Mercuria Holdings Co., Ltd.
7347・Prime Market・Securities & Commodity Futures
Business
Mercuria Holdings Co., Ltd. is an alternative investment management group listed on the Tokyo Stock Exchange Prime Market, having transitioned to a holding company structure in July 2021. Through its core subsidiary, Mercuria Investment Co., Ltd., the group operates five strategies: Buyout Investment, Growth Investment, Real Estate Investment, Cash Flow Investment, and Value Investment. Its main clients are domestic and overseas institutional investors (banks, insurance companies, pension funds, etc.), and it generates revenue through two pillars: the Fund Management Business and the Proprietary Investment Business (Same Boat Investment). Assets under management (AUM) reached ¥344,873 million as of the end of December 2025.
Business Model
In the fund management business, the Company steadily earns management fees linked to AUM (FY2025 (ending December 2025): ¥2,719 million), and records success fees (same period: ¥1,918 million), calculated by applying a fixed rate to the excess distribution amount to fund investors upon investment recovery. In the proprietary investment business, the Company earns gains on fund investment interests (same period: ¥2,268 million) through Same Boat Investment in the funds it manages, adopting a structure that aligns the interests of the fund manager with those of investors.
Company Strengths
Buyout Fund No. 1 reached the success fee stage in FY2024 (ending December 2024), and had recorded cumulative success fees of approximately ¥1.9 billion as of the end of FY2025 (ending December 2025). Success fees in FY2025 (ending December 2025) expanded to ¥1,918 million, 2.0 times the previous period, accounting for 41.4% of fund management business revenue. A track record built through the sale of portfolio company shares is accumulating, forming the foundation of trust for successor funds.
The Group makes Same Boat Investments in the funds it manages using its own capital, directly benefiting from fund investment equity gains. Gross operating profit from the Proprietary Investment Business in FY2025 (ending December 2025) reached ¥1,788 million, up 451.4% year on year. The structure of bearing the same risk as investors contributes to gaining investor trust and serves as a competitive advantage in fundraising.
The Group operates five strategies—Buyout, Growth, Real Estate, CF, and Value—with AUM of ¥344,873 million as of the end of FY2025 (ending December 2025). The Real Estate Investment Strategy / CF Investment Strategy accounted for ¥297,300 million, or 86% of the total, with the management of Spring REIT (a REIT listed on the Hong Kong Stock Exchange) serving as a stable base of management fees. Diversification of strategies spreads out dependence on any specific fund.
ENVALITH's Perspective
Performance Trend
Operating revenue over the past five fiscal years progressed as follows: ¥4,170 million in FY2021 → ¥4,598 million in FY2022 → ¥5,842 million in FY2023 → ¥5,566 million in FY2024 → ¥7,216 million in FY2025, with FY2025 showing a sharp recovery driven by the realization of buyout success fees. The full-year forecast for FY2026 anticipates a substantial profit decline, with operating revenue of ¥5,000 million (down 30.7% year on year) and operating profit of ¥1,500 million (down 40.4% year on year). In Q1 of the fiscal year ending December 2026 (January–March), operating revenue increased to ¥963 million (up 13.0% year on year), securing revenue growth, but an operating loss of ¥140 million was recorded due to increased cost of revenue from the decline in Spring REIT's unit price and higher SG&A expenses. As an external factor, foreign exchange gains resulting from the ongoing yen depreciation contributed to narrowing the loss. Total assets stood at ¥21,490 million (down ¥1,979 million from the end of the previous fiscal year), and the equity ratio was 80.5%, indicating a solid financial base.
Growth Strategy
A four-pillar strategy consisting of maximizing performance fees, forming successor funds, expanding proprietary investment, and pursuing new strategic initiatives
Buyout Fund No. 1 has reached the investment recovery phase, recording performance fees of ¥54 million in the first quarter (approximately 2.2x year on year). Expansion of performance fees for the full fiscal year is expected to be a key driver of the earnings recovery.
To offset the decline in AUM resulting from investment recovery in existing funds, the Company aims to structurally boost management fees by forming successor funds. First-quarter management fees increased to ¥683 million (up 6.6% year on year), showing an upward trend.
The Company has decided to jointly establish and operate an open-end aircraft fund together with its strategic partner Airborne Capital Limited. This expansion into a new asset class aims to diversify revenue sources.
Mercuria (Thailand) and Mercuria (Vietnam) jointly entered into a joint venture agreement with Bcons Construction Investment Joint Stock Company to participate in a condominium development project in Ho Chi Minh City. This aims to expand the Proprietary Investment Business.
The Company jointly launched the "Hyakunen Noren Project" (Hundred-Year Legacy Project) with Takashimaya to preserve the traditions and skills of small and medium-sized enterprises in Japan. This represents a new expansion into the planning business field through support for SME management, and is expected to contribute to the growth of consulting revenue.
Last updated: July 17, 2026