Simpson Thacher Advises ACORE CAPITAL on Sale of Majority Stake to Tokio Marine

Simpson Thacher represented ACORE CAPITAL in connection with the pending sale of a majority interest to Tokio Marine. The transaction entails the sale of a majority stake in ACORE CAPITAL to Japanese insurer Tokio Marine. This acquisition follows Delphi Financial Group’s role a decade earlier in supporting ACORE CAPITAL’s 2015 launch with a $1.6 billion capital commitment and is described as a natural progression in the relationship between Tokio Marine/Delphi and ACORE CAPITAL. Financial terms were not disclosed. The deal is expected to be completed in the coming months, subject to regulatory approval. ACORE CAPITAL is a leading U.S. commercial real estate investment manager with approximately $18 billion of assets under management. With offices in New York, Los Angeles, Miami, San Francisco and Dallas, ACORE originates, acquires and manages first mortgages, B-notes, mezzanine debt and preferred equity, supported by long-standing industry relationships and a consistent pipeline of origination opportunities. Tokio Marine Group is one of the world’s largest insurance and risk management groups, with a market capitalization of approximately JPY 11.1 trillion (about $74 billion) as of March 31, 2025, a presence in Japan and 57 other countries and regions, and more than 51,000 employees. Delphi, a core Tokio Marine subsidiary and its investment centre of excellence, manages investments for Tokio Marine affiliates globally and played a foundational role in ACORE’s launch and continued investment in real estate debt. Simpson Thacher represented ACORE CAPITAL in connection with the transaction with a team composed by: Chris Evans and Lenny Licht (Fund Transactions); Peter Gilman, Jason Herman, Albi Kocibelli and Joshua Katz (Funds); Kathryn Stone, Jonathan Goldstein and Roberto Arza (Tax); David Blass, Manny Halberstam and Margaret Foster (Funds Regulatory); Caitlin Lucey and Joshua Goldman (Executive Compensation and Employee Benefits); Erica Rozow (ERISA); Lori Lesser and Tally Smitas (Intellectual Property).

Simpson Thacher Advises ACORE CAPITAL on Sale of Majority Stake to Tokio Marine

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