Fund Creation Group Co.,Ltd.
3266・Standard Market・Real Estate
Asset Management Business
A stable revenue base for the group, responsible for organizing, managing, and operating real estate, solar, securities, and vehicle funds
| Period | Current | Previous | Change |
|---|---|---|---|
| Revenue (H1 cumulative) | ¥301 million | ¥328 million (same period prior year) | ↓ |
| Segment profit (H1 cumulative) | ¥26 million | ¥61 million (same period prior year) | ↓ |
| Fund AUM balance | ¥22,800 million (partially yen-converted, US$1.00 = ¥159.39) | ¥23,300 million (end of FY2025 (ending November 2025)) | ↓ |
| Real estate and other entrusted assets balance | ¥20,300 million | ¥20,700 million (end of FY2025 (ending November 2025)) | ↓ |
Business Details
The segment organizes, manages, and operates real estate funds (regit, voluntary partnership-type, crowdfunding), securities funds (Vietnamese equities, venture company investments), solar power generation funds, vehicle funds (FC Vehicle Fund No.1 through No.13, etc.), and other business-type funds. Revenue is composed of asset management fees, management fees, and acquisition/disposition fees, forming a structure that secures stable fee income through the accumulation of AUM. As of the end of H1 FY2026 (ending November 2026), the fund AUM balance was ¥22,800 million (partially yen-converted, US$1.00 = ¥159.39), and the real estate and other entrusted assets balance was ¥20,300 million.
Recent Overview
Both H1 revenue and segment profit declined significantly year-on-year, with profitability worsening
In the Asset Management Business for H1 FY2026 (ending November 2026) (December 2025 to May 2026), revenue was ¥301 million (down 8.3% year-on-year) and segment profit was ¥26 million (down 56.0% year-on-year), representing a significant decline in profit. Although asset management fees and other income were recorded across the real estate funds, solar power generation funds, and securities/business-type funds, both the fund AUM balance (¥22,800 million) and the entrusted assets balance (¥20,300 million) declined from the end of the previous fiscal year, and sluggish growth in fee income has weighed on earnings.
Key Products
Growth Drivers
- Rising corporate investment demand for solar power generation funds driven by carbon neutrality needs
- Expanding demand for truck lease-back driven by the financial improvement and fundraising needs of small and medium-sized logistics operators
- Increase in real estate fund-related fees driven by strong property acquisition appetite from domestic and overseas investors in the real estate market
- Expansion of AUM through continuous development and formation of new fund products tailored to investor needs
- Expansion of the solar power generation market supported by government policy promoting renewable energy adoption
Risks
- Acquisition and disposition fees depend on the timing of real estate sales and purchases, resulting in high earnings volatility
- Securities funds such as the Vietnam fund are affected by exchange rate fluctuations (US dollar-denominated assets) and local stock market trends
- There is uncertainty regarding the continuity of earnings from solar power generation funds after the FIT fixed purchase period (20 years) ends
- Segment profit for H1 FY2026 (ending November 2026) fell sharply by 56.0% year-on-year to ¥26 million, raising the risk of increased reliance on the second half to achieve the full-year forecast (operating profit of ¥580 million)
- Both the fund AUM balance and the entrusted assets balance declined from the end of the previous fiscal year, indicating a shrinking base for stable fee income
- Risk that the small headcount of the organization could affect business continuity through difficulty securing or retaining specialized personnel
Last updated: February 25, 2026