Key Takeaways
- • Meiji Yasuda intends to raise its capital commitment to Man Group's strategies to 200 billion yen (about $1.25 billion) over three years, with a particular focus on Man's private credit business.
- • Meiji Yasuda will consider acquiring an equity stake of about 5% in Man Group through open-market purchases, meaning no new shares would be issued.
- • Any Meiji Yasuda shares are subject to a three-year lock-up and a standstill provision capping its holding at 19.99% of Man's issued share capital.
- • The arrangement expands a partnership first announced in February 2025, with co-developed products for Japan and Man becoming a preferred asset management partner to the insurer.
- • Man Group did not disclose the financial terms of the arrangement, which can be terminated by either party in certain circumstances.
Summary
Man Group, the alternative investment manager, has said that Japanese insurer Meiji Yasuda intends to raise its capital commitment to Man's strategies to 200 billion yen, or about $1.25 billion. The increase is to take place over three years, with a particular focus on Man's private credit business, which lends directly to companies rather than through public bond markets.
Meiji Yasuda Life Insurance Company will also consider buying an equity stake of about 5% in Man Group. Any purchase would be made on the open market, so Man would not issue new shares. Shares acquired by the insurer will be subject to a three-year lock-up from the date of the agreement, and a standstill provision caps its holding at 19.99% of Man's issued share capital. Orderly market arrangements will govern any future disposals, subject to customary exceptions.
Man said the arrangement builds on a partnership announced in February 2025. The two firms will co-develop products for the Japanese market, and Man will become a preferred asset management partner to the insurer. Meiji Yasuda will also gain access to investment advisory services through the Oxford-Man Institute, Man's quantitative research collaboration with the University of Oxford. The arrangements can be terminated by either party in certain circumstances, and Man did not disclose the financial terms.
Robyn Grew, Man Group's chief executive, said the increased commitment "underlines our capabilities in private credit" and shows the firm can serve large insurance clients globally. Hideki Nagashima, Meiji Yasuda's president and group chief executive, said the deal would give the insurer access to a broad range of investment strategies and advanced knowledge sharing.
Meiji Yasuda Life Insurance Company will also consider buying an equity stake of about 5% in Man Group. Any purchase would be made on the open market, so Man would not issue new shares. Shares acquired by the insurer will be subject to a three-year lock-up from the date of the agreement, and a standstill provision caps its holding at 19.99% of Man's issued share capital. Orderly market arrangements will govern any future disposals, subject to customary exceptions.
Man said the arrangement builds on a partnership announced in February 2025. The two firms will co-develop products for the Japanese market, and Man will become a preferred asset management partner to the insurer. Meiji Yasuda will also gain access to investment advisory services through the Oxford-Man Institute, Man's quantitative research collaboration with the University of Oxford. The arrangements can be terminated by either party in certain circumstances, and Man did not disclose the financial terms.
Robyn Grew, Man Group's chief executive, said the increased commitment "underlines our capabilities in private credit" and shows the firm can serve large insurance clients globally. Hideki Nagashima, Meiji Yasuda's president and group chief executive, said the deal would give the insurer access to a broad range of investment strategies and advanced knowledge sharing.
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