Dai-ichi Life, a publicly traded life insurance group in Japan, agreed to acquire a 19.9% stake in Canyon, a $24bn global alternative investment manager. Financial terms were not disclosed. "After over three decades in a rapidly evolving alternative investment landscape, Canyon was one of the few remaining independent credit firms. It was important to us to maintain that independence until we could identify a strategic partner that could bring skills, capital, and competitive edges of its own to further enhance Canyon's position for the next several decades. Dai-ichi is an innovative firm with a history of savvy product development and successful investments in and partnerships with Japanese and non-Japanese companies alike. It is also a large institutional asset owner whose capital deployment goals are synergistic with Canyon's product development initiatives. This transaction will enable us to double down on our alignment with current and future LPs, provide our LPs with a broader array of solutions and deal flow by tapping into Dai-ichi's capital, increase our competitiveness relative to peers that have long enjoyed the benefits of external GP capital, and continue attracting top tier talent for decades to come. We're excited to lead the firm through its next stage of evolution over the next five years and set up Canyon's next generation leaders with an incredibly well-capitalized platform that is on its front foot," Josh Friedman and Mitch Julis, Canyon Co-Founders.