ENVALITH
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Integral Corporation

5842・Growth Market・Securities & Commodity Futures

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Integral Corporation5842

Business

Integral Corporation is an independent PE investment firm founded in 2006. Guided by its management philosophy of being a "Trusted Investor," its core business is private equity investment in Japanese mid-sized and small companies. As a GP, it organizes and manages funds, earning revenue through a three-tier structure of management fees, Carried Interest, and Principal Investment gains. The company listed on the TSE Growth Market in September 2023. It launched the Real Estate Investment Business in November 2024 and the Global Tech Growth Investment Business in March 2025, advancing its transformation into a multi-asset management company. AUM reached ¥576.5 billion (an increase of ¥288.0 billion year-on-year) at the end of FY2025 (ending December 2025), and the company plans to transition to a group holding company structure in October 2026.

Business Model

As GP, the company stably receives management fees at an annual rate of 1.85–2.0% of the fund's committed capital or investment balance. When fund returns exceed the hurdle rate (8% per annum), the company receives 20% of the excess profit as Carried Interest. In addition, it combines this with Principal Investment using its own funds (3–34% per deal), demonstrating a long-term commitment while also capturing capital gains. Through on-site Management Support (i-Engine) provided to portfolio companies, it enhances corporate value and achieves Exits via IPOs or trade sales.

Company Strengths

2025年1月に5号ファンドシリーズ（出資約束金額総額2,500億円規模）の投資期間が開始したことにより、受取管理報酬は前期比116%増の7,553百万円に急増。Fee-Earning AUMも前期1,645億円から3,789億円へ倍増以上となり、リカーリング収益基盤が大幅に強化された。

2025年12月期末時点で、3号ファンドシリーズの未実現キャリードインタレストは165億円、4号ファンドシリーズは176億円に達し、合計341億円の将来収益ポテンシャルを保有。税引後ベースのUCATは240億円（前期164億円）と拡大しており、今後のExit実現に伴う収益化が期待される。

役員派遣にとどまらず、多様なバックグラウンドを持つ投資プロフェッショナルを投資実行後からExitまで投資先企業に常駐させるi-Engineは、国内PE投資ファンドの中で稀な手法と有報に記載。DX推進室との連携によるDX支援も加わり、投資先の企業価値向上を実践的に支援する体制を構築している。

ENVALITH's Perspective

Revenue for Q1 FY2026 (ending December 2026) was ¥11,283 million (vs. ¥1,003 million in the same period of the prior year), operating profit was ¥9,680 million (vs. ¥25 million in the same period of the prior year), and quarterly profit attributable to owners of the parent was ¥6,716 million (vs. a loss of ¥272 million in the same period of the prior year), showing substantial improvement. The main driver was the recognition of ¥8,927 million in realized Carried Interest associated with the full share transfer of M&I and the sale of Toyo Engineering shares under the Fund No. 3 series, which reconfirmed that the low profitability in FY2025 (ended December 2025) was a reaction to the concentration of Exits in the prior period. However, since Carried Interest depends on Exit opportunities, quarter-to-quarter performance volatility is expected to remain large.

In Q1 FY2026 (ending December 2026), the fair value of listed portfolio companies declined overall due to stock price fluctuations. For unlisted portfolio companies, while financial conditions continued to improve, fair value declined overall due to a rise in the interest rates referenced in fair value measurement (external factor) and deterioration in various metrics of listed comparable companies (external factor), resulting in total investment income of ¥248 million negative for the PE Investment Business. The fair value of fund investments decreased from ¥360.9 billion at the end of FY2025 (ended December 2025) to ¥315.6 billion at the end of March 2026, and there remains a risk that market conditions—namely interest rate and equity market trends—will continue to affect portfolio valuation.

As of the end of March 2026, AUM stood at ¥510.3 billion (down from ¥576.5 billion at the end of FY2025 (ended December 2025)), and net assets on an economic profit basis remained at a high level of ¥85.5 billion (versus ¥86.4 billion at the end of FY2025 (ended December 2025)). On the other hand, earnings guidance is not disclosed due to the difficulty of estimating fair value gains and losses under IFRS, leaving investors to rely on the projected recurring profit/loss figures (management fees received of ¥7,579 million, recurring expenses of ¥5,051 million) as a reference indicator. For FY2026 (ending December 2026), one-time expenses (such as officer and employee bonuses associated with realized Carried Interest) of ¥564 million are expected, and it should be noted that this increase in expenses could weigh on profit.

Growth Strategy

Multi-asset expansion (real estate, growth investments) centered on the PE business, mid-to-long-term AUM growth, and transition to a holding company structure

In the Fund No.5 series, whose investment period began in January 2025, the company executed a capital participation in Yasoshima Proceed Corporation by March 2026. Management fees based on committed capital during the investment period are being recorded on a stable basis, contributing to the expansion of management fee income received.

Final closing was completed in May 2026 with total committed capital of ¥23.5 billion. The cumulative number of properties acquired expanded to 26, with total acquisition value exceeding ¥45.0 billion, establishing the Fee-Earning AUM. A stable foundation for receiving management fees has been put in place, and portfolio construction is progressing toward future Carried Interest gains.

As an emerging asset class launched in March 2025, the company executed new investments in PixAI (an AI image generation service specializing in anime-style illustrations) and Omio (a global transportation infrastructure platform) by March 2026. Segment assets have expanded to ¥4,238 million, with the aim of diversifying future revenue sources.

The company is advancing its transition to a group holding company structure aimed at establishing a multi-asset management foundation. Of the ¥564 million in one-time expenses for FY2026 (ending December 2026), professional fees related to the transition are included, resulting in transition costs. This is positioned as a foundation for strengthening governance and expanding the business over the medium to long term.

The Fund No.3 series completed the sale of its entire stake in Toyo Engineering Corporation on or after March 2026, with additional Carried Interest to be received. The Fund No.4 series executed a sale through tendering shares in a tender offer for MUTOH Holdings Co., Ltd. The company aims to progressively realize unrealized Carried Interest (¥6.9 billion for Fund No.3 and ¥17.1 billion for Fund No.4).

Last updated: July 17, 2026