Japan’s Sumitomo Mitsui Trust Bank has agreed to take a 15% stake in global infrastructure investment manager Morrison as part of a strategic partnership worth over $2 billion.
In an announcement on Tuesday, Sumitomo Mitsui Trust Bank said it will make an initial $500-million commitment to Morrison’s global private market Core Plus and Value-add strategies, marking the first step in a broader push to channel Japanese capital into global infrastructure opportunities.
“This partnership is an important step in the continued development of our global business,” Morrison CEO Paul Newfield said in a statement. “The changing macro environment has made infrastructure a priority asset class for Japanese investors.”
The two firms have also signed a long-term collaboration agreement worth more than $1.5 billion, which will cover fundraising for each other’s infrastructure investment products in their respective home markets, as well as the development of new infrastructure products for Japanese and global investors.
As part of the arrangement, Sumitomo Mitsui Trust Bank will subscribe to new shares in Morrison, giving it a 15% ownership stake. The primary equity issuance will provide Morrison with growth capital to support its global expansion.
Newfield said the partnership will help connect long-term Japanese capital with infrastructure opportunities globally while giving Morrison’s existing clients better access to infrastructure deal opportunities in Japan.
Morrison chair Rob Morrison said the partnership was structured to preserve the investment manager’s independence and existing investment focus. He added that Morrison’s intergenerational ownership model, anchored by the Lloyd Morrison Trust and broad-based employee equity participation, will remain unchanged.
Sumitomo Mitsui Trust Bank president Manatomo Yoneyama said the partnership will support Japanese investors seeking access to global infrastructure opportunities and help accelerate the trust bank’s overseas infrastructure-related business.
“Our collaboration will also contribute to accelerating Sumitomo Mitsui Trust Bank’s expansion of infrastructure-related business in overseas markets. This includes the global distribution of our domestic diversified infrastructure funds and collaborative product development, leveraging both Morrison and Sumitomo Mitsui Trust Bank’s capabilities in the field,” Yoneyama said.
The partnership is Morrison’s only strategic arrangement of this nature, the firms said.
The transaction remains subject to regulatory approvals and customary closing conditions. The parties expect the deal to close before the end of 2026.
