{"id":3182,"date":"2026-03-29T15:05:40","date_gmt":"2026-03-29T06:05:40","guid":{"rendered":"https:\/\/slowsteps.com\/?p=3182"},"modified":"2026-03-29T15:05:40","modified_gmt":"2026-03-29T06:05:40","slug":"three-vessels-of-fund-structures","status":"publish","type":"post","link":"https:\/\/slowsteps.com\/en\/podcast\/three-vessels-of-fund-structures\/","title":{"rendered":"Episode 3: Comparing the three vessels of fund structures"},"content":{"rendered":"\n<div class=\"wp-block-bogo-language-switcher\"><ul class=\"bogo-language-switcher list-view\"><li class=\"en-US en current first\"><span class=\"bogoflags bogoflags-us\"><\/span> <span class=\"bogo-language-name\"><a rel=\"alternate\" hreflang=\"en-US\" href=\"https:\/\/slowsteps.com\/en\/wp-json\/wp\/v2\/posts\/3182\/\" title=\"English\" class=\"current\" aria-current=\"page\">English<\/a><\/span><\/li>\n<li class=\"ja last\"><span class=\"bogoflags bogoflags-jp\"><\/span> <span class=\"bogo-language-name\"><a rel=\"alternate\" hreflang=\"ja\" href=\"https:\/\/slowsteps.com\/wp-json\/wp\/v2\/posts\/3182\/\" title=\"Japanese\">\u65e5\u672c\u8a9e<\/a><\/span><\/li>\n<\/ul><\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><em><em>This article is based on a Podcast contents of a same title:<\/em><\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Japan\u2019s investment funds are built using three distinct \u201cvessels\u201d: company-type, contract-type, and partnership-type structures. Each vessel differs significantly in<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>governance<\/li>\n\n\n\n<li>liability<\/li>\n\n\n\n<li>transparency<\/li>\n\n\n\n<li>investment suitability<\/li>\n\n\n\n<li>decision-making structure<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">These differences shape how funds are designed, operated, and regulated.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In this article, we quietly walk through these structures using three visual diagrams created for the slowsteps series.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8212;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">1. Overview of the three vessels<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This diagram provides a high-level view of how the three vessels are positioned and how they relate to one another.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/i0.wp.com\/slowsteps.com\/wp-content\/uploads\/2026\/03\/Untitled.png?resize=1024%2C576&#038;ssl=1\" alt=\"\u30d5\u30a1\u30f3\u30c9\u306e\uff13\u3064\u306e\u5668\uff08\u5168\u4f53\u69cb\u9020\uff09\u3092\u793a\u3059\u56f3\u3002\u4f1a\u793e\u578b\u3001\u5951\u7d04\u578b\u3001\u4f1a\u793e\u578b\u306e\u5404\u30bf\u30a4\u30d7\u306b\u3064\u3044\u3066\u306e\u7279\u5fb4\u3068\u6bd4\u8f03\u4e8b\u9805\u304c\u8a18\u8f09\u3055\u308c\u3066\u3044\u308b\u3002\" class=\"wp-image-3175\" srcset=\"https:\/\/i0.wp.com\/slowsteps.com\/wp-content\/uploads\/2026\/03\/Untitled.png?resize=1024%2C576&amp;ssl=1 1024w, https:\/\/i0.wp.com\/slowsteps.com\/wp-content\/uploads\/2026\/03\/Untitled.png?resize=300%2C169&amp;ssl=1 300w, https:\/\/i0.wp.com\/slowsteps.com\/wp-content\/uploads\/2026\/03\/Untitled.png?resize=768%2C432&amp;ssl=1 768w, https:\/\/i0.wp.com\/slowsteps.com\/wp-content\/uploads\/2026\/03\/Untitled.png?resize=1536%2C864&amp;ssl=1 1536w, https:\/\/i0.wp.com\/slowsteps.com\/wp-content\/uploads\/2026\/03\/Untitled.png?resize=2048%2C1152&amp;ssl=1 2048w, https:\/\/i0.wp.com\/slowsteps.com\/wp-content\/uploads\/2026\/03\/Untitled.png?resize=1200%2C675&amp;ssl=1 1200w, https:\/\/i0.wp.com\/slowsteps.com\/wp-content\/uploads\/2026\/03\/Untitled.png?resize=1320%2C743&amp;ssl=1 1320w, https:\/\/i0.wp.com\/slowsteps.com\/wp-content\/uploads\/2026\/03\/Untitled.png?w=3000&amp;ssl=1 3000w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">It allows you to grasp the landscape at a glance:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">company-type on the left, contract-type in the center, and partnership-type on the right.