Sumitomo Mitsui Banking Corporation is to take a 20 per cent stake in Japanese fund of private equity funds manager Alternative Investment Capital, as part of a business alliance focuse
Sumitomo Mitsui Banking Corporation is to take a 20 per cent stake in Japanese fund of private equity funds manager Alternative Investment Capital, as part of a business alliance focused on private equity fund investments.
As part of the alliance agreement, Sumitomo Mitsui has purchased 20 per cent of Alternative Investment Capital shares from existing shareholders, Mitsubishi Corporation, Daido Life
Insurance and Mitsubishi UFJ Trust and Banking Corporation.
Sumitomo Mitsui has also delegated one part-time director to the fund of funds manager.
AIC manages several fund of funds vehicles investing in private equity funds within and outside Japan, and also provides investment discretionary management services and investment advisory services for institutional investors and pension funds.
Both companies aim to strengthen and further develop the asset management business by leveraging the expertise and business network of AIC, as well as of Sumitomo Mitsui which has established strong customer foundations and networks within Japan.
Both companies say they will endeavour to meet the long-term investment needs of their clients in broader range, providing investing opportunities through the private equity fund-of-funds vehicles and through their investment advisory services.
