DBJ Venture Capital Higher Risk Investment Business Venture

日本政策投資銀行DBJ訪查(續) 四、政策新版圖： Venture Capital Higher Risk Investment Business Venture Funds Investment Fund Investment Bsnk Investment Business Private Equity Fund Privatization Business High Risk Bonds, Large-Scale M&A MBO Funds Larger Business Smaller Business Limited Information Arranging /Financing Business Adequate Information Project Finance Private Finance Initiative Financing for Regional Development Finance for Local Enterprises Traditional Area of DBJ Financing Securities, City Banks Community Credit Regional Bank, Investment Banks, Guarantee Business Bonds Lower Risk Credit Associations Institutional Investors, 9 Secueities 9 Development Fund

日本政策投資銀行DBJ訪查(續) 五、DBJ投資創投架構 Private company Development Bank of Japan Private companies (General Partner) (Arranger, Limited Partner) (Limited Partner) Type 2 : New Business Investmwnt DBJ Fund Type 1 : NBI Fund Venture Investment Fund Limited Liability Partnership Venture Business 10 10 Development Fund

日本政策投資銀行DBJ訪查(續) 八、日本生技類創投之績效 資料日期： 2004年 12月 BHILP No. 1之IRR為 8. 05% IRR 創投基 金家數 60%~ 50~60% 40~50% 30~40% 0 0 0 -5~0% -10~-5% -15~-10% -20~-15% -30~-20% -40~-30% 3 6 3 2 1 0 資料來源：VEC (Venture Enterprise Center) 13 20~30% 15~20% 10~15% 5~10% 0 2 -40% 0~5% 1 Total 1 19 13 Development Fund

日本政策投資銀行DBJ訪查(續) 九、日本創投管理公司規模 Name of VC Year of Establisment Total Fund Size (單位：日幣 10億元) Biofrontier Partners, Inc. 1999 15 *Biotech Healthcare partners, Inc. 2000 6. 7 (Including BHILP No. 2) Bio-Sight Capital Co, Ltd. 2002 6. 7 MBL Venture Capital Co. , Ltd. 2000 4. 7 *Fast Track Initiative, Inc. *Watervein Partners 2004 2. 8 2002 2. 3 資料來源：DBJ銀行 ，其中*為DBJ已投資之創投 14 14 Development Fund