Japanese trust bank Sumitomo Mitsui Trust Bank (SuMiTB) is taking a 15% stake in Morrison as part of a strategic partnership that will see it invest over $2bn (€1.75bn) in the global infrastructure fund manager’s strategies.
SuMiTB is making an initial $500m commitment into Morrison’s global private market core-plus and value-add strategies, to channel Japanese capital into global opportunities.
The two firms have also agreed a $1.5bn-plus partnership to co-develop new products and raise third-party capital in their respective domestic markets, while SuMiTB’s 15% equity subscription will provide primary growth capital for Morrison’s global expansion.
Paul Newfield, CEO of Morrison, said: “SuMiTB’s strong domestic corporate relationships and market-leading Japanese infrastructure investment capabilities will also provide Morrison’s existing clients with improved access to rapidly expanding infrastructure deal opportunities in that market.
“The partnership strengthens our capital base, broadens our distribution reach and supports Morrison’s next phase of growth – without changing who we are or how we invest.”
Rob Morrison, chair of Morrison, said: “Beyond its scale and market leadership, we see SuMiTB as a strategically aligned partner that shares our investment philosophy, commitment to fiduciary stewardship, and conviction in the growing role of infrastructure as a core portfolio allocation for global investors.
“The partnership has also been structured to ensure Morrison maintains our established investment focus and independence. Importantly, our intergenerational ownership model, built around the cornerstone shareholding of the Lloyd Morrison Trust and broad-based employee equity participation, remains unchanged.”
Manatomo Yoneyama, president of SuMiTB, said: “The partnership will support Japanese investors in accessing high-quality global infrastructure opportunities. Our collaboration will also contribute to accelerating SuMiTB’s expansion of infrastructure-related business in overseas markets.
“This includes the global distribution of our domestic diversified infrastructure funds and collaborative product development, leveraging both Morrison and SuMiTB’s capabilities in the field.”
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