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Billions of yen lie fallow at Japan's public-private funds

Born of lavish Abenomics budgets, they struggle to find projects to back

Gurunavi dissolved its investment partnership with A-FIVE without funding any project.

TOKYO -- Public-private investment funds formed under Prime Minister Shinzo Abe are awash in unused cash, with lavish budgets far outstripping actual demand, creating a struggle to find projects to back.

For example, one fund set up in January 2013 called A-FIVE -- or the Agriculture, Forestry and Fisheries Fund Corporation for Innovation, Value-chain and Expansion Japan -- has 30 billion yen ($273 million) in public and 1.9 billion yen in private backing. Yet it has found only small-fry efforts to invest in. The 114 projects it had taken on through the end of July add up to just 5.9 billion yen.

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