Former CARTA HD Representative Shinsuke Usami Establishes VOYAGE CAPITAL

Shinsuke Usami, the former Representative Director of CARTA HOLDINGS, established VOYAGE CAPITAL Co., Ltd. (Headquarters: Shibuya-ku, Tokyo; Representative Director: Shinsuke Usami; hereinafter "VOYAGE CAPITAL"), a private equity (PE) business, in May 2026. The company aims to form its first fund worth 1 billion yen by the end of 2026.

Background of Establishment and Philosophy of VOYAGE CAPITAL

The company's representative, Usami, founded Axiv.com (later VOYAGE GROUP) in 1999 during the dawn of the Internet. Over the past quarter-century, he has experienced various capital transactions and business management at the forefront, including becoming a consolidated subsidiary through a capital and business alliance with CyberAgent, management buyout (MBO), public listing, merging with Dentsu's subsidiary CCI to establish CARTA HOLDINGS, a takeover bid (TOB) by NTT Docomo, and privatization.

Currently in Japan, there are many startups and listed companies that possess excellent business foundations and potential but fail to receive proper evaluation from the capital market and are at the mercy of the logic of capital.

VOYAGE CAPITAL is "a PE fund, yet not a PE fund." Distinguishing itself from conventional PE funds that simply invest capital to maximize short-term capital gains, the company will support medium- to-long-term growth through appropriate leverage and optimization of capital structure. It acts as a partner that stands by managers with an ultra-long-term perspective, based on the principle of permanent holding, to maximize the possibilities of businesses.

Message from Representative Director Shinsuke Usami

"The evolution of technology, especially the rise of AI, is about to fundamentally change the way investments and PE funds operate. In an era where even the future three years from now is difficult to predict, investments that cling to past financial models or short-term exits (sales) will not work. What is important is to manage businesses and people/organizations as two wheels of a cart.

The newly established VOYAGE CAPITAL is not an entity that simply provides money. It is a partner that offers our accumulated knowledge and know-how in business and organizational development to investees, standing by managers with an ultra-long-term perspective rather than focusing on immediate profits, to maximize company potential.

By unlocking the maximum potential of each individual, we want to make Japan's industrial base stronger and more resilient, contributing to the development of the Japanese economy."

Biography of Shinsuke Usami

Representative Director: Shinsuke Usami

Graduated from Waseda University, School of Commerce. After working at Tohmatsu Consulting (now Deloitte Tohmatsu), he founded Axiv.com (later VOYAGE GROUP) in 1999. In 2012, after an MBO from CyberAgent, he listed the company on Tokyo Stock Exchange Mothers in 2014 and on the First Section the following year. In 2019, he integrated businesses with Dentsu's subsidiary CCI and became Representative Director and Chairman of CARTA HOLDINGS. In 2025, he retired as Representative Director and President after the company was privatized through a TOB by NTT Docomo. He currently serves as an outside director for istyle, Mirrativ, and SmartNews.

Company Profile

Company Name: VOYAGE CAPITAL Co., Ltd. Representative: Representative Director Shinsuke Usami Business Activities: Private equity investment, management consulting, operation of investee community/alliance Establishment: May 2026 URL: https://voyagecapital.co.jp