MUFG announced that it has begun exploring collaboration with BlackRock, a major U.S. asset manager, and Morgan Stanley Investment Management in Japan’s private credit market. The parties aim to establish an open framework to expand funding for Japanese companies and broaden the investor base.
Mitsubishi UFJ Financial Group (MUFG) has begun exploring collaboration with BlackRock and MSIM in Japan’s private credit market. The parties aim to establish a structure open to a broad range of institutional investors, expanding companies’ funding options and the investor base.
The three parties will discuss cooperation in considering domestic loan investment opportunities and managing portfolios of loan receivables. They also plan to establish an open framework in which financial institutions outside the group and institutional investors in Japan and overseas can participate. By attracting overseas capital, MUFG aims to expand the supply of risk capital to Japanese companies. The specific details of the collaboration, its launch timing and investment size will be worked out going forward.
According to people familiar with the matter, the parties aim to arrange approximately ¥200 billion–¥300 billion in subordinated financing and other forms of financing with lower repayment priority over the next several years. Globally, the private credit market has expanded as a funding channel that complements bank lending. While Japan’s market is considered to be still developing, MUFG has identified the sector as a priority area.
BlackRock acquired HPS Investment Partners, a major alternative credit manager, in 2025. The client assets under management of the private financing division established by the two companies total approximately $388 billion. MSIM has provided debt solutions to companies worldwide for more than 15 years.