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INCJ finds venture-capital business difficult

Japan's state-backed fund struggles with poor investment performance

INCJ 's headquarters in Tokyo

TOKYO Innovation Network Corp. of Japan has incurred losses in more than 80% of the cases where it has cashed out on investments, underscoring the difficulty that the public-private partnership is having with one of its core tasks: nurturing new businesses.

The setbacks for INCJ are happening as the fund finds itself in the spotlight for its role in the effort to buy Toshiba's flash memory unit, something the government is keen on as it tries to keep the chipmaker's technology in domestic hands.

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