GREE Holdings is not just selling a fund stake to MIXI. It is first carving the operating business of GREE LP Fund JP2 out of GREE Ventures into a newly created company, GREE Fund Investments, then selling all of that company and part of a separate limited-partner stake to MIXI on July 31, if the timetable holds. GREE puts the share sale at about ¥17mn and says the LP-interest transfer will be priced at the amount already paid into the fund by GREE Capital Management, about ¥300mn.
| Item | Detail |
|---|---|
| What GREE is carving out | The JP2 fund operating business moves from GREE Ventures into GREE Fund Investments, a company created on April 9, 2026 |
| Business package | GREE Fund Investments inherits JP2-related assets, liabilities and contractual positions, excluding IT systems and employment contracts; disclosed package is ¥66mn of assets and ¥50mn of liabilities |
| What MIXI is buying | All shares in GREE Fund Investments for about ¥17mn, plus part of GREE Capital Management's LP interest for about ¥300mn |
| Planned timetable | Contract signing June 23, 2026; company split, share sale and LP-interest transfer July 31, 2026 |
| Post-deal position | MIXI says the vehicle will be renamed MIXI LP Fund 1, with 19.27% capital ratio and 100% execution authority, and is expected to be a specified subsidiary |
What is actually moving
This is a transfer of control infrastructure, not just paper ownership. GREE says GREE Fund Investments will inherit all JP2-related assets, liabilities and contractual positions from GREE Ventures, excluding IT systems and employment contracts. The carved-out business is small on paper, with ¥66mn of assets and ¥50mn of liabilities, but it carries the operating rights tied to the fund. The new company itself was established on April 9, 2026, with capital of ¥1mn.
The fund being reshuffled is not a blank shell either. JP2 was formed on July 1, 2025, to invest mainly in Japanese investment partnerships and, through them, portfolio companies. GREE says the vehicle is expected to have total contributions of ¥5.455bn when the transfer closes, and MIXI is already listed among the investors alongside GREE Capital Management and other backers.
Why GREE is stepping back
GREE's stated reason is tidy corporate housekeeping: optimise group-wide management resources and improve financial efficiency. Its extraordinary report makes the practical outcome clearer. GREE's capital ratio in the fund is expected to fall from 45.9% to 26.7%, and its execution authority over the fund will disappear, meaning JP2 will no longer sit inside GREE's subsidiary perimeter after the deal. GREE says the effect on the current fiscal year's consolidated results should be light.
What MIXI gets
For MIXI, the prize is both an ownership foothold and the steering wheel. MIXI says GREE Fund Investments will become its wholly owned subsidiary and is slated to be renamed MIXI Capital Management, while GREE LP Fund JP2 is due to be renamed MIXI LP Fund 1. MIXI also discloses an expected post-deal capital ratio of 19.27% in the fund, with 100% of execution authority held through the new company. Because the fund's planned size, including outside investors' money, amounts to 10% or more of MIXI's capital, MIXI says the vehicle is expected to become a specified subsidiary.
What remains unclear
One thing the public documents still do not spell out cleanly is the exact LP slice moving from GREE Capital Management to MIXI. GREE says only that part of the LP interest will be transferred, with consideration pegged to GCM's already paid contribution, about ¥300mn. The company also notes that disclosure around the internal split has been partly abbreviated because it is happening between wholly owned subsidiaries. The fine print is incomplete, but the disclosed end-state is not: GREE is stepping back from control, and MIXI is taking it over.