Shareholder Returns and Dividends

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Policy on Shareholder Returns (Released on February 10, 2021)

JAFCO Group's own capital and shareholders' equity

Our business is management of funds that invest in unlisted companies, for which it invests about 40% of the funds' total fund commitments using its own capital. Capital commitments from outside investors are significantly influenced by the economic environment, stock market conditions, and our fund performance at the time of fundraising. We have continually established funds at a steady pace through a large pool of own capital. Also, we have held shares in Nomura Research Institute, Ltd. (hereinafter "NRI"), in which we hold purely for the purpose of investment, as a highly liquid asset to be used for future investment.

Holding sufficient amount of own capital and shareholders' equity not only allows us to fulfill our social responsibility of providing risk money and ensures sustainability of our business, but also supports the realization of our mission of "Commit to new business creation and jointly shape the future" and enhance our corporate value.

Policy on funds necessary for future investment and shareholder returns

In order to maintain a financial base that enables us to continue investment activity under any environment, we regard cash and equivalents and NRI shares together as funds for future investment.

Funds necessary for future investment is currently estimated at around 120 billion yen, including the amount of uncalled capital commitments to funds under operations and our interests in upcoming funds, and taking into account expanding future fund size and providing for other investment opportunities and unforeseen circumstances. If the sum of cash and equivalents and mark-to-market valuation (after tax) of NRI shares exceeds the above estimate by a certain amount, we will consider buying back our shares. In such case, if the share price falls below net assets per share, more serious consideration will be given to a share buyback. When a share buyback is conducted, we plan to cancel treasury stock in a timely manner so that treasury stock holdings will be maintained at 3% of the total number of issued shares including treasury stock.


Based on our basic dividend policy released on March 8, 2017, we have set the target of dividend payout ratio to 3% of shareholders' equity per share, excluding valuation difference on listed shares, based on initial and term-end average value.

Dividends per common share


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2014/3 2015/3 2016/3 2017/3 2018/3 2019/3 2020/3 2021/3 2022/3
8.33 33.33 33.33 33.33 35.67 37.33 39.33 46.00 51.00
Figures reflect a 3-for-1 stock split conducted in FY22.03