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Mitsubishi Corporation (MC) Announces the Launch of Marunouchi Climate Tech Growth Fund L.P.

May 2, 2023

Mitsubishi Corporation (MC) is pleased to announce the launch of Marunouchi Climate Tech Growth Fund L.P. (the Fund), which is managed by Marunouchi Innovation Partners Co., Ltd. (MIP), a company jointly established by MC, MUFG Bank Ltd. (MUBK) and Pavilion Private Equity Co., Ltd. (PPE). The Fund will invest primarily in companies dedicated to decarbonization through the development of climate tech. As of its initial closing, the Fund (including the related investment vehicles for overseas Investors) has raised 400 million USD of capital commitment from investors. MIP plans to raise new investment through additional rounds of funding and increase the size of the Fund to 800 million ~ one billion USD by its final closing.

In October 2021, MC unveiled its “Roadmap to a Carbon Neutral Society” and its aim to be a net-zero greenhouse-gas (GHG) emissions company by the year 2050. It has also committed to a new growth strategy under its latest management plan, “Midterm Corporate Strategy 2024 – Creating MC Shared Value,” the main objective of which is to build a brighter future by jointly promoting energy (EX) and digital (DX) transformations. Through these initiatives, MC remains dedicated to addressing the challenges facing modern society and industry.

The field of climate tech has raised expectations with respect to accelerated development and application of a wide range of cutting-edge, net-zero technologies and solutions. With more funding crucial to meeting those expectations, the demand for climate tech investments is likely to grow over the medium to long term.

With the Fund prioritizing investments aimed at spurring growth in companies dedicated to climate tech solutions, MC and MIP shall leverage this opportunity to help commercialize, scale up and rollout those entities’ cutting-edge technologies. As a result, the Fund should not only help to boost those entities’ corporate value, but also support decarbonization and the realization of a carbon-neutral society. Furthermore, with the MC Group serving as its main sponsor, the Fund will take advantage of the group’s broad industry expertise, business network and collective capabilities, and play an important role in connecting all of its strategic investors. MC and MIP are excited about the Fund’s potential in securing blue-chip investment opportunities and supporting the growth of its portfolio companies.

【MIP】

Name	Marunouchi Innovation Partners Co., Ltd.
Representative	Representative Director/CEO Ichiro Miyoshi
Fund Managed	Marunouchi Climate Tech Growth Fund L.P.
Capital	JPY 150 million
Shareholders	Mitsubishi Corporation: 90.1% Pavilion Private Equity Co., Ltd. 5.0% MUFG Bank, Ltd. 4.9%
Business Details	Management of limited partnership

【the Fund】

Name	Marunouchi Climate Tech Growth Fund L.P.
Date Launched	April, 2023
Total Capital Commitment*	1^stClosing: 400 million USD Target: 800~1,000 million USD
General Partner (GP)	Marunouchi Innovation Partners Co., Ltd.

*including the related entities for overseas investors.

【Structure of the Fund】

*This press release has been prepared solely for the purpose of disclosing the business activities of MC and MIP. It is intended neither to solicit investment in the fund mentioned nor purchase or solicit offers for interests in any other securities or funds, whether held in Japan or elsewhere.

Reference:

Mitsubishi Corporation

Head Office ：3-1, 2 Cho-me, Marunouchi, Chiyoda-ku, Tokyo, Japan

Business Details ：MC engages in a wide range of businesses spanning multiple industries and overseen by its Industry DX Group, Next-Generation Energy Business Group and 10 Business Groups: Natural Gas, Industrial Materials, Chemicals Solution, Mineral Resources, Industrial Infrastructure, Automotive & Mobility, Food Industry, Consumer Industry, Power Solution, and Urban Development.

Representative ：Representative Director, President and CEO Katsuya Nakanishi

Date Established ：July 1, 1954 (Date Registered April 1, 1950)

Marunouchi Innovation Partners Co., Ltd.

Head Office ：5-1, 2 Cho-me, Marunouchi, Chiyoda-ku, Tokyo, Japan xLink Marunouchi, 7^th floor, Marunouchi 2 Cho-me building

Business Details ：Management of limited partnership

Representative ：Representative Director, CEO Ichiro Miyoshi

Date Established ：August, 2022

MUFG Bank, Ltd.

Head Office ：7-1, 2 Cho-me, Marunouchi, Chiyoda-ku, Tokyo, Japan

Business Details ：Financial business and incidental activities

Representative ：President & CEO Junichi Hanzawa

Date Established ：August, 1919

Pavilion Private Equity Co., Ltd.

Head Office ：(Yeouido Finance Tower, Yeouido-dong) 20^th Floor, 32 Gukjegeumyung-ro 2 gil, Youngdeungpo-gu, Seoul, Korea

Business Details ：Management of private equity fund

Chairman ：Young-Gak Yun
Representative ：Representative Director Hyung-Jin Park, Representative Director Young Joon Hong

Date Established ：January, 2016

Materiality

Based on the Three Corporate Principles, which serve as MC’s core philosophy, MC has continued to grow together with society by contributing to the sustainable development of society through its business activities while pursuing value creation. MC’s revised “Materiality” was announced in Midterm Corporate Strategy 2024 as a set of crucial societal issues that MC will prioritize through its business activities, towards the strategy’s goal of continuous creation of MC Shared Value (MCSV). Guided by this Materiality, MC will continue to strengthen its efforts towards sustainable corporate growth. Out of the six material issues relating to “Realizing a Carbon Neutral Society and Striving to Enrich Society Both Materially and Spiritually”, this project’s activities particularly support “Contributing to Decarbonized Societies” and “Utilizing Innovation to Address Societal Needs”.