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WM Partners

Private equity

Tokyo · Growth–Late Stage · 26 people tracked

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Investment thesis

WM Partners positions itself as a unique player in Japan's PE/VC landscape, focused on partnering with small and mid-sized companies that have growth potential and supporting their business and capital strategies from investment through exit. Alongside control buyouts, it offers minority investments (growth financing and existing-shareholder secondaries) in step with management teams. It is a pioneer of Japanese secondary investing, running one of the country's largest secondary funds covering LP interest acquisitions and GP-led transactions. It also manages an emerging-manager fund-of-funds dedicated to domestic VCs, building a platform to support new venture capital firms shaping the future of the startup ecosystem.

Invests inConsumerHealthtechSector AgnosticJapanTokyo

Source: firm website, verified Nov 1, 2026.

Stage
Growth–Late Stage
HQ
Tokyo, JP
Instruments
Equity
Founded
2013

Team · 26 people

from the firm's website
Moriyoshi Matsumoto· マネージングパートナー (Managing Partner)

Joined JAIC in 1989 and managed growth funds and corporate venture capital across Japan, the US, Southeast Asia and China; served as US subsidiary CEO (2007), JAIC president (2009) and chairman (2012). Founded WM Partners in 2013 and serves as its representative chairman. Graduate of Keio University, Faculty of Law.

Tatsuo Terabe· インベストメント・ディレクター / 共同創業者 (Investment Director / Co-founder)

Became CFO of incubation company Ebistrade in 1999 after time at Nissho Iwai (now Sojitz), then joined JAIC in 2004 working on JSPF Fund No.2 formation, new investment and portfolio support. Co-founded WM Partners in 2013. Graduate of Hitotsubashi University, Faculty of Economics; junior CPA.

Yasuo Tokunaga· マネージングパートナー (Managing Partner)

Joined JAIC in 2003, spending a decade on new investments and hands-on portfolio support, and led the JSPF Fund Series from 2011. Co-founded WM Partners in 2013 and became representative president in 2018. Graduate of Rikkyo University, Faculty of Economics.

Kentaro Iseri· パートナー (Partner)

Joined JAIC in 2005 working on venture investment, hands-on support, exits and CVC fund management, then moved to Japan Private Equity in 2009 for buyout investing in services and retail. Joined WM Partners in November 2017. Graduate of Rikkyo University, Faculty of Sociology.

Shohei Suzuki· パートナー (Partner)

Joined Mizuho Financial Group in 2006, later working at Mizuho Securities on startup listing support, PE fund LP investment, direct startup investment, GP formation and corporate venture capital setup. Joined WM Partners in July 2021. Graduate of Tokyo University of Science.

Yoji Arai· パートナー (Partner)

Joined Sanwa Bank (now MUFG Bank) in 1996 in corporate banking and asset finance, then from 2007 handled special-situation finance, LBOs, corporate equity and PE fund investment at the Development Bank of Japan. Joined WM Partners in August 2020. Studied at Waseda University, Faculty of Political Science and Economics.

Ao Cui· プリンシパル (Principal)

Joined Mitsui Sumitomo Insurance in 2012 in accounting and later financial solutions, working on weather derivatives, investment screening of unlisted equities and impact investing. Joined WM Partners in January 2023. MBA from Hitotsubashi ICS.

Satoshi Takami· ディレクター (Director)

Joined Deloitte in 2008 doing audit and M&A support, then handled end-to-end investment at an independent PE fund and later PE, VC and fund-of-funds investing in asset management. Joined WM Partners in June 2025. Graduate of Waseda University; CPA.

Akihiko Uchino· データマーケター (Data Marketer)

Worked on numerous IT and marketing projects at ISID, Dentsu, NetYear Group and NetAge, launched e-commerce at Walt Disney Japan, and served as a director at Auric Systems. Founded Comfort Marketing in 2009 and now supports companies as an independent data marketer.

Eiko Akita· LPセカンダリー担当マネージャー (LP Secondary Manager)

Worked at Marubeni Group's Metro Access, Daiwa Securities SMBC Principal Investments and JAIC before joining AI Capital in 2010, handling private equity secondary investment, fund monitoring and advisory management. Joined WM Partners in March 2014. Graduate studies at Keio University.

Hideyuki Futakuchi· システムコンサルタント / ITアーキテクト (System Consultant / IT Architect)

Worked on many system development projects at major Japanese SIers and IT firms from 2000, overseeing system construction, information security and IT governance, and founded development and consulting firm Lagoon in 2015. Serves as a system consultant to WM Partners since 2015.

Hiroki Yaguchi· マネージャー (Manager)

Joined Aeon Credit Service in 2015 doing retail sales at Aeon Bank, then joined Aoyama Sogo Accounting (now ASA Accounting) in 2018 handling SPC and PE fund administration and knowledge management. Joined WM Partners in May 2026. Graduate of Senshu University, Faculty of Business Administration.

Isabella Xing· ヴァイスプレジデント (Vice President)

Provided lending solutions to large Japanese and Western firms at Bank of Tokyo-Mitsubishi UFJ (China), Mizuho Bank (China) and DBS Bank (China), then did GP/LP sales at Preqin and LP investment at Tokyo Star Bank. Joined WM Partners in May 2025. Bachelor's in economics from Shanghai University of Finance and Economics; CFA charterholder.

