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For simplicity and consistency with our reporting to other media, the AuM number is the sum of invested capital and uncalled commitment over which we are remunerated for provision of investment discretion and other services through which we believe J-STAR is exhibiting its expertise and views as to ESG perspectives.
While our funds currently only directly invest in Japan, some of our portfolio companies have subsidiaries and/or operations outside of Japan. These may be in emerging countires.