ACORE Capital, one of the leading U.S. commercial real estate investment managers, said Tuesday that Tokio Marine Holdings, Inc.’s wholly owned subsidiary, Delphi Financial Group, Inc., has agreed to acquire a majority stake in the firm. Terms were not disclosed. San Francisco-based ACORE will continue to operate independently, under the leadership of CEO Warren de Haan, supported by the firm’s existing executive management team.
“This transaction is a powerful endorsement of the platform we’ve collaboratively built over the past decade,” said de Haan. “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 U.S. and internationally.”
Delphi will grant ACORE investment discretion over its $10-billion-plus commercial real estate debt portfolio. Delphi will also support the growth of ACORE’s third-party investment vehicles through seed capital commitments.
Yoshiaki Nakahara, managing executive officer and group CIO at Tokio Marine, commented, “We are pleased to deepen our longstanding, 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.”
Wells Fargo served as financial advisor to ACORE Capital.
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