The four markets
Four markets. One window.
Developed APAC at entry prices. Each market plays a different role.
The window
One crystallisation window across all four markets.
In-flight regulations by effective year, summed across the four target markets. Peak crystallisation 2027.
Source: hmm Ventures regulatory dataset.
The comparison
What each market is for.
| Australia | Japan | New Zealand | Singapore | |
|---|---|---|---|---|
| Role | Capital depth | Corporate procurement | Lower-cost validation | Regulatory bridge |
| The claim | A$4.3T superannuation pool turning toward unlisted growth through 2025-2026 reform. | G7-leading corporate cash position. Procurement deployed through CVC channels. | Same regulatory asset as Sydney or San Francisco. Smaller capital to build it. | One MAS or HSA licence reduces the regulatory cost of entering ASEAN, Greater China, India, and Western markets. |
| Capital mechanism | A$4.3T superannuation pool. 43.5% R&D Tax Incentive offset. | AI Promotion Act in force June 2025. CVC-led procurement channels. | Callaghan to MBIE grant ecosystem. 15% R&D credit. Lower entry valuations. | MAS sandbox. ASEAN passporting. Sector-specific sandboxes 2024-2025. |
| Regulators | APRA · ASIC · AEMO · TGA · FIRB · ASX | PMDA · MLIT · METI · FSA · TSE | Medsafe WAND · MBIE · Electricity Authority · MPI | MAS · HSA · IMDA · LTA · SFA · EMA |
| Lead indicator | Eucalyptus to Hims & Hers, 2026. Up to $1.15B. Tier 1 biomedical. | PMDA AI Medical Device Fast-Track. Effective 2027. Tier 1. | Volpara to Lunit, 2024. $193M. Tier 1 biomedical. | MAS AI Risk Management, all sectors. Effective 2028. Tier 1. |
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