What is GK?

GK is Godo Kaisha.


Godo Kaisha is a special  kind of Japanese corporation that is governed under Japanese Corporate Law.


In the GK-TK structure, the GK plays the role of the TK operator and conducts the TK business, or realestate investment business,and distributes its profit to the TK investors based on the TK agreement.


The Financial Instruments and Exchange Law also state that a GK must appoint a licensed asset management company to manage the business.

What is a TK?

TK is Tokumei Kumiai.
TK is governed by Japnese Commercial Law .


TK is a business partnership between two parties calle the TK investor and the TK operator.
The contract between them is called the TK agreement.
TK is actually a silentpartnership.


There can be more than one investor in this structure, but each investor is required to have a separate TK agreement with the TK operator.

Investment Structure

Investers invest in unlisted private real estate funds.
A private funds can avoid paying corporate tax on the profits by meeting certain requirements.
There are two types of private funds called close -end funds and open-ends funds.
Closed-end funds have an investment timeline determined when the funds is launched.
It is a set schedule , usually  running 3,5,7 years for institutional investers.


In Japan, a　TMK　or TK-GK structure are usually use for closed-end funds.