Japan & Korea Allocator Intelligence · GP Playbook
90-Day GP Playbook: Japan + Korea
Week 1–2 (now → ~21 September)
| Action | Japan | Korea |
|---|---|---|
| Reframe accounts | Replace the "3% JGB plus hedging cost" slide with a spread slide: yen short rate + your spread over SOFR − basis − fees, set against the 10- and 30-year JGB, rates dated and sourced. J-ICS models will re-run the arithmetic | Ask NPS relationship contacts directly whether the fund's process can reach investment-committee stage without a seated CIO; do not wait for an announcement |
| BOJ meeting, 17–18 September | Do not expect the decision to move the hedged arithmetic; expect committees to wait for it anyway. Date pre-meeting materials and re-issue the rates page the day after | — |
| Prepare data | If the fund has no yen-hedged share class, price one. The sell is who carries the basis, the roll and the margin calls, not "sidestepping the rate gap". Get the vehicle's J-ICS classification confirmed with the anchor lifer's actuaries: spread-risk bucket through look-through, or 49% "other equities" | Pull the target insurer's latest basic K-ICS ratio before any outreach; treat above ~130% (the supervisors' recommended level) as headroom, below 50% as a signal to lead with the capital charge, not fund size |
Week 3–6 (through late October)
| Action | Japan | Korea |
|---|---|---|
| Bank relationships | Assemble sponsor-level, underlying-asset reporting for the next MUFG/SMBC/Mizuho/Sumitomo Mitsui Trust facility renewal, ahead of the FSA's stated data gap | Raise a co-lending ask on data-centre debt with existing bank relationships before the next AirTrunk-scale facility is syndicated |
| Materials | — | Prepare a one-page CMC/US Entity List screening summary for Korean allocator relationships generally; add a Korea addendum (₩18.9tn NPL, 8-year high; June SME loan-book decline) to any Asia/APAC direct-lending pitch |
Week 7–10 (through late November)
| Action | Japan | Korea |
|---|---|---|
| Watch disclosures | Watch Dai-ichi's next ESR print and GPIF's next quarterly disclosure for drift toward the 31% domestic-bond ceiling; track whether Nikkon's second round produces a discounted tender offer | Track the Samsung Life/Samsung Fire PFG and Canopius update, due by early October |
| Positioning | — | Register interest with KOFIA or a mid-tier securities house on the ₩300bn joint-fund manager solicitation once it opens |
Week 11–13 (through year-end)
| Action | Japan | Korea |
|---|---|---|
| Pitch refresh | Prepare a specific, non-generic answer to "what's your edge if a trading house can fund the deal itself"; scope a yen-hedged or yen-denominated share class if the fund lacks one | Pre-identify a Korean VC Co-GP partner ahead of the next Overseas VC Global Fund round |
| Calendar | — | Build Q4-not-Q3 NPS commitment timing into fundraising models |
Disclaimer: Japan & Korea Allocator Intelligence is published for general information and education only. It is not investment advice, and it is not an offer, solicitation or recommendation to buy, sell or hold any financial instrument, nor an invitation to engage in any investment activity. Nothing in it takes account of any reader's circumstances, objectives or needs. Figures and sources are believed accurate at the dates shown, but completeness and continuing accuracy are not guaranteed. Take your own professional advice before acting on anything here.