Simpson Thacher represented ACORE CAPITAL in connection with the sale of a majority interest in the firm to Japanese insurer, Tokio Marine. The transaction occurs a decade after Tokio Marine’s North American subsidiary, Delphi Financial Group, backed the launch of ACORE CAPITAL in 2015 with a $1.6 billion capital commitment. This acquisition marks a natural progression in the relationship between Tokio Marine / Delphi and ACORE CAPITAL. Financial terms of the transaction were not disclosed.
ACORE CAPITAL is one of the leading U.S. commercial real estate investment managers with approximately $18 billion of assets under management. With offices in New York, Los Angeles, Miami, San Francisco and Dallas, ACORE CAPITAL originates, acquires and manages first mortgages, B-notes, mezzanine debt and preferred equity. ACORE CAPITAL’s success has been fueled by its long-standing industry relationships and access to a consistent pipeline of origination opportunities.
Tokio Marine Group is one of the world’s largest global insurance and risk players with a market capitalization of approximately JPY 11.1 trillion ($74 billion) as of March 31, 2025, a network encompassing Japan and 57 countries and regions worldwide, and over 51,000 employees. Tokio Marine Group has the capabilities to drive genuine positive changes through a business model grounded in a sense of purpose and social responsibility, built on 146 years of history and an enduring culture that fosters innovation and expertise. Its stock is publicly traded on the Tokyo Stock Exchange.
Delphi is a core subsidiary of Tokio Marine and the investment center of excellence for Tokio Marine, managing money for Tokio Marine affiliates around the globe. Delphi started investing in real estate debt in earnest by supporting ACORE CAPITAL’s launch in 2015. Delphi’s expertise in investing has made them leaders in their market, consistently achieving high growth and profitability outperforming their peer companies.
The Simpson Thacher team includes 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).