• K-three

    a consulting firm devoted to impact measurement and impact investment

  • About us


    Solving social issues through structural change


    Society where everyone deserves the opportunity to thrive


    Research and consultation regarding social impact investment and social impact measurement​

  • Members

    Masaki Kochi


    Masaki Kochi founded K-three Inc. in 2016. He has been engaged in promoting the development of Social Impact Bonds in Japan from 2014 and has been a member of the SIB projects funded by The Nippon Foundation.
    He started his career at Recruit Group after graduating from University. From 2007, he joined PwC Consulting, where he mainly worked for central and local government agencies through the projects of optimized strategy formulation, procurement planning, provider evaluation and project management.
    He has a host of experiences to research, write and manage projects about SIBs with central and local governments. Also, he has been devoted to its enlightenment activities. He established K-three corporation specialized in social impact investment such as SIBs and social impact measurement.
    He also works as a lecturer in University of Ryukyus, an operation director of Social Impact Bond Japan, a member of Joint Office of Social Impact Measurement Initiative, and an executive fellow of Social Impact Center. He is a Certified Professional Evaluator by Japan Evaluation Association.

    Chika Ochiai


    Chika Ochiai is a director of K-three Inc. She is responsible for impact measurement projects with governmental and non-profit sectors. She has been engaged in the SIB project of dementia prevention since 2015 as a senior researcher at Keio University, and joined the firm since its foundation. She is an executive fellow of Social Impact Center. Chika has substantial experience in impact measurement and impact investment projects with multi-stakeholders. Her research interests focus primarily on social values of arts, cultural policy and impact investment application to creative industry.
    She has a degree in Engineering and a Master’s degree in Science in Engineering from Keio University. She started her first career as a chemical researcher and worked as a consultant at a strategic consulting firm.

    Ken Moriyama

    Senior Advisor

    Ken Moriyama joined K-three Inc. as Senior Advisor in 2016. Ken brings to the team more than 16 years of experience in the private financial sector. Over the past eight years, Ken has made several social impact investments in the areas of climate change and poverty alleviation in Asia. He is passionate about developing innovative market-based solutions for social issues. Previously, Ken served as an equity and derivatives portfolio manager at Credit Suisse. A mathematician by training Ken began his career as an investment banker at Goldman Sachs. He is a graduate of Balliol College at Oxford University and Johns Hopkins University.

  • Annual Report

    (First year March 2016 - February 2017)

  • Topics

    Composing Japan’s first SIB project (Health)

    Supported the implementation of SIB in Hachioji City, Tokyo (contracted in May 2017), as a model project of Ministry of Economy, Trade, and Industry.

    Estimating Japan's Market Size of Social Impact Investment; approx. 330 million yen

    Writing the report;

    The Global Social Impact Investment Steering Group (GSG) Japan National Advisory Board, “Current State of Social Impact Investment in Japan 2016” (2016)

    Supporting the Establishment of Social Impact Measurement Initiative and the Creation of Roadmap

    One of the members of Joint Office of Social Impact Measurement Initiative

  • Business Outlines

  • Social Impact Bonds

    Improve the social outcomes of publicly funded services by making funding conditional on achieving results

    Development of SIBs

    Overall support for development of payment by results schemes

    As an intermediate support organization, we provide consulting services of programme modeling, financial models and contracting to develop SIBs.  We also support the government arrangement, researching service providers and marketing to investors.

    Design of Outcome Metrics

    Visualizing social values of interventions

    We research and support for creating outcome metrics of services and defined social issues. Discussing with stakeholders based on the analisys of governmental cost and needs of target population.

  • Social Impact Investment

    Investments made into companies, organizations, and funds with the intention to generate social and environmental impact alongside a financial return

    Support for Social Impact Investment

    Support for planning social impact investment based on social value

    We work for planning social impact investment and defining non-financial indicators. We research NPOs and social enterprises as well as operate due diligence on potential organisations.

    Research and Making Reports

    We support research study of social impact investment. We conduct researches from field survey based on interviews to detailed data analysis according to clients' requests.​

  • Social Impact Measurement

    Quantitative and qualitative evaluation of social and environmental changes, benefits and other outcomes of a program or activity

    Support for Social Impact Measurement

    Offer wide range of measurement services according to clients' needs

    We conduct and support impact measurement of a project or organisation both from qualitative and quantitative standpoints. Various and flexible types of measurement and management services can be provided according to clients' needs.

    Research, Seminars and Making Reports

    We support research study, seminars and making reports about social impact measurement.

  • Main Achievement

  • Consulting and Advisory Support

    Japan Social Impact Investment Foundation

    Supported for planning SIB (from 2017)

    Ministry of Economy, Trade and Industry.

    Supported for development SIB in health care field and SIB implementation guidance formulation for government "Debriefing session of composing SIB Model Project " (2016)

    Ministry of Economy, Trade and Industry.

    The Nippon Foundation

    SIB Promotion Project Support (demonstration project support, development of SIBs, negotiation with governments, service providers, and investors)

    Major Financial Institution

    Consulting about SIBs in 2016

  • Research

    Advisory Committee of The Global Social Impact Investment Steering Group (GSG) Japan National Advisory Board

    Association of Japanese Theatre Companies

    Supported measuring social inclusion project by theatre

    Ministry of Health, Labour and Welfare

  • Committee, Judge Office


    Expert advisor of “Research for social inclusion activity by Art group" by Promotion Project of Strategic Art, Culture and Creation

    Ministry of Environment

    Advisor of “Opinion exchange meeting of Promotion for Sustainable Environment Education “ (2016)

    University of the Ryukyus

    NPO Japan Foundation Association, Social Impact Center

  • Customer Satisfaction Rating

    We conduct a Customer Satisfaction survey every our project.

    Clients evaluate us from 0 to 10 for each item and below shows the 2016's average.










    Recommendation to others


    Total Average

  • Voice from Clients

    A public interest incorporated association

    We appreciate k-three because they conducted the project responsibly and reliably.

    A public interest incorporated foundation

    k-three is an exceedingly reliable consultant company because of high-quality output, careful and flexible work. The perspectives and analysis based on the experiences of actual project works as well as theoretical research were valuable.

  • Contact

    Please contact us for business inquiries, recruitment information, interviews and lecture requests.