GCM Grosvenor (GCMG) and Sumitomo Mitsui Trust Bank said Monday they have formed a partnership to provide alternative investment products in Japan.
The partnership aims to expand SuMi Trust's private markets initiatives, increase the distribution of GCM Grosvenor's products in Japan, and develop new private market offerings for the Japanese market, the companies said.
The companies plan to increase assets under management by at least $1.5 billion through the partnership by 2030, they added.
Under the agreement, SuMi Trust will purchase $50 million in newly issued GCM Grosvenor Class A common stock, the companies said.
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