Delphi Financial, a subsidiary of insurer Tokio Marine, is acquiring a majority stake in US commercial real estate financier Acore Capital.
The latest investment extends a relationship that began in 2015 when Delphi backed Acore Capital’s launch with a $1.6bn (€1.4bn) capital commitment.
Non-bank commercial real estate lender Acore Capital manages over $18bn in capital across floating and fixed-rate separately managed accounts and a series of funds backed by a diverse group of global institutional investors.
As part of the latest investment, Delphi Financial is granting Acore Capital investment discretion over its $10bn-plus commercial real estate debt portfolio while providing seed capital commitments to support the growth of Acore Capital’s third-party investment vehicles.
Yoshiaki Nakahara, managing executive officer and group CIO at Tokio Marine, said: “We are pleased to deepen our long-standing, mutually beneficial relationship with Acore Capital through Delphi, built over many years of close collaboration.
“This transaction will accelerate the growth of the firm by further enhancing its investment capabilities, infrastructure, and capital markets relationships. It is also designed to strengthen strategic alignment with investors – an important factor as Acore Capital continues to expand its investment management platform.”
Warren de Haan, CEO of Acore Capital, said: “This transaction is a powerful endorsement of the platform we’ve collaboratively built over the past decade.
“Partnering more deeply with one of the world’s largest and most sophisticated insurers, enhances Acore Capital’s ability to provide best-in-class investment management for our investors. This partnership will accelerate the growth of the firm both in the US and internationally.”
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