Kazuki Bamba· シニアスタッフ (Senior Staff)

Joined Trust & Custody Services Bank (now Custody Bank of Japan) in 2019 on settlement and offshore fund administration, then handled investment execution, portfolio management and IR at Wiz Partners from 2023. Joined WM Partners in July 2026. Graduate of Doshisha University, Faculty of Economics.

Keiichiro Tanaka· ヴァイスプレジデント (Vice President)

Joined Mizuho Securities in 2014 in equity underwriting in Tokyo and Hong Kong, later working on PE/debt LP fund investment, LP stake management and GP formation, and launching a venture debt fund at a fintech firm in 2024. Joined WM Partners in September 2025. Graduate of Osaka University, Faculty of Foreign Studies.

Kiyoaki Takamori· 管理部長 兼 ディレクター (Head of Administration / Director)

Served as an accounting manager at a venture company before handling fund management and system development at wizz Fund Associates (2017) and fund administration at the University of Tokyo Edge Capital Partners (2021). Joined WM Partners in August 2026. Graduate degree from Chuo University's International Accounting program.

Masaya Yamamoto· ヴァイスプレジデント (Vice President)

Joined JETRO in 2013 supporting overseas expansion of Japanese consumer and service firms, then audited at PwC Arata and advised on M&A and new-business strategy at Deloitte Tohmatsu Consulting. Joined WM Partners in March 2022. Master's from the University of Birmingham; passed the US CPA exam.

Noriyuki Kojima· アソシエイト (Associate)

Joined Mizuho Bank in 2020 on coverage and M&A strategy for listed companies, with further coverage and M&A experience at an investment bank and MUFG Bank. Joined WM Partners in August 2026. Graduate of Keio University, Faculty of Economics.

Ryo Ohya· ヴァイスプレジデント (Vice President)

Joined Sumitomo Mitsui Banking Corporation in 2018 in corporate banking, then from 2022 worked at SMBC Capital Partners on turnaround and carve-out deals from investment review through PMI. Joined WM Partners in July 2024. Graduate of Aoyama Gakuin University, Faculty of Economics.

Ryohta Yamagiwa· ヴァイスプレジデント (Vice President)

Joined Deloitte Tohmatsu Financial Advisory in 2021 in the financial industry group doing transaction and accounting valuations for financial institutions and fund audit work. Joined WM Partners in April 2025. Graduate of Yokohama National University, Faculty of Business Administration.

Ryota Miyata· ヴァイスプレジデント (Vice President)

Joined Ernst & Young ShinNihon in 2014 auditing investment funds and operating companies, then worked on real estate fund investment at Mitsubishi Jisho Investment Advisors and FA/valuation/financial modeling at KPMG FAS. Joined WM Partners in February 2022. Graduate of Meiji University; CPA.

Shuko Hosoda· オペレーティング・マネージャー (Operating Manager)

Spent eight years at S-Networks from 2013 on PMI, IPO support, accounting BPR for ventures and overseas subsidiary internal controls. Joined WM Partners in May 2021. Graduate of University of the Sacred Heart.

Sumiko Hiroi· ディレクター (Director)

Joined JAIC in 1996, spending time at a CVC operating company and two listed ventures before joining WM Partners in January 2019, with experience in fund formation with overseas institutional investors, JV setup and startup support for US firms entering Japan.

Tamaki Fukui· フロントアシスタント (Front Assistant)

Worked in sales administration at NTT Data Management Service from 2016 and as an assistant and executive secretary at Frontier Management. Joined WM Partners in April 2025.

Yuka Shimashita· 広報コンサルタント (PR Consultant)

Worked in corporate communications and branding at a major Japanese ad agency and a US PR firm, then became freelance in 2018 supporting branding, PR and content for pre-IPO and succession-focused ventures. Serves as PR/communications advisor to WM Partners since 2019.

Yuto Ohashi· ディレクター (Director)

Joined ShinNihon audit (now EY ShinNihon) in 2004 for audit and IFRS adoption support, then after a secondment to Mitsubishi Corporation worked at J-Power on investment review, management and pension asset management. Joined WM Partners in January 2026. Graduate degree from Waseda University; CPA and certified internal auditor.

Fund performance · per public LP disclosures · 2

as of Jun 2025
FundVintageCommittedNet IRRTVPIDPI
WM Partners IIILPs: Chicago Teachers' Pension Fund2022——1.22x0.35x
WM Partners IILPs: Chicago Teachers' Pension Fund2020—15.9%1.42x0.19x

Source: public limited-partner disclosures (CalPERS, CalSTRS). Net IRR / TVPI / DPI as reported by the limited partner; a fund's early-year IRR is an interim estimate (J-curve).

Frequently asked questions

What stage does WM Partners invest at?
WM Partners invests at the Growth, Late Stage stages.
What sectors does WM Partners focus on?
WM Partners focuses on Consumer, Healthtech, Sector Agnostic.
Where is WM Partners located?
WM Partners is headquartered in Tokyo, JP.

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