Fund Creation Group Co.,Ltd.
3266・Standard Market・Real Estate
Business
Fund Creation Group Co., Ltd. is an independent fund company comprising two segments: the Asset Management business and the Investment Bank business. In the Asset Management business, the company originates, manages, and operates funds for real estate, solar power generation, securities, vehicles, and business-type ventures, building up stable fee income. In the Investment Bank business, the company invests on a proprietary basis in real estate, solar power, vehicles, and securities, generating gains on sale and lease income. Its main customers are wealthy individuals, institutional investors, and corporate investors. As of the end of November 2025, fund assets under management stood at ¥23,300 million, and real estate and other entrusted assets reached ¥20,700 million. The company is listed on the Standard Market of the Tokyo Stock Exchange, and operates as a small, elite organization of 38 officers and employees.
Business Model
In the Asset Management business, the company continuously books acquisition fees and disposition fees at the time of fund formation, along with asset management fees linked to assets under management (¥599 million in FY2025.11 (ending November 2025)). In the Investment Bank business, it generates gains on sale from selling real estate, vehicles, and other assets acquired on a proprietary basis, while also accumulating lease income from vehicle leaseback arrangements. Through synergies between the two businesses, the AM business provides a stable fee base while the IB business drives revenue expansion.
Company Strengths
The FC vehicle fund expanded roughly 13-fold, from ¥330 million at end-November 2022 to ¥4,282 million at end-November 2025. In FY2025 (ending November 2025) alone, four new funds were formed, increasing the balance by ¥1,135 million. The fund captures sale-and-leaseback demand from small and medium-sized logistics operators, directly contributing to the accumulation of stable fee income.
The company manages nine solar power generation funds, with entrusted asset balances remaining flat at ¥5,840 million throughout the period. Under the Feed-in Tariff (FIT) system, electricity sales revenue is secured at a fixed unit price of ¥36-40/kWh for up to 20 years, serving as a stable source of asset management fees.
Operating profit for FY2025 (ending November 2025) was ¥581 million (up 33.8% year on year), and net income was ¥327 million (up 63.4% year on year). The structure functions well, with the AM business (operating profit of ¥384 million) providing a stable fee base and the IB business (operating profit of ¥531 million) adding proprietary investment gains on top; revenue expanded from ¥4,136 million in FY2023 to ¥5,842 million in FY2025.
ENVALITH's Perspective
Performance Trend
Revenue maintained an expansionary trend, growing from ¥2,195 million in FY2021 to ¥5,842 million in FY2025, and continued to increase in H1 FY2026 (ending November 2026) at ¥2,193 million (up 36.2% year on year). On the profitability side, however, after recording peak levels in FY2025 with operating profit of ¥581 million and net income of ¥327 million, H1 FY2026 (ending November 2026) fell into losses—operating loss of ¥22 million, ordinary loss of ¥86 million, and interim net loss attributable to owners of the parent of ¥59 million—due to a ¥194 million increase in company-wide expenses. While the buoyant real estate market and expanding investment demand for solar power generation are tailwinds from the external environment, the structural dependence of the Investment Bank Business's earnings on the timing of property sales means that first-half profit and loss tends to be skewed toward the second half. Achieving the full-year forecast (operating profit of ¥580 million) will require a substantial earnings recovery in the second half.
Growth Strategy
Diversification and strengthening of the earnings base through expansion of fund AUM and development of new asset classes
The company continues to develop and structure new fund products that match investor needs, expanding the stable fee income base of the AM business. As of the end of the interim period of FY2026 (ending November 2026), fund AUM stood at ¥22.8 billion and assets under custody at ¥20.3 billion, with the aim of increasing fee income through further balance growth.
Against the backdrop of financial improvement and funding needs among small and medium-sized logistics operators, the company continues to capture demand for truck leasebacks. Vehicle fund AUM has grown rapidly from ¥330 million at the end of November 2022 to ¥4,282 million at the end of November 2025, and the company aims to continue increasing the number of deals structured.
Leveraging an active buying and selling environment in the domestic real estate market, the company flexibly acquires and sells properties offering attractive investment value. Inventory stood at ¥3,686 million at the end of the interim period of FY2026 (ending November 2026), and realizing sales in the second half will be key to achieving full-year performance targets.
The company raises funds necessary for business expansion through bond issuance (¥200 million issued in the current interim period) and borrowings from financial institutions, enabling swift responses to investment opportunities. However, short-term borrowings have surged to ¥2,145 million, making the maintenance of financial discipline a challenge.
Last updated: July 17, 2026