Milestone | Cross-border investment Mercuria Holdings

2005　October: Asuka DBJ Partners Co., Ltd. was established in Minato-ku, Tokyo as a joint venture of the Development Bank of Japan (DBJ) and Asuka Asset Management Ltd.
Asuka DBJ Investment Limited Partnership was launched as our No. 1 Fund
2009　July: Head office location was moved to Chiyoda-ku
2011　 February: Registered as a financial instruments business operator (investment advisory/agency business)
August: Established AD Capital (Beijing) Investment Consulting Co., Ltd. (currently Mercuria Investment Consulting (Beijing) Co., Ltd.) in Beijing as a subsidiary
September: Established ADC International Ltd. as a fund management firm in the Cayman Islands
2013　 January: Changed trade name to AD Capital Co., Ltd. on January 1, 2013
Established Spring Asset Management Limited (SAML) in Hong Kong as a REIT operating company having Hong Kong's asset management license
August: Launched ADC Fund 2013 (No. 2 Fund)
December: Spring REIT, which is managed and invested by our subsidiary Spring Asset Management Limited, was listed on the Hong Kong Exchanges and Clearing
2014　 December: Registered as an investment management business operator and a type II financial instruments business operator
2015　 May: Increased capital through third-party allocation to Itochu Corporation
December: Increased capital through third-party allocation to Sumitomo Mitsui Trust Bank
2016　 January: Changed trade name to Mercuria Investment Co., Ltd. on January 1, 2016
August: Mercuria Japan Industrial Growth Fund (MIC JIGF Ⅰ) was formed
October: Listed on Second Section of Tokyo Stock Exchange on October 17, 2016
2017　 June: Aviation Investment Strategy Fund (FPAC) was formed
December: Listed on First Section of Tokyo Stock Exchange on December 18, 2017
2018　 March: Established Mercuria (Thailand) Co., Ltd. as a subsidiary
2019　 February: Enex Infrastructure Investment Corporation was listed on the Tokyo Stock Exchange's infrastructure fund market
2021　 July: Established Mercuria Holdings Co., Ltd. and changed to a holding company structure on July 1, 2021