A venture capital fund headed by former national soccer team member Keisuke Honda has raised about ?15.3 billion ($98 million), according to a document seen by Bloomberg.

Sumitomo Mitsui Banking Corp., Nomura Holdings and SBI Holdings are among at least 20 companies that have invested in Honda¡¯s X&KSK Fund, according to the document. SBI Holdings and SBI Shinsei Bank have parked a combined ?2 billion in the fund, making them the biggest shareholders.

Honda, who scored goals in three World Cups in a row and played for CSKA Moscow and AC Milan, is also active in investing, founding Dreamers VC with American actor Will Smith. His goal is to help create a so-called decacorn in Japan ¡ª a closely held company with a market value of more than $10 billion ¡ª and he¡¯s eyeing firms involved in artificial intelligence and those that have developed cutting-edge technology or innovative business strategies.

¡°I¡¯m aware that creating a decacorn in Japan is a very difficult challenge,¡± Honda said by email. ¡°But considering all that the Japanese have accomplished, I think it definitely can be achieved.¡±

The former AC Milan midfielder has said he¡¯d gotten access to good deals because of his fame as an ex-football player. He also said he doesn¡¯t have rival athlete-turned-investors in Japan.

In Japan, celebrities are often reluctant to discuss their investments, a contrast with the U.S., where athletes such as Shaquille O¡¯Neal, LeBron James and Serena Williams have become venture capital moguls.

While the number of Japanese startups has been on a rising trend, unicorn firms with market value of more than $1 billion remain limited compared with other countries, according to a report released in June by a Ministry of Economy, Trade and Industry-hosted panel. To help grow startups, more ways to provide them with bigger financing are needed, according to the report.

The amount of funds that Japanese startups raised peaked in 2022 at ?978.2 billion and fell to ?803.9 billion last year, but that still represented more than a fivefold increase compared with 2014, according to Uzabase Inc.¡¯s Speeda data.

With the possibility that the trade spat between China and the U.S. will worsen after President-elect Donald Trump takes office, while conflicts in Ukraine and the Middle East show few signs of ending, overseas investors have been shifting their focus from China to Japan.

SBI has invested in about 1,200 startups over the past 25 years. Through Honda¡¯s fund, it hopes to increase its network of overseas investors and promote Japanese startups, said Shohei Yamada, a partner at SBI Investment.