INVESTMENT POLICY
Investment Policy
With X Partners (“WXP”) supports the growth and transformation of Japanese mid-sized and small companies by unlocking their untapped potential and driving their next stage of development—built on a foundation of deep mutual trust among employees, management, and shareholders.
Investment Focus
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Committed to Growing High-Quality Mid-Sized Companies
- WXP selectively invests in high-quality companies that offer a well-balanced combination of stability and growth potential.
- WXP primarily focuses on companies with EBITDA in the range of JPY 300 million to 1 billion.
- In principle, WXP pursues investments that involve acquiring a majority stake (over 50% ownership).
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Broad Coverage with a Focus on Succession Deals
- WXP provides tailored support for business succession challenges based on each company's specific succession status.
- Spin-offs and Carve-outs of Corporate Subsidiaries and Divisions
- Public-to-Private Transactions
- Roll-up Investments (Bolt-on Acquisitions by Investee Companies)
Investment Approach
By leveraging our structured investment and value-creation frameworks, “With X-I” and “With X-V”, WXP unlocks the full potential of our investee companies.
Driving Innovation with Co-Creation Partners
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By leveraging our alliance with a leading lifestyle company, WXP can deliver unique value-added solutions.
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WXP maintains a broad network of external consulting firms, executive search agencies, financial institutions, and other strategic partners.
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WXP provides strong support in areas such as digital transformation (DX), new business development, M&A (including roll-up investments), productivity improvement, and strengthening of management systems.
Our Commitment to ESG
With X Partners supports the sustainable growth of its investee companies and the creation of social value through private equity investment in small and mid-sized enterprises in Japan. Guided by our philosophy of “With × X” (thinking together, creating together), we position ESG as a “source of corporate value creation” and integrate environmental (E), social (S), and governance (G) perspectives into our investment decisions and value creation activities.
In October 2025, we formulated our ESG Policy and established an ESG Committee chaired by our CEO, building a framework for the implementation, oversight, and continuous improvement of our ESG investment. Our efforts center on four pillars: (1) assessing and appropriately managing ESG opportunities and risks from the investment consideration stage; (2) improving ESG issues through value co-creation with our investee companies; (3) establishing a cycle of continuous improvement through annual monitoring; and (4) providing transparent disclosure to our investors (LPs) and other stakeholders.
Furthermore, in August 2026, we became a signatory to the Principles for Responsible Investment (PRI), advocated by the United Nations. We regard this signing as a significant milestone that clearly affirms our stance as a responsible investor, and we will continue to pursue investment activities that place importance on ESG considerations.
The Six Principles for Responsible Investment (PRI)
- We will incorporate ESG issues into investment analysis and decision-making processes.
- We will be active owners and incorporate ESG issues into our ownership policies and practices.
- We will seek appropriate disclosure on ESG issues by the entities in which we invest.
- We will promote acceptance and implementation of the Principles within the investment industry.
- We will work together to enhance our effectiveness in implementing the Principles.
- We will each report on our activities and progress towards implementing the Principles.
