Dai-ichi Life Insurance to acquire a minority stake in Canyon Capital.

Dai-ichi Life Insurance, a publicly traded life insurance group in Japan, agreed to acquire a minority stake in Canyon Capital, a global alternative investment manager. Financial terms were not disclosed. "By leveraging Canyon's leading capabilities in alternative asset management, and specifically its private debt experience, Dai-ichi will strengthen its overall business portfolio, provide higher absolute and risk-adjusted returns to stakeholders, and advance its capital efficiency objectives.Under the leadership of Mr. Friedman and Mr. Julis, Canyon has built excellent long-term investment track records across several asset categories, and we appreciate the firm's leaders' continued commitment to advancing the business," Takashi Iida, Dai-ichi Life Insurance Managing Executive Officer and Group Head.