Japan's Meiji Yasuda Commits ¥200 Billion to Man Group, Weighs 5% Stake in London Hedge Fund Firm

Japanese life insurer Meiji Yasuda will commit 200 billion yen (about US$1.28 billion) to Man Group’s investment strategies over the next three years and is weighing a purchase of roughly 5% of the London-listed alternative asset manager, Reuters reported on Monday, in an expanded partnership centred on private credit.

The deal widens a tie-up the two firms first announced in February 2025, as Man Group seeks to grow its private credit platform and serve large insurance clients worldwide, according to the Reuters report. Man Group’s shares rose as much as 4.9% in early London trading after the announcement, Private Equity Wire reported, while BigGo Finance cited a 3.8% gain.

Terms of the stake

Any shareholding would be built through purchases on the open market, and Man Group will not issue new shares, according to Reuters and AskTraders. Private Equity Wire, citing Bloomberg, valued a 5% stake at about £179 million.

The arrangement carries a three-year lock-up period, a standstill that caps Meiji Yasuda’s holding at 19.99% of Man Group’s issued share capital, and orderly market arrangements for any future share sales, the reports said. AskTraders noted the financial terms were not disclosed and that the agreement can be terminated in certain circumstances.

Under the broader partnership, Man Group becomes a preferred asset management partner for the insurer and the two will jointly develop products for the Japanese market. Meiji Yasuda will also gain access to the Oxford-Man Institute for investment advisory services and technology knowledge sharing, AskTraders reported.

Man Group chief executive Robyn Grew said the larger commitment “demonstrates our ability to serve large insurance clients globally.” Meiji Yasuda President and Group CEO Hideki Nagashima pointed to Man Group’s expertise in quantitative investment, the use of artificial intelligence and private assets, according to AskTraders.

Part of an overseas push

Private Equity Wire described the transaction as Meiji Yasuda’s first major investment in an overseas asset manager. The outlet said Japanese insurers are expanding abroad and diversifying their portfolios as growth at home slows, noting that Meiji Yasuda earlier this year completed a US$2.3 billion acquisition of Legal & General’s US insurance operations, and that Dai-ichi Life and Sumitomo Life have also pursued international deals.

Man Group reported record assets under management of US$270.9 billion in the third quarter, according to Private Equity Wire. Before the announcement, its shares closed on Friday at 313.6 pence, AskTraders said.

What’s next

The ¥200 billion commitment will be deployed over three years with a particular focus on private credit, Reuters reported. The roughly 5% stake remains under consideration, with reports describing it as a potential purchase; none of the reports said when buying would begin.

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