TOKYO: Japanese fund The Innovation Network Corporation of Japan (INCJ) generated a total investment return of over 1 trillion yen ($6.93 billion) when it ended 16 years of operations in March, it said in a presentation on Monday.

The fund was launched in 2009 as a temporary scheme to promote new industries and take on risky, long-term investments with funding from the Japanese government and private companies.

Over its lifetime, the fund made 144 investments, of which around 80% were venture investments including in early-stage startups, INCJ said.

The fund generated much of its gains from acquiring some 70% of then-struggling chipmaker Renesas in 2013. It steadily sold down its position and in November offloaded almost all of its remaining shareholding of 6.65% for $1.8 billion. 

Reuters