3D Investment Partners has criticized Sapporo Holdings over its execution of overseas acquisitions, expressing concerns about the risk that the Japanese brewer may continue to "misallocate capital” leading to further "destruction of corporate value.”

The Singapore-based investment fund censured the management over "impairment losses on all of its overseas alcoholic beverage acquisitions” and questioned the responsibility of the board of directors, in a letter seen by Bloomberg.

The letter, dated Feb. 18, was sent to Sapporo’s board of directors and specifically railed against the ¥13.9 billion ($92 million) impairment loss that Sapporo booked in January 2025 for Stone Brewing, a U.S. craft brewer that it acquired in 2022. The letter said the company has acquired the U.S. brewer at a price-to-book ratio of 3.4 times despite Stone Brewing’s declining sales and unprofitable operations.

On Monday, Sapporo announced that the board had voted against appointing former Toshiba outside director Paul Brough, whose name 3D had proposed.

According to data compiled by Bloomberg, 3D is the largest shareholder, owning more than 19% of Sapporo shares.

Sapporo said last week it continues to explore "large-scale” M&A deals to grow its alcoholic beverage business using funds raised from real estate.

3D Investment said that as a major shareholder it had the responsibility to ensure the board addresses the key issue of capital discipline.

Spokespeople for Sapporo and 3D weren’t immediately available to comment.