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Tokio Marine Holdings to acquire majority stake in ACORE CAPITAL
Transactions - NOVEMBER 12, 2025

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Tokio Marine Holdings to acquire majority stake in ACORE CAPITAL

by Released

ACORE CAPITAL will continue to operate independently, under the leadership of CEO Warren de Haan, supported by the firm’s experienced existing executive management team. There will be no changes to ACORE CAPITAL’s investment management operations.

“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 United States and internationally.”

Delphi will grant ACORE CAPITAL investment discretion over its $10 billion-plus commercial real estate debt portfolio. Delphi will also support the growth of ACORE CAPITAL’s third-party investment vehicles through seed capital commitments.

Yoshiaki Nakahara, managing executive officer and g

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