Key Takeaways
- • South Korean investors are increasingly targeting Japanese technology startups, citing valuations they consider more attractive than those at home and a weaker yen that increases their buying power.
- • Korean capital is spreading across Japanese deal flow, including SK Square's investment in physical AI startup Mujin, Allganize's Tokyo Stock Exchange listing, and a growing wave of golf course acquisitions.
- • Korean-linked outbound deals are coinciding with buyout activity by North Asia-focused MBK Partners, which is pursuing up to 267.6 billion yen ($1.7 billion) for Leopalace21 and a 37 billion yen ($240 million) tender offer for Sharingtechnology.
- • Competition for deals in Japan is described as less intense than in Korea, which is a key driver of cross-border allocation.
Summary
South Korean investors are looking to Japan for technology investments at a discount, according to the original report published October 13, 2026. Lower startup valuations than those prevailing in Korea and a weaker yen that stretches buying power are drawing investors to a market where competition for deals is less intense.
SK Square, the investment arm of South Korea's second-largest conglomerate SK Group, has invested in Japanese physical artificial intelligence startup Mujin Corp. The move is aimed at integrating robotics software into its semiconductor manufacturing operations. Separately, Allganize Holdings Inc., a Korean-founded enterprise AI company that has shifted much of its business toward Japan, is going public on the Tokyo Stock Exchange after the exchange approved its listing on its Growth market. Major Japanese financial groups are among its largest customers, and the company is described as a rare Korean-founded firm to list in Japan.
Beyond venture and growth investments, Korean companies are also acquiring Japanese real assets. A growing number of South Korean companies are buying golf courses in Japan, where prices can be a fraction of those in Korea, a trend supported by a prolonged period of yen weakness that has made overseas acquisitions more affordable.
Private equity activity reinforces the theme. MBK Partners Ltd., a North Asia-focused buyout firm, is teaming with Hikari Tsushin Inc. and an NEC Capital Solutions Ltd. affiliate to acquire Japanese rental-housing manager Leopalace21 Corp. for up to 267.6 billion yen ($1.7 billion). MBK also launched a tender offer for Japanese home-services platform Sharingtechnology Inc. in a deal valued at approximately 37 billion yen ($240 million), according to the firm's announcement.
SK Square, the investment arm of South Korea's second-largest conglomerate SK Group, has invested in Japanese physical artificial intelligence startup Mujin Corp. The move is aimed at integrating robotics software into its semiconductor manufacturing operations. Separately, Allganize Holdings Inc., a Korean-founded enterprise AI company that has shifted much of its business toward Japan, is going public on the Tokyo Stock Exchange after the exchange approved its listing on its Growth market. Major Japanese financial groups are among its largest customers, and the company is described as a rare Korean-founded firm to list in Japan.
Beyond venture and growth investments, Korean companies are also acquiring Japanese real assets. A growing number of South Korean companies are buying golf courses in Japan, where prices can be a fraction of those in Korea, a trend supported by a prolonged period of yen weakness that has made overseas acquisitions more affordable.
Private equity activity reinforces the theme. MBK Partners Ltd., a North Asia-focused buyout firm, is teaming with Hikari Tsushin Inc. and an NEC Capital Solutions Ltd. affiliate to acquire Japanese rental-housing manager Leopalace21 Corp. for up to 267.6 billion yen ($1.7 billion). MBK also launched a tender offer for Japanese home-services platform Sharingtechnology Inc. in a deal valued at approximately 37 billion yen ($240 million), according to the firm's announcement.
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