Nomura Opens Access to Private Markets Through a ¥8 Billion VC Fund Powered by Blockchain

Nomura Pioneers Japan’s First Tokenized Venture Capital Fund

Japan’s financial sector is experiencing a major transformation as Nomura Holdings Inc. introduces the nation’s inaugural security token offering (STO) for a venture capital fund. This innovative step into digital assets is highlighted by the launch of the “Nomura Private Series B Dash Fund 5 Tokenized VC Fund 202510,” which has already attracted ¥8 billion in investor commitments. By utilizing blockchain technology, Nomura aims to simplify the traditionally cumbersome processes associated with venture capital investments.

This groundbreaking fund, created in partnership with B Dash Ventures, signals a significant move toward digitizing access to private markets. The initiative is part of a broader global trend, with real-world asset (RWA) tokenization expanding nearly fivefold over the past three years to reach a $24 billion market.

Innovative Structure and Technology

The fund operates under Japan’s J-Ships Framework, a regulatory structure tailored for professional investors. It leverages the “ibet for Fin” consortium blockchain platform developed by BOOSTRY. Through the tokenization of limited liability partnership interests, Nomura seeks to minimize operational barriers in venture capital, allowing for electronic record-keeping and automated transfer of investor rights. This digital approach not only streamlines administration but also boosts transparency and efficiency—key factors for attracting institutional and accredited investors.

Strategic Growth and Digital Transformation

Nomura’s foray into tokenized funds is supported by its recent expansion in asset management, notably the $1.8 billion acquisition of Macquarie’s U.S. and European public asset management businesses. This deal added $166 billion in client assets and strengthened Nomura’s ability to innovate in private markets. Shawn Lytle, the newly appointed CEO of Nomura Asset Management International, has highlighted the critical role of digital transformation in tapping into global capital. The tokenized VC fund is a cornerstone of this strategy, positioning Nomura to benefit from the anticipated $30 trillion RWA market by 2034, as projected by Standard Chartered.

Expanding Access to Private Equity

Partnering with B Dash Ventures, which specializes in retail-focused venture opportunities, the fund offers a distinctive alternative to conventional VC vehicles. Professional investors now have a streamlined, digital pathway to invest in early-stage growth companies, setting this fund apart from traditional models.

By harnessing blockchain technology, Nomura and B Dash Ventures are working to broaden access to private equity while maintaining strict compliance with Japan’s Financial Instruments and Exchange Act.

Implications for Japan’s Financial Industry

Industry experts suggest that the success of this tokenized fund could pave the way for wider adoption of digital assets within Japan’s financial markets. With the RWA sector expanding rapidly, blockchain is expected to play a pivotal role in reducing inefficiencies in asset management and trading. Nomura’s initiative exemplifies how established financial institutions are embracing decentralized technologies to improve liquidity and open up private market investments to a broader range of investors.