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Dai-ichi Life Holdings, one of the biggest life insurance companies based out of Japan, is taking a minority stake in Dallas-based hedge fund manager Canyon Partners.
All of the net proceeds from the move will go back into Canyon’s operations, and Dai-ichi will have the opportunity to take a 51% majority stake in the firm in 2027 with the opportunity to wholly purchase it in 2030.
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Canyon manages $25 billion across asset managements like hedge funds, real-estate funds, private credit funds and more. For the fund’s co-founders, Josh Friedman and Mitch Julis, both of which are in their 60′s, Dai-ichi could open up avenues in the future.
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“This transaction will enable us to double down on our alignment with current and future LPs, provide our LPs with a broader array of solutions and deal flow by tapping into Dai-ichi’s capital, increase our competitiveness relative to peers that have long enjoyed the benefits of external GP capital, and continue attracting top tier talent for decades to come,” the pair said in a statement.
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The firm’s prior background in debt management was an important selling point for Dai-ichi, said Takashi Iida, managing executive officer for Dai-ichi.
“By leveraging Canyon’s leading capabilities in alternative asset management, and specifically its private debt experience, Dai-ichi will strengthen its overall business portfolio, provide higher absolute and risk-adjusted returns to stakeholders, and advance its capital efficiency objectives,” he said.
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With the transaction expected to close within the coming months and Friedman and Julis committing to stay on for at least five more years, positioning the company for a future without the pair is critical, they said.
“Canyon was one of the few remaining independent credit firms. It was important to us to maintain that independence until we could identify a strategic partner that could bring skills, capital, and competitive edges of its own to further enhance Canyon’s position for the next several decades,” they said. “We’re excited to lead the firm through its next stage of evolution over the next five years and set up Canyon’s next-generation leaders with an incredibly well-capitalized platform that is on its front foot.”