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A Park and Resort Railway Line in the Hakone District Originated by a Resort-oriented Real Estate Fund : Focusing on Hands-on Schemes for the ODAWARA Electric Railway, Formed and Managed by ARINOBU FUKUHARA, President of TEIKOKU Life Isao Ogawa Arinobu Fukuhara, president of TEIKOKU Life, a major life insurance company, formed a real estate syndicate with 22 close, wealthy friends in 1907 when Japan was experiencing an investment boom. Among the group were the Fukuzawa brothers, members of the founding family of Keio Universit y, a major university in Japan. This syndicate was a type of real estate fund organized to invest in tourism in the Hakone district located close to Tokyo. But it actually acted as a structured investment vehicle (SIV) for making prior acquisitions of real estate for the ODAWARA Electric Railway, of which the investors where stakeholders. It purchased vast tracts of land to be developed as a resort area in Gora in Hakone, which was to be the last stop of the planned new railway line. These purchases generated multiple benefits for the venture capitalists. They offered prospects for diversifying the new railway business, and the investors enjoyed the proceeds from the land transactions and also the comforts of owning a second house in a resort area. TEIKOU Life acted as an investment bank and managed all the various financial transactions necessary in a real estate business, from purchase to sale of the properties. It can be said that the company was the originator of a series of financial schemes managed by the fund. This investment fund, which specialized in tourism, not only provided the financiers with high returns and comfortable resort living, but also developed and completed the most advanced, full-scale mountain railway system aimed at providing transportation for tourists in Japan and a superior mountainous resort area with a private amusement park attached. A Park and Resort Railway Line in the Hakone District Originated by a Resort-oriented Real Estate Fund Isao Ogawa 135