital. 34 Based on these, four investment themes were outlined to maintain the integrity of the fund’s ToC, preventing it from wavering merely for the sake of making investments. 1. Safe and reliable products and services that become the default standard for healthcare (bring about behavioral change on the supply side). 2. Products and services that encourage active pursuits of activities, choices and lifestyles that lead to a state of holistic health (bring about behavioral change on the demand side). 3. Products and services that connect individuals in a flexible and independent way. 4. Startups with potential to create jobs locally and foster vibrant living environments. The defining feature of Investment Theme 4 lies in its focus not on specific products or services, but on the startups themselves. By targeting the enterprise holistically rather than specific offerings, the WF remains open to a range of industries, provided the investment fosters opportunities within regional areas that deliver meaningful work, competitive remuneration, career progression, and future aspirations for young people.
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Ten Years in the Making
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