BPO Service
In Recent Years, the Growing Importance of the SPBQII Regime
In recent years, the Specially Permitted Business for Qualified Institutional Investors, etc. (SPBQII) has become increasingly important as investment schemes continue to diversify. In particular, the preferential tax treatment of carried interest serves as a strong incentive for asset managers, enabling more efficient fund management.
New Opportunities Through Regulatory Reform
A local regulatory reform several years ago allowed Limited Liability Partnerships (LLPs) to act as the General Partner (GP) of a fund. This significantly expanded the flexibility of investment schemes, enabling multiple entities to collaborate more easily in joint businesses. As a result, SPBQII has been actively utilized not only for traditional VC and PE funds but also more recently in the hedge fund space, including those investing in listed equities.
Flexible Scheme Design for LPS, TK and NK
We support fund formation using diverse structures such as Limited Partnerships for Investment (LPS), Tokumei Kumiai (TK), and Nin’i Kumiai (NK). These schemes allow managers to choose the optimal vehicle depending on the fund’s objectives and investment targets. Success depends on careful structuring from both legal and tax perspectives. Leveraging our deep understanding of regulatory best practices, we propose structures best suited to each manager’s strategy.
Our Role: Comprehensive Fund Operations BPO Support
Through our investment management BPO (Business Process Outsourcing) services, we are committed to providing comprehensive support for aspiring fund managers and asset management companies.
Our services include:
Structuring and scheme design (LPS, TK, NK, etc.)
Selection of the optimal framework for fund formation
Provision of administrative and back-office functions (including NAV calculation and report preparation)
Delivery of best practices in regulatory compliance and taxation
While covering this wide range of functions, we respect and preserve the independence of fund managers and asset management firms by providing the necessary infrastructure.
A New Form of Support: Emphasizing Independence
We are not merely an “outsourced administrator,” but a partner that underpins the systems, governance, and infrastructure required for independent managers to fully pursue their strategies. By accompanying managers through all stages of fund formation under the SPBQII regime, we help create an environment where they can remain confident in their independence and focus entirely on their investment activities.