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8212;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">2. Characteristics of each vessel<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Company-type (KK, GK, General Incorporated Association)<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Has legal personality<\/li>\n\n\n\n<li>Strong governance<\/li>\n\n\n\n<li>Clear liability boundaries<\/li>\n\n\n\n<li>Well-established investor protection mechanisms<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Contract-type (Trust)<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Bankruptcy remoteness under law<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Flexible structuring<\/li>\n\n\n\n<li>Strong fiduciary duties for trustees<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Partnership-type (NK, TK, LPS)<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Historically diverse origins<\/li>\n\n\n\n<li>Wide variation in liability and transparency<\/li>\n\n\n\n<li>LPS has become the modern standard for investment funds<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/i0.wp.com\/slowsteps.com\/wp-content\/uploads\/2026\/03\/Untitled-2.png?resize=1024%2C576&#038;ssl=1\" alt=\"\u4f1a\u793e\u578b\u306e3\u3064\u306e\u5668\u306e\u9055\u3044\u3092\u793a\u3059\u56f3\u3002\u5408\u540c\u4f1a\u793e\uff08GK\uff09\u3001\u682a\u5f0f\u4f1a\u793e\uff08KK\uff09\u3001\u4e00\u822c\u793e\u56e3\u6cd5\u4eba\u306e\u7279\u5fb4\u3068\u69cb\u6210\u3092\u6bd4\u8f03\u3057\u3066\u3044\u308b\u3002\" class=\"wp-image-3176\" srcset=\"https:\/\/i0.wp.com\/slowsteps.com\/wp-content\/uploads\/2026\/03\/Untitled-2.png?resize=1024%2C576&amp;ssl=1 1024w, https:\/\/i0.wp.com\/slowsteps.com\/wp-content\/uploads\/2026\/03\/Untitled-2.png?resize=300%2C169&amp;ssl=1 300w, https:\/\/i0.wp.com\/slowsteps.com\/wp-content\/uploads\/2026\/03\/Untitled-2.png?resize=768%2C432&amp;ssl=1 768w, https:\/\/i0.wp.com\/slowsteps.com\/wp-content\/uploads\/2026\/03\/Untitled-2.png?resize=1536%2C864&amp;ssl=1 1536w, https:\/\/i0.wp.com\/slowsteps.com\/wp-content\/uploads\/2026\/03\/Untitled-2.png?resize=2048%2C1152&amp;ssl=1 2048w, https:\/\/i0.wp.com\/slowsteps.com\/wp-content\/uploads\/2026\/03\/Untitled-2.png?resize=1200%2C675&amp;ssl=1 1200w, https:\/\/i0.wp.com\/slowsteps.com\/wp-content\/uploads\/2026\/03\/Untitled-2.png?resize=1320%2C743&amp;ssl=1 1320w, https:\/\/i0.wp.com\/slowsteps.com\/wp-content\/uploads\/2026\/03\/Untitled-2.png?w=3000&amp;ssl=1 3000w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">&#8212;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">3. Five key comparison points<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">When comparing fund structures, the following five points are essential:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Capital variability (fixed \/ variable)<\/li>\n\n\n\n<li>Bankruptcy remoteness (present \/ absent)<\/li>\n\n\n\n<li>Legal personality (yes \/ no)<\/li>\n\n\n\n<li>Scope of liability (limited \/ unlimited)<\/li>\n\n\n\n<li>Decision-making structure (separated \/ unified)<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">The diagram below summarizes these elements in a single view.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/i0.wp.com\/slowsteps.com\/wp-content\/uploads\/2026\/03\/Untitled-3_en.png?resize=1024%2C576&#038;ssl=1\" alt=\"\u30d1\u30fc\u30c8\u30ca\u30fc\u30b7\u30c3\u30d7\u578b\u30d3\u30fc\u30af\u30eb\u306e\u6b74\u53f2\u7684\u9032\u5316\u3092\u793a\u3059\u56f3\u3002\u6c11\u6cd5\u30d1\u30fc\u30c8\u30ca\u30fc\u30b7\u30c3\u30d7\u3001Silent\u30d1\u30fc\u30c8\u30ca\u30fc\u30b7\u30c3\u30d7\u3001\u6295\u8cc7\u6709\u9650\u8cac\u4efb\u30d1\u30fc\u30c8\u30ca\u30fc\u30b7\u30c3\u30d7\u306e\u7279\u5fb4\u3068\u6bd4\u8f03\u304c\u793a\u3055\u308c\u3066\u3044\u308b\u3002\" class=\"wp-image-3193\" srcset=\"https:\/\/i0.wp.com\/slowsteps.com\/wp-content\/uploads\/2026\/03\/Untitled-3_en.png?resize=1024%2C576&amp;ssl=1 1024w, https:\/\/i0.wp.com\/slowsteps.com\/wp-content\/uploads\/2026\/03\/Untitled-3_en.png?resize=300%2C169&amp;ssl=1 300w, https:\/\/i0.wp.com\/slowsteps.com\/wp-content\/uploads\/2026\/03\/Untitled-3_en.png?resize=768%2C432&amp;ssl=1 768w, https:\/\/i0.wp.com\/slowsteps.com\/wp-content\/uploads\/2026\/03\/Untitled-3_en.png?resize=1536%2C864&amp;ssl=1 1536w, https:\/\/i0.wp.com\/slowsteps.com\/wp-content\/uploads\/2026\/03\/Untitled-3_en.png?resize=2048%2C1152&amp;ssl=1 2048w, https:\/\/i0.wp.com\/slowsteps.com\/wp-content\/uploads\/2026\/03\/Untitled-3_en.png?resize=1200%2C675&amp;ssl=1 1200w, https:\/\/i0.wp.com\/slowsteps.com\/wp-content\/uploads\/2026\/03\/Untitled-3_en.png?resize=1320%2C743&amp;ssl=1 1320w, https:\/\/i0.wp.com\/slowsteps.com\/wp-content\/uploads\/2026\/03\/Untitled-3_en.png?w=3000&amp;ssl=1 3000w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">&#8212;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">4. Why these three vessels coexist in Japan<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Japan\u2019s investment environment has evolved through legal history, investor needs, and practical considerations. As a result, the three vessels coexist with distinct roles:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Company-type offers governance and stability<\/li>\n\n\n\n<li>Contract-type provides flexibility and bankruptcy remoteness<\/li>\n\n\n\n<li>Partnership-type reflects investment history and practical suitability<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Rather than asking \u201cwhich is superior,\u201d the real question is \u201cwhich vessel fits the purpose\u201d. This episode explores that perspective in the quiet, structured tone that defines the slowsteps series.