Dai-ichi Life to acquire a 19.9% stake in Canyon Partners.

Dai-ichi Life, a life insurance company, agreed to acquire a 19.9% stake in Canyon Partners, an 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 Managing Executive Officer.