PMIJ framework overview
Japan LP Readiness Framework
A structured preparation framework for managers approaching Japanese institutional review.
Purpose
Make a global manager more reviewable before asking an institution to begin deeper diligence.
This overview describes the framework's intended scope. It is designed to support preparation and institutional dialogue before or during formal review without prescribing an investment outcome.
Document control
Draft for institutional dialogue and consultation.
- Version
- 0.1
- Published
- 10 August 2026
- Owner
- PMIJ Standards Programme
- Consultation closes
- 30 September 2026
- Next review
- Fourth quarter 2026
- Revision history
- 0.1 — initial publication
Institutional allocators, managers, advisors and specialist contributors may submit written comments. Please identify the framework code, relevant section and institutional perspective.
Submit a consultation commentFramework scope
Manager and strategy
Establish a clear institutional description of the organisation, investment strategy, decision process and differentiation.
- Ownership, governance and organisational structure
- Strategy scope, target market and portfolio construction
- Investment committee and decision authorities
- Alignment, conflicts and key-person considerations
Fund, team and track record
Organise the core fund terms, team responsibilities and performance information required to begin an evidence-led review.
- Fund structure, terms and target size
- Team roles, attribution and succession
- Track-record scope, methodology and supporting evidence
- Portfolio and value-creation information
Operations, governance and service providers
Map the control environment and the external parties supporting the fund and manager.
- Compliance, risk and operational controls
- Fund administration, audit, legal, tax and valuation arrangements
- Cybersecurity, business continuity and information handling
- Reporting responsibilities and escalation paths
Japan-facing preparation
Translate the global institutional record into a form that is usable within the Japanese review context.
- Japan-facing materials and responsible contacts
- Known information gaps and translation priorities
- Meeting preparation and follow-up ownership
- Boundary between preliminary information and formal diligence
Institutional boundary
Independent review remains with the institution.
This framework is not a certification or recommendation.
Use of the framework does not imply PMIJ endorsement, regulatory approval, suitability, investor interest or a positive investment conclusion. Managers remain responsible for their information. LPs and their advisors conduct their own diligence and make their own decisions.