ACORE Capital, LP, one of the largest commercial real estate debt managers in the U.S., announced that Delphi Financial Group, Inc., a wholly owned subsidiary of Tokio Marine Holdings, Inc. (TM), has agreed to acquire a majority stake in the firm. 

The partnership between ACORE and TM began in 2015 when Delphi backed ACORE’s launch with a $1.6 billion capital commitment. Under the new structure, San Francisco-based ACORE will continue to operate independently under CEO Warren de Haan and its existing executive management team, with no changes to its investment management operations. 

“This transaction is a powerful endorsement of the platform we’ve collaboratively built over the past decade,” said de Haan. “Partnering more deeply with one of the world’s largest and most sophisticated insurers enhances ACORE’s ability to deliver best-in-class investment management for our investors.” 

As part of the deal, Delphi will grant ACORE full investment discretion over its more than $10 billion commercial real estate debt portfolio and provide seed capital to support new third-party investment vehicles. 

Yoshiaki Nakahara, Managing Executive Officer and Group CIO of TM, said, “This transaction will accelerate the growth of ACORE by further enhancing its investment capabilities, infrastructure, and capital markets relationships.” 

Founded in 2015, ACORE manages over $18 billion in capital across floating- and fixed-rate strategies for global institutional investors. Tokio Marine Group, one of the world’s largest insurers, had a market cap of approximately JPY 11.1 trillion ($74 billion) as of March 31, 2025. 

Wells Fargo served as financial advisor to ACORE.