Meiji Yasuda plans ¥200 billion Man Group commitment

Meiji Yasuda plans to raise its commitment to Man Group strategies to ¥200 billion, about $1.25 billion, over the next three years, with a particular focus on Man's private credit capabilities, Man said on Monday. HedgeCo News reported the announcement, which expands a partnership the two firms first disclosed in February 2025.

Meiji Yasuda will also consider buying an equity stake of about 5% in Man Group through open-market purchases, with no new shares issued. Any shares bought would be locked up for three years from the agreement date, and the holding would be capped at 19.99% of Man's issued share capital, with orderly-market provisions governing future sales and customary exceptions to each. Man did not disclose financial terms, and the arrangements can be terminated in certain circumstances, HedgeCo reported. The firms will co-develop products for the Japanese market, and Man becomes a preferred asset management partner to the insurer.

Man's $14.1 billion in private credit assets at the end of the third quarter put a fully deployed ¥200 billion commitment at roughly 9% of its credit book. The commitment covers Man's strategies generally.

The commitment arrives as private credit's retail side faces slower direct lending volumes and redemption queues, HedgeCo noted. In an Alternative Credit Council survey published Oct. 22, one-sixth of funds reported non-accrual rates above 5%. Man reported its alternative funds drew $1.9 billion of net inflows in the third quarter as total assets reached $270.9 billion, with growth concentrated in liquid strategies.

The equity purchases depend on open-market buying and carry no disclosed timetable. The fixed terms are capital committed over three years beginning with Monday's announcement, and any shares held for three years from the agreement date.