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8212;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">5. Related links<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">YouTube (visual explanation + audio)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/youtu.be\/OZvPAnuGQzI\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/youtu.be\/OZvPAnuGQzI<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Spotify (audio only)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/open.spotify.com\/episode\/53zkOYADLbA2Oe3j1pazQP?si=2orUfzBjSLyZ3ZxB7PMkKQ\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/open.spotify.com\/episode\/53zkOYADLbA2Oe3j1pazQP?si=2orUfzBjSLyZ3ZxB7PMkKQ<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p class=\"wp-block-paragraph\">Related Articles<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Episode 1: <a href=\"https:\/\/slowsteps.com\/en\/podcast\/episode-1-en\/\" data-type=\"post\" data-id=\"3025\" target=\"_blank\" rel=\"noreferrer noopener\">What is a fund<\/a><\/li>\n\n\n\n<li>Episode 2: <a href=\"https:\/\/slowsteps.com\/en\/podcast\/episode-2-en\/\" data-type=\"post\" data-id=\"3095\" target=\"_blank\" rel=\"noreferrer noopener\">The relationship between investors and managers<\/a><\/li>\n\n\n\n<li>Fund Structures <a href=\"https:\/\/slowsteps.com\/en\/category\/fund-structuring\/\" data-type=\"category\" data-id=\"775587849\" target=\"_blank\" rel=\"noreferrer noopener\">category archive<\/a><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A quiet, structured comparison of Japan\u2019s three fund \u201cvessels\u201d: company-type, contract-type, and partnership-type. Explains governance, liability, transparency, and the differences among NK, TK, and LPS.<\/p>\n","protected":false},"author":94403148,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","advanced_seo_description":"A quiet, structured comparison of Japan\u2019s three fund \u201cvessels\u201d: company-type, contract-type, and partnership-type. Explains governance, liability, transparency, and the differences among NK, TK, and LPS.","jetpack_seo_html_title":"Episode 3: Comparing the three vessels of fund structures","jetpack_seo_noindex":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_locale":"en_US","_original_post":"https:\/\/slowsteps.com\/?p=3173","_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":true,"token":"eyJ0eHQiOiJFcGlzb2RlIDM6IENvbXBhcmluZyB0aGUgdGhyZWUgdmVzc2VscyBvZiBmdW5kIHN0cnVjdHVyZXMiLCJ0ZW1wbGF0ZSI6ImhpZ2h3YXkiLCJmb250IjoiIiwiYmxvZ19pZCI6MjM4NDQ4MDU0fQ.x9BPQG__88GJZB3ceRuoT38V58ztO5A62_gr6Qq8jScMQ"},"version":2},"_wpas_customize_per_network":false},"categories":[775587849,775587843],"tags":[775587889,775587890,29949403,775587887,775587885,775587891,775587886],"class_list":["post-3182","post","type-post","status-publish","format-standard","hentry","category-fund-structuring","category-podcast","tag-company-structure","tag-contract-type","tag-fund-structure","tag-lps","tag-nk","tag-partnership-structure","tag-tk","en-US"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_likes_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/pg8vem-Pk","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/slowsteps.com\/wp-json\/wp\/v2\/posts\/3182","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/slowsteps.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/slowsteps.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/slowsteps.com\/wp-json\/wp\/v2\/users\/94403148"}],"replies":[{"embeddable":true,"href":"https:\/\/slowsteps.com\/wp-json\/wp\/v2\/comments?post=3182"}],"version-history":[{"count":10,"href":"https:\/\/slowsteps.com\/wp-json\/wp\/v2\/posts\/3182\/revisions"}],"predecessor-version":[{"id":3197,"href":"https:\/\/slowsteps.com\/wp-json\/wp\/v2\/posts\/3182\/revisions\/3197"}],"wp:attachment":[{"href":"https:\/\/slowsteps.com\/wp-json\/wp\/v2\/media?parent=3182"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/slowsteps.com\/wp-json\/wp\/v2\/categories?post=3182"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/slowsteps.com\/wp-json\/wp\/v2\/tags?post=3182"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}