Japan Life Insurance Giant Dai–ichi Life Buys Additional 10.3% Stake in $31 Billion UK Alternative Asset Manager Capula Investment Management & Capula Management Increasing Shareholding to 15% from 4.7%, Flagship Fund Global Relative Value Master Fund is World Largest Fixed Income Arbitrage Fund with Average +8.29% Return Since Inception in 2005, Founded in 2005 by Yan Huo & Masao Asai
13th May 2025 | Hong Kong
Japan life insurance giant Dai-ichi Life has announced to buy an additional 10.3% stake in UK alternative asset manager Capula Investment Management & Capula Management ($31.8 billion AUM), increasing shareholding to 15% from 4.7%. Capula flagship fund Global Relative Value Master Fund is the world’s largest fixed income arbitrage fund with average +8.29% return since inception in 2005. Capula was founded in 2005 by Yan Huo & Masao Asai. Announcement (12/5/25): “Dai-ichi Life Holdings, Inc. (the “Company”; President: Tetsuya Kikuta) hereby announces that it has decided to make an additional investment of approximately 10.3% (the “Investment”) in Capula Investment Management LLP and Capula Management Limited (collectively, “Capula”), a leading UK-based alternative management firm with world-class expertise in fixed-income arbitrage, crisis alpha and global macro strategies.The Dai-ichi Life Insurance Company, Limited (“DL”), a wholly-owned subsidiary of the Company, already holds approximately a 4.7% stake in Capula. As a result of this Investment, the combined equity interest of the Company and DL will be 15%. Following the appointment of a Board of Partners member from the Company to Capula, Capula will become an equity-method affiliate of the Company … … The Company has been exploring inorganic growth opportunities in the capital-light asset management business, with the aim of achieving a group corporate value of JPY 10 trillion and a profit target of JPY 600 billion by 2030. The Company anticipates that its 15% stake in Capula will generate equity income of approximately JPY 5 billion in FY2025. The Investment is expected to contribute to the further growth of the Company’s asset management business through the diversification of business risks and the synergy created by jointly developing products.” Profile – Capula is an alternative asset management company established in 2005 by co-founders Yan Huo and Masao Asai. As of the end of 2024, its assets under management (AUM) totaled USD 31.8 billion (approximately JPY 4.8 trillion). Capula is headquartered in London, UK, with additional offices in Japan, the United States, Hong Kong, and Singapore, employing a total of 408 executives and staff, including 142 investment professionals. Capula has strengths in fixed-income arbitrage strategies. Its flagship fund, the Global Relative Value Master Fund (“GRV”), is the world’s largest fixed-income arbitrage fund and has delivered some of the best investment results in the industry, with an average annual return of 8.29% and a Sharpe ratio of 2.47 since its inception in 2005. Capula and the Company have built a strong mutual understanding through DL’s investments in Capula funds since 2014 and in Capula itself in 2018. The relationship has also been strengthened through non-investment collaborations, including trainee programs.
“ Japan Life Insurance Giant Dai-ichi Life Buys Additional 10.3% Stake in $31 Billion UK Alternative Asset Manager Capula Investment Management & Capula Management Increasing Shareholding to 15% from 4.7%, Flagship Fund Global Relative Value Master Fund is World Largest Fixed Income Arbitrage Fund with Average +8.29% Return Since Inception in 2005, Founded in 2005 by Yan Huo & Masao Asai “
Japan Life Insurance Giant Dai–ichi Life Buys Additional 10.3% Stake in $31 Billion UK Alternative Asset Manager Capula Investment Management & Capula Management Increasing Shareholding to 15% from 4.7%, Flagship Fund Global Relative Value Master Fund is World Largest Fixed Income Arbitrage Fund with Average +8.29% Return Since Inception in 2005, Founded in 2005 by Yan Huo & Masao Asai
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