Morrison, a leading global infrastructure investment manager has reached an agreement with Sumitomo Mitsui Trust Bank, Limited (“SuMiTB”), Japan’s leading trust bank, to be its preferred global infrastructure manager as part of a ~US$2.0 billion+ long-term strategic partnership
Under the partnership, SuMiTB will make an initial US$500 million commitment into Morrison’s global private market Core Plus and Value-add strategies, as the first step in facilitating the deployment of broad-based Japanese capital into high-quality infrastructure opportunities worldwide
SuMiTB and Morrison have also agreed a US$1.5 billion+ long-term collaboration agreement which will include raising third-party capital for each other’s infrastructure investment products in their home markets, as well as the development of new infrastructure investment products for Japanese and global investors
In addition to the broader partnership, SuMiTB will subscribe for new equity in Morrison resulting in a 15% ownership stake. This primary equity issuance will provide growth capital to accelerate Morrison’s global expansion
Paul Newfield, CEO of Morrison, said:
“This partnership is an important step in the continued development of our global business. SuMiTB is a highly respected institution with deep relationships in the Japanese market and an extensive global footprint.”
“The changing macro environment has made infrastructure a priority asset class for Japanese investors. Working in partnership with SuMiTB, we will be well-positioned to connect long-term Japanese capital with high-quality infrastructure opportunities across the globe.”
“SuMiTB’s strong domestic corporate relationships and market-leading Japanese infrastructure investment capabilities will also provide Morrison’s existing clients with improved access to rapidly expanding infrastructure deal opportunities in that market. The partnership strengthens our capital base, broadens our distribution reach and supports Morrison’s next phase of growth – without changing who we are or how we invest.”
Rob Morrison, Chair of Morrison, said:
“Beyond its scale and market leadership, we see SuMiTB as a strategically aligned partner that shares our investment philosophy, commitment to fiduciary stewardship, and conviction in the growing role of infrastructure as a core portfolio allocation for global investors
The partnership has also been structured to ensure Morrison maintains our established investment focus and independence. Importantly, our intergenerational ownership model, built around the cornerstone shareholding of the Lloyd Morrison Trust and broad-based employee equity participation, remains unchanged.”
Manatomo Yoneyama,President ofSumitomo Mitsui Trust Bank,Limited,said:
“We are pleased to establish this strategic partnership with Morrison, a global infrastructure manager with a strong track record, experienced team and investment approach closely aligned with our long-term objectives.”
“The partnership will support Japanese investors in accessing high-quality global infrastructure opportunities. Our collaboration will also contribute to accelerating SuMiTB’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 SuMiTB’s capabilities in the field.”
“This is Morrison’s only strategic partnership of this nature. By mutually leveraging the respective strengths and expertise that Morrison and SuMiTB have cultivated, both parties will strive to enhance long-term corporate value and achieve sustainable growth.”
The partnership comes at a time of increasing demand from Japanese investors for access to global private markets and infrastructure opportunities. Japan represents one of the world’s deepest pools of long-term capital, which creates a significant opportunity to connect Japanese institutional and private capital with infrastructure strategies that can support long-term income, resilience and diversification
The arrangements are subject to regulatory approvals and customary closing conditions. The parties expect to reach close before the end of 2026
Morrison is a leading global infrastructure manager, investing across the risk spectrum in both private and listed markets. Established in 1988 in Wellington, New Zealand, Morrison has over US$30 billion of assets under management as of 31 March 2026. Morrison’s purpose is to invest wisely in ideas that matter. Morrison believes the best investments serve an enduring societal need. It applies a specialist investment approach, refined over multiple decades and economic cycles, to invest in infrastructure for the modern economy. For more information, visit: www.morrisonglobal.com
ABOUT SUMITOMO MITSUI TRUST BANK, LIMITED
Sumitomo Mitsui Trust Group, Inc. and its wholly owned subsidiary, Sumitomo Mitsui Trust Bank, Limited (collectively, “SuMi TRUST Group”), form Japan’s leading listed trust bank group in Japan, which excels in numerous trust-related business areas, such as asset management and wealth management. SuMi TRUST Group collectively has one of the largest asset bases in Asia, including both assets under custody and assets under management. With a diverse client base ranging from pension funds and other financial institutions to individuals, SuMi TRUST Group offers a wide range of investment products, including alternative investment solutions.
