ACORE CAPITAL, One of the Leading U.S. Commercial Real Estate Investment Managers, Today Announced Tokio Marine Holdings, Inc.’s (“TM”) Wholly-owned Subsidiary, Delphi Financial Group, Inc., Has Agreed to Acquire a Majority Stake in the Firm
Transaction further strengthens ACORE CAPITAL’s decade-long relationship with one of the largest global insurance groups
NEW YORK & TOKYO, November 11, 2025–(BUSINESS WIRE)–This acquisition marks a natural progression in the relationship between TM/Delphi and ACORE CAPITAL, which began in 2015 when Delphi supported ACORE CAPITAL’s launch with a $1.6 billion capital commitment.
Since its inception, ACORE CAPITAL has grown into one of the largest non-bank commercial real estate lenders in the United States, managing over $18 billion in capital across floating and fixed-rate separately managed accounts and a series of commingled funds backed by a diverse group of global institutional investors.
TM/Delphi’s strategic investment unifies a successful long-term alliance that positions ACORE CAPITAL for continued growth as a leading force within the commercial real estate lending community.
ACORE CAPITAL will continue to operate independently, under the leadership of CEO Warren de Haan, supported by the firm’s experienced existing executive management team. There will be no changes to ACORE CAPITAL’s 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 CAPITAL’s ability to provide best-in-class investment management for our investors. This partnership will accelerate the growth of the firm both in the U.S. and internationally.”
Delphi will grant ACORE CAPITAL investment discretion over its $10+ billion commercial real estate debt portfolio. Delphi will also support the growth of ACORE CAPITAL’s third-party investment vehicles through seed capital commitments.
Yoshiaki Nakahara, Managing Executive Officer and Group Chief Investment Officer at Tokio Marine, commented, “We are pleased to deepen our long-standing, mutually beneficial relationship with ACORE CAPITAL through Delphi, built over many years of close collaboration. This transaction will accelerate the growth of the firm by further enhancing its investment capabilities, infrastructure, and capital markets relationships. It is also designed to strengthen strategic alignment with investors – an important factor as ACORE CAPITAL continues to expand its investment management platform.”
The transaction is subject to customary closing conditions that are expected to be satisfied over the coming weeks. Wells Fargo served as financial advisor to ACORE CAPITAL.
