Launched in December 2019, it is a discretionary fund dedicated to acquiring and developing tourism-related assets across Japan.
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We do more than invest.
We become part of the story to develop and elevate each remarkable destination.
Over the past decade, Japan has experienced unparalleled growth in inbound tourism. However, the availability of hotels meeting international standards remains behind that of other popular tourist destinations in Asia and globally, especially in ski resort areas. PCG intends to leverage this demand and supply gap by creating a year-round mountain resort destination in Myoko and Madarao, located ~3 hours from Tokyo.
THE JAPAN TOURISM FUND (JTF)
MYOKO SUGINOHARA SKI RESORT
JTF completed the acquisition of Myoko Suginohara Ski Resort in November 2023, establishing it as an anchor point asset for the Myoko Development Project.
Suginohara is highly attractive due to its abundant quality premium snowfall in winter and convenient access from Greater Tokyo, with travel times of approximately 2-3 hours by train, coach or car. The resort features one of Japan’s longest ski run at 8.5km and an impressive vertical drop of 1,124m, enhancing its appeal to domestic and international skiers seeking a high-quality mountain experience.
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From the winter of 2025, Suginohara Ski Resort joined Ikon Pass, reflecting its growing reputation as a leading destination for the global ski community.
MADARAO
KOGEN RESORT
The development in Madarao focuses on revitalizing key hospitality assets, enhancing resort infrastructure, and introducing internationally recognized hospitality brands to elevate the guest experience and global appeal of Madarao Kogen.
A central component of the development is the re-positioning of the existing Madarao Kogen Hotel which will undergo a comprehensive transformation, before re-opening as part of Accor’s exclusive MGallery Collection.
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Madarao is also known for its abundant and high-quality powder snow “MadaPOW” and 15 designated tree-skiing courses, a distinctive attraction that appeals to both domestic and international visitors.
LAKE
NOJIRI
JTF acquired a freehold land to develop on the lakefront which offers an immediate frontage of Lake Nojiri. The lake is designated as a National Park and is a popular destination for both domestic and inbound tourists for its water sports, fishing, sail boating and trail walking – mostly during the summer and autumn.
The project is located within 10 minutes from Myoko and Madarao by car.
GINZANOVO
(formerly Tokyu Plaza)
On February 2025, in a joint venture with GAW Capital Partners, PCG - through a fund under its management and investment from co-investors, acquired "GinzaNovo". PCG’s connections with local developers waswere key in sourcing and helping put together this deal.
Completed in 2016, GinzaNovo has a rentable area of 7223 tsubo (23,879 sqm). It has direct access to Ginza Station and is a short walk from JR Yurakucho Station. Located in the heart of Tokyo’s most prestigious shopping district The, the mall is surrounded by flagship stores of luxury brands, renowned department stores and upscale hotels, in the heart of one of Tokyo's most prestigious shopping districts. The asset is one of the largest and rarest retail facilities in Ginza, occupying a high-street footprint of over 1139 tsubo and spanning an entire block with four-sided frontage. Its unparalleled location offers exceptional accessibility and prestige.
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DIVESTMENTS
HOTEL K5
TOKYO
We entered the investment in 2019, and significantly improved operations, despite the COVID-19 pandemic. Held for 4 years, the asset achieved over 30% IRR.
LIME RESORT
HAKONE
JTF acquired the asset in December 2019. PCG exited the investment in 2025. The sales proceeds exceeded the underwritten exit price and latest appraisal value.