• K-three Inc.

    To accelerate the evidence-based social impact
    Social Impact Investment and Social Impact Measurement/Management

  • 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​

  • Who We Are

    Masaki Kochi


    Masaki founded K-three Inc. in 2016 in order to accelerate the change for the better world through its research and consulting services in social impact investment such as social impact bonds (SIBs) and social impact management.

    Masaki worked for PwC Consulting LLC for ten years and made a tremendous contribution as an expertise in strategic business planning, project evaluation and performance measurement for central and local governments.

    He is also a lecturer at University of Ryukyus for such subjects related to social impact measurement and social impact bonds, a member of Joint Office of Social Impact Measurement Initiative, and Global impact investment steering group in Japan

    Chika Ochiai


    Chika joined K-three since its foundation. Chika is responsible for impact management projects. She has a passion for accelerating community development through social business. Chika has also been engaged in developing Social Impact Bonds since 2015. Prior to K-three, Chika worked as a strategy consultant and a chemical researcher . She is currently a doctoral student and senior researcher at Keio University. Chika earned an MScEng and BEng in polymer chemistry from Keio University.

    Ken Moriyama


    Ken brings to the team more than 17 years of experience in the private financial sector. Over the past 10 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 and Citadel. 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.

    Emiko Imao


    Emiko Imao joined K-three Inc. as Director in 2017. Emiko possesses experience and knowledge in both the private and the public sectors. After she worked in asset management farm as a marketing group manager in Tokyo, she transitioned to the Japan International Cooperation Agency (JICA) where she managed public-private-partnership projects mainly focusing on BOP/inclusive business and SDGs business projects. Emiko joins K-three to accelerate social missions of various organizations by evaluating their social values. By utilizing experience in financial institutions, she is also passionate about promoting impact investing. She holds Master of International Development Policy from Duke University.

    Risako Imai

    Director, Certified Professional Evaluator (CPE)

    Prior to joining K-three Inc., Risako worked as a development consultant for about 13 years at one of the leading companies for international development. During this period, she contributed to formulating and evaluating more than 10 projects of Japan International Cooperation Agency (JICA), including a number of fieldworks of socio-economic survey in rural water projects in East Africa. Then she served as an urban development research consultant at World Bank in Tokyo until she joined K-Three Inc. in 2018.

    She received MA in Urban Planning and Development from the University of Manchester.

    Naoki Chiba

    Senior Associate

    Naoki Chiba joined K-three Inc. in 2018. He is responsible for social impact measurement and impact management projects. He has experience of program coordinator of evaluation. He is passionate about trying to solve for complex issues. Registered Management Consultant (METI), Certified Fundraiser (Japan Fundraising Association).

    Go Suzui


    Go Suzui joined K-three Inc. in 2018. He worked for education NPO based in San Francisco as a social innovation program coordinator and worked for UNDP Tokyo as an intern for a project on business and SDGs. He learned impact evaluation and data analytics skills with R and Python for sustainable development while being in UC Berkeley. He is learning Ethereum blockchain and smart-contract programing. He received Master of Development Practice from UC Berkeley.

    Taisei Kurino


    After working at elementary school, Taisei worked as a Japan Overseas Cooperation Volunteer in Ethiopia. He participated in K-three Inc. since he was keenly aware of the necessity of social impact management. Taisei is in charge of collecting and analyzing information on R & D for methods to improve social impact. Also, he is majoring in Master’s program in International Development and Peace through Sport at University of Tsukuba.

    Ryo Onizawa


    Ryo Onizawa joined K-three in 2019. He has great interests in process of policy making. He contributed to launching some incubation centers for students and worked as a community manager. Currently he is an undergraduate student at Faculty of Education, University of Tokyo.

  • 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

  • What we do

  • 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/Management

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

    Supporting Social Impact Measurement/Management

    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.

  • Achievements

  • 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

  • Customer's Voice

    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.