The fund looks for companies innovating with PGM-powered technologies related to hydrogen infrastructure, fuel-cell electric mobility and energy storage.
The other two investors in the fund are Anglo American Platinum and South Africa's Public Investment Corporation (PIC).
AP Ventures said the fund and its portfolio companies would benefit from Mitsubishi's significant industrial scope and commitment to develop new strategic activities, including those related to the hydrogen economy.
"Together with Anglo American Platinum's position in the precious metal markets, which provides competitive advantage for our companies, and the extensive fund management expertise of the PIC, AP Ventures has an exceptionally strong and complementary group of investors," it said.
Mitsubishi GM for precious metals, mineral resources trading division Yusaku Yukita said the company believed precious metals would play an instrumental role in renewable energy integration, resource scarcity and a growing global population.
"To realise the full potential of these metals in addressing these challenges, efforts have to be orchestrated amongst the various industry players," he said.
"Working closely together with AP Ventures and the limited partners, and by bringing the diverse capabilities of Mitsubishi Corporation, we hope to nurture the growth of innovative precious metals technologies that will help improve lives and the society we live in."