Man Group, the alternative investment manager, said Japanese insurer Meiji Yasuda intends to raise its capital commitment to Man's strategies to 200 billion yen (about $1.25 billion).
The increase will take place over three years, with a particular focus on Man's private credit business, which lends directly to companies rather than through public bond markets.
Meiji Yasuda Life Insurance Company will also consider buying an equity stake of about 5% in Man Group.
Any purchase would be made on the open market, so no new shares would be issued by Man Group.
Man said the arrangement builds on a partnership announced in February 2025.
The two firms will co-develop products for the Japanese market, and Man will become a preferred asset management partner to the insurer.
Meiji Yasuda will gain access to investment advisory services through the Oxford-Man Institute, Man's quantitative research collaboration with the University of Oxford.
Any shares bought by Meiji Yasuda will be subject to a three-year lock-up from the date of the agreement.
A standstill provision caps its holding at 19.99% of Man's issued share capital.
Orderly market arrangements will also govern any future disposals, all subject to customary exceptions.
The arrangements can be terminated by either party in certain circumstances, and Man did not disclose the financial terms.
Robyn Grew, Man Group's chief executive, said the increased commitment "underlines our capabilities in private credit" and shows the firm can serve large insurance clients globally.
Hideki Nagashima, Meiji Yasuda's president and group chief executive, said the deal would give it access to a broad range of investment strategies and advanced knowledge sharing.
