Venture Capital 2025

JAPAN Trends and Developments

Trends and Developments Contributed by: Sadao Maeda, Yusuke Hayashi and Masato Tanaka TMI Associates TMI Associates is one of the five largest full- service law firms in Japan, with 630 attorneys and 100 patent attorneys boasting extensive domestic and international practical experi - ence. With a focus on fostering global partner - ships, TMI has successfully established joint ventures with several prominent international law firms. Moreover, TMI has been actively ex - panding its presence abroad, with bases stra - tegically positioned across the Asian region, as well as its presence in the US, Europe, Africa and South America. Leveraging the expertise of TMI’s intellectual property (IP) practice, its

corporate/M&A team leads the market in IP- centric sectors, encompassing not only life sci - ences, pharmaceuticals, and IT, but also emerg - ing fields such as fin-tech, health-IT and AI. Since the inauguration of its Silicon Valley office in 2014, TMI has an extensive track record in assisting both start-ups and investors and has become renowned as the leading Japanese law firm in the field of venture capital. TMI’s venture capital and start-up practice group, comprising over 50 attorneys, exemplifies TMI’s commit - ment to nurturing innovation and entrepreneur - ship.

Authors

Sadao Maeda is a partner of the TMI Associates finance group. He is qualified to practise in Japan, the State of New York, and England and Wales (solicitor). He previously worked

Yusuke Hayashi is a partner at TMI Associates, working at the firm’s Kyoto office where he is a member of the corporate team. He is admitted to practice in Japan and the State of California

for the Financial Services Agency, the financial regulator in Japan, from 2011 to 2014. Sadao specialises in a wide range of Japanese finance regulatory matters and has extensive experience in a variety of financial transactions. He advises financial institutions and investment managers located within and outside of Japan, and has a broad practice in the formation, offering, and distribution of investment funds.

and previously worked for the Corporate Disclosure Division of the Financial Services Agency, the financial regulator in Japan, from 2015 to 2017. Yusuke specialises in start-up finance, domestic and cross-border M&A transactions and joint ventures. He worked in TMI’s Silicon Valley office from 2019 to 2021 and actively advises start-ups and VCs/CVCs on start-up finance and business development in Japan and the USA.

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