Sumitomo Mitsui Financial's (TYO:8316) Sumitomo Mitsui Banking is partnering with U.S. asset manager Neuberger Berman to launch an investment vehicle that will extend financing to Japanese firms pursuing acquisitions, Nikkei reported on Monday.

The fund is slated for launch as soon as June, with plans to expand its capital to 100 billion yen or $627 million within one year and ultimately reach 500 billion yen over five years, the news daily said.

Neuberger Berman will secure capital from institutional investors both at home and abroad, while also identifying potential merger and acquisition targets among Sumitomo Mitsui Banking's client base, the publication said.

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