Sumitomo Mitsui Financial Group (SMFG) and Nippon Life Insurance are in discussions to establish a private credit fund with an initial capital of at least 500 billion Japanese yen ($3.14 billion), Bloomberg News reported Monday, citing people familiar with the matter.
The planned investment vehicle will provide loans for leveraged buyouts and other areas like real estate transactions and mezzanine financing, the unnamed sources told the news outlet.
Sumitomo Mitsui and Nippon Life plan to form a joint venture that will manage the fund, which could also accept other investors, according to the report.
Nippon Life didn't immediately respond to MT Newswires' request for comment.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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