Japan's Meiji Yasuda Life Insurance says it intends to raise its capital commitment to Man Group's investment strategies to JPY 200 billion (about US$1.25 billion) over three years, with a particular focus on private credit.

TL;DR

  • Meiji Yasuda intends to lift its commitment to JPY 200 billion over three years, according to Man Group's 26 October 2026 release. It is an intention, not a finalised commitment.
  • Meiji Yasuda is also considering buying about 5% of Man Group on the open market, subject to a three-year lock-up and a 19.99% holding cap.
  • Not disclosed: the size of the existing commitment, the products to be developed and the financial terms. An analyst estimate for the prior level is not company-confirmed.

What did Meiji Yasuda and Man Group announce?

Man Group, the UK-listed asset manager, said on 26 October 2026 that it will expand its strategic partnership with Meiji Yasuda Life Insurance Company, a Japanese life insurer, which began in February 2025. Meiji Yasuda intends to raise its commitment to Man's strategies to JPY 200 billion over the next three years. Man's release puts that at about US$1.25 billion, while Reuters, republished by DealStreetAsia, says about US$1.3 billion. The firms will develop new products for the Japanese market together, Man will become a preferred asset management partner, and Meiji Yasuda gains access to advisory services through the Oxford-Man Institute and knowledge sharing on topics such as technology. No products are named.

What is the proposed stake in Man Group?

Meiji Yasuda will consider acquiring about 5% of Man Group through open-market purchases, so Man would issue no new shares. The proposed conditions are a three-year lock-up from the agreement date, a standstill capping Meiji Yasuda's holding at 19.99% of Man's issued share capital, and orderly-market arrangements for any future sales. This is under consideration and is not a confirmed deal.

How did markets and analysts react?

Reuters reported that Man shares were up 4.6% by 09:52 GMT on the day and about 42% so far in 2026. Panmure Liberum analyst Abid Hussain called the move a useful vote of confidence in Man's private credit push. The companies did not disclose the earlier commitment, and Panmure Liberum estimated it at about JPY 150 billion, so if that estimate is right the planned increase is roughly JPY 50 billion.

Why it matters for APAC allocators

Reuters says Japanese insurers are increasingly partnering with British asset managers to gain private credit exposure, largely because of higher yields than traditional fixed income. It adds that Meiji Yasuda is moving beyond government bonds and domestic equities, and that last year it bought Legal & General's US protection business for US$2.3 billion and a 5% stake in Legal & General. The same report notes that regulators have raised concerns about private credit, including limited transparency, inconsistent data and opaque valuation practices.

For allocators in the region, the contrast with local fundraising is worth noting. InforCapital, citing unnamed data, reported in July that only five Asian private credit funds closed in the first half of 2026, raising US$1.2 billion, against 29 funds raising US$9.5 billion in 2025, and described capital shifting toward larger, established managers. The two data points are not like-for-like and the data source is not named, so they show direction rather than a measured trend. Questions an allocator might ask of any similar arrangement include how the commitment is structured, what valuation and reporting standards apply, how liquidity is treated in products built for Japanese investors, and how a minority shareholding affects the manager's alignment with clients. Alt Asset Asia's recent coverage of private credit reaching US$4.1 trillion in 2025, Preqin's forecast of private credit assets above US$5 trillion by 2031, and Bain Capital's record Asia Fund VI gives wider context. This is general information, not investment advice.

Frequently Asked Questions

How much is Meiji Yasuda committing to Man Group?

It intends to raise its commitment to JPY 200 billion, about US$1.25 billion per Man Group, over three years, with a focus on private credit. It is not a finalised commitment.

Is Meiji Yasuda buying a stake in Man Group?

It is only considering acquiring about 5% on the open market. Man would issue no new shares.

What was the previous commitment?

The companies did not disclose it. Panmure Liberum analysts estimated about JPY 150 billion.

Why are Japanese insurers buying private credit?

Reuters attributes it largely to higher yields than traditional fixed income, as insurers look beyond government bonds and domestic equities.

Sources and Method

This article is an original rewrite based on: Man Group news centre, Man Group to expand strategic partnership with Meiji Yasuda Life Insurance Company (man.com/news-centre/man-group-to-expand-strategic-partnership-with-meiji-yasuda-life-insurance-company, 26 October 2026); Alternative Credit Investor (Ellie Duncan, 26 October 2026); DealStreetAsia, Reuters report republished 26 October 2026; InforCapital, Asian private credit fundraising falls to 12 year low (27 July 2026). Man's release refers to the insurer by two slightly different names, so the legal name should be confirmed. Forecasts and views are attributed to the named analyst. Image: Meiji Yasuda Life Insurance head office, Tokyo, Kakidai, CC BY-SA 4.0, via Wikimedia Commons.