Japanese Insurer Buys Majority Stake in Acore Capital

An early investor in Acore Capital, one of the largest commercial real estate lenders in the country, is circling back to become a majority owner.

Delphi Financial Group, a subsidiary of Japanese insurance company Tokio Marine, agreed to acquire a majority stake in the San Francisco-based lender, Acore announced on Tuesday. Acore will continue to operate independently under chief executive officer Warren de Haan.

Delphi will hand Acore investment discretion of the former’s commercial real estate debt portfolio, which totals more than $10 billion. The subsidiary will also support Acore’s third-party investment vehicles with seed capital commitments; a $1.6 billion capital commitment from Delphi helped launch Acore in 2015.

The deal is expected to close in the coming weeks, contingent on customary closing conditions.

“This partnership will accelerate the growth of the firm both in the U.S. and internationally,” said de Haan in a statement.

Acore counts more than $18 billion in assets under management, capitalizing on a gulf created by a bank retreat from commercial real estate lending. Last year, Acore raised $1.4 billion for a credit fund — 40 percent higher than the initial target — and raised $1 billion to invest in the hospitality sector in 2021, according to Bisnow.

The firm previously invested $1.6 billion in Acore in 2015, the same year it was founded.

Last month, the lender provided Azorim North America with a $145 million loan to refinance a 364-unit multifamily complex in Yonkers, New York.

The lender also recently filed six lawsuits asking for judgments totalling $80.7 million, Lurin Capital founder Jon Venetos’ payment guaranties, plus other default-related expenses after a foreclosure case in Florida erupted.

Tokio Marine, one of the world’s largest insurers, had a market capitalization of $74 billion as of the end of March. Delphi manages money for Tokio Marine’s global affiliates.

Last year, Tokio Marine America Insurance joined the Trans Pacific Insurance plan on the list of home insurers withdrawing from California, a decision that affected more than 12,000 policies.