A NATIONAL SECURITY INVESTMENT FUND

Capital is a domain of national security.

Land, sea, air, space, cyber — and capital. Japan's security now depends on technology built at commercial speed. CDF converts private capital into national capability: sovereign ownership, allied leverage, and resilience — with cyber as the center of gravity.

LP Inquiries Read the Doctrine
CDF
¥5.0BFund Size (max) / ¥1.0B minimum
10 YRSFund Term (+2 yr extension)
3.0×Target Return
50:50Domestic / Global Split
01 — FUND STRUCTURE

Structured for a decade.

Investment judgment, security review, and national interest — separated by design, aligned by governance.

GP TEAMGeneral Partner
Defense and cyber practitioners alongside investment professionals. Management fee 2.5%, carry 20%.
INVESTMENT COMMITTEEInvestment Committee
Investment decisions are separated from technical and national security review. Institutional separation avoids conflicts of interest.
LP STRUCTURECapital Structure
Public-private capital. Government and institutional investors assumed.
02 — DOCTRINE

Three convictions.

Policy sets direction. Capital supplies will. Technology provides means. Industry builds capability. CDF operates the capital layer — where intent becomes capacity.

ARTICLE ISovereign Capability
A capability the nation cannot own is not a capability. We invest in technology that can be held, operated, and evolved inside Japan.
ARTICLE IIAllied Leverage
No nation builds everything alone. We bring frontier technology from allied countries into Japan — conditioned on deployment here.
ARTICLE IIINational Resilience
What survives in the civilian market survives in conflict. We invest in dual-use technology with a commercial foundation.
¥7.95TFY2024 defense budget, +16.5% YoY
¥43T2023–2027 defense buildup plan total
NSS 2022The turning point: defense industrial base as national priority
03 — DOMAINS OF INTEREST

Cyber is the center of gravity.

Four domains, one center. Cyber & AI is where we are deepest; the adjacent domains extend the same logic — detection, deception, autonomy, resilience — into physical space.

01

Cyber & AI

CENTER OF GRAVITY. Technologies for active cyber defense: autonomous detection, deception, and response. Our specialization — and the lens through which every other domain is evaluated.

02

Autonomy

Unmanned systems including drones — the core of asymmetric capability.

03

Intelligence

Open-source, signal, and geospatial information processing.

04

Dual-Use

Foundational technologies profitable in commercial markets, deployable to defense and critical infrastructure.

DEPLOYMENT DOCTRINE

A — Sovereign Base

Domestic companies that own their technology, carried to deployment through capital, procurement access, and information security.

B — Allied Leverage

Frontier companies from the US, UK, and Israel entering Japan. Investment tied to technology transfer, conditioned on domestic deployment.

C — Sovereign Absorption

Japanese companies converting foreign technology into forms built and operated here — the standing receptacle for allied collaboration.

One fund, two motions: pulling frontier technology in, and building sovereign capacity around it.
04 — DEFENSE TRANSFORMATION

National capability is built through listed industry.

Japan's defense startups face a limited path to IPO, so CDF works through the industrial base that already exists: positions in listed companies under ¥10B market cap, paired with foreign defense-tech partners, expanding existing technology into defense applications as strategic domain expansion.

STEP 01
Stock Acquisition

Position building via block / PIPE

STEP 02
Strategic Partnership

Exclusive contract / JV with overseas partner

STEP 03
Deployment

Adoption proposals to MoD / JSDF

STEP 04
IR Rollout

Re-valuation as a defense-theme stock

STEP 05
Exit

Divestment / M&A

MARKET TAILWINDS

Full enforcement of TSE listing criteria and defense-spending growth provide favorable conditions for investment.

EXIT STRATEGY

M&A to defense primes and major technology firms as the primary path; IPO as an option for companies with stable government revenue.

05 — TEAM & GOVERNANCE

Operators, not only investors.

Yuto TanakaGENERAL PARTNER / CEO

Graduate of the National Defense Academy (Best Thesis Award). Former government white-hat hacker and Red Team commander for foreign special forces; founder of ForeZ Inc., developing offensive-defensive technology. Based on frontline defense and cyber experience, holds veto rights on final investment decisions to preserve fund discipline.

Tetsuya FukagawaADVISOR

MBA, Harvard Business School. McKinsey and JP Morgan, then Japan head of Warburg Pincus. Supports portfolio companies' overseas expansion and exit strategy through a global defense industry network.

Daiji YamanakaADVISOR

Former PwC Aarata. Managed funds exceeding ¥10B at Venturelab Group. Responsible for business due diligence and risk management.

Investment Committee — Three GPs. Unanimity is the default; the Senior GP's veto may be overridden by agreement of the other two.
Advisory Committee — Former senior MoD officials and SDF officers, defense procurement specialists, and researchers in cyber, space, and AI. Reviews operational suitability and technical feasibility.
Compliance — Strict adherence to the Foreign Exchange Act, the Economic Security Promotion Act, and export controls of investee countries (ITAR/EAR, etc.).
06 — CONTACT

Contact

For investment and partnership inquiries.

info@cdf-fund.jp

This website is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities. Any investment consideration should be made solely on the basis of the Private Placement Memorandum to be provided separately, at your own judgment and responsibility.

CDF