Japan Activation Capital, Inc. told the Kanto Local Finance Bureau in a filing submitted September 15, 2026 that it bought 10,414,800 shares of Nihon Kohden Corporation (TSE Prime: 6849) off-market on September 10. The trade, priced at ¥1,350 a share, cost ¥14.06bn in total and lifted the fund's holding to 6.20% of Nihon Kohden's 167,961,960 shares outstanding.
The entire ¥14.06bn came from fund capital. The filing's financing breakdown records no borrowed money behind the purchase. The position sits across three vehicles the fund manages: Japan Activation Capital I L.P. holds 5,445,700 shares, Japan Activation Capital II Alpha L.P. holds 4,927,600 shares, and a third vehicle the filing identifies as the JAC No. 8 co-investment fund, an investment limited partnership, holds the remaining 41,500 shares.
| Vehicle | Shares |
|---|---|
| Japan Activation Capital I L.P. | 5,445,700 |
| Japan Activation Capital II Alpha L.P. | 4,927,600 |
| JAC No. 8 co-investment fund (investment limited partnership) | 41,500 |
| Total | 10,414,800 |
The filing describes the stake as pure investment held under limited partnership and investment limited liability partnership agreements. It also states that Japan Activation Capital "will provide execution support for management strategy promotion and organizational strengthening" through dialogue with Nihon Kohden's management, aimed at the company's sustained growth and higher corporate value. Item 3 of the report, which covers "important proposal acts," is marked not applicable, so the fund has disclosed no demand for board seats, a buyback, or a strategic review at this stage.
The report was filed under Article 27-23(1) of Japan's Financial Instruments and Exchange Act, the provision governing large shareholding disclosures, and lists Japan Activation Capital's holding at 6.20%. The reporting obligation arose on the September 10 trade date, and Japan Activation Capital filed the report five days later, on September 15. The off-market structure of the acquisition points to a negotiated purchase, but the filing does not specify whether the total came from one trade or several off-market trades executed that day, and the excerpt reviewed does not name the counterparty who sold the stake.