Manulife Investment Management and UBS’s Unified Global Alternatives (UGA) business have announced a collaboration to develop a customized Japan private equity co-investment programme for wealth management clients. The initiative combines Manulife’s regional private equity investment capabilities and sponsor relationships with UGA’s global alternatives expertise and wealth management distribution network. The programme is intended to give eligible investors access to private equity co-investment opportunities in Japan, a market where corporate restructurings and business succession activity are creating potential deal opportunities.

Manulife and UBS Build Japan Private Equity Co-Investment Programme for Wealth Clients

The collaboration reflects growing interest among wealth managers in providing clients with access to private markets, including investment opportunities traditionally associated with institutional investors. Under the arrangement, Manulife Investment Management will contribute its Asia-focused private equity capabilities, including sponsor relationships and investment underwriting, while UBS’s UGA business will bring alternatives manager selection expertise and access to its global wealth management distribution network.

The announcement does not disclose the programme’s target size, investment period, minimum subscription, fee structure, eligible investor jurisdictions or specific portfolio companies. It also does not identify the private equity sponsors whose transactions may be included. Those details will determine how the programme translates into an investable offering for clients.

How the Co-Investment Model Works

Private equity co-investment generally allows investors to invest directly alongside a private equity fund or its manager in a specific transaction. Rather than committing capital only to a pooled fund, co-investors participate in selected deals in which a sponsor has identified an acquisition or investment opportunity.

For wealth management clients, this structure can provide exposure to individual private companies and buyout transactions. It can also give investors a more targeted way to access private markets, although the risks differ from those associated with publicly traded securities.

Co-investments require careful evaluation of the underlying business, transaction valuation, leverage, governance arrangements, holding period and potential exit routes. Investors may also face concentration risk if their commitments are spread across a limited number of companies or transactions.

Manulife’s role is to draw on its regional private equity platform, sponsor relationships and underwriting capabilities to identify and assess opportunities. UBS UGA will contribute its alternatives expertise and wealth distribution reach, with the stated objective of providing clients with customized access to Japanese private equity transactions.

The arrangement also reflects the growing role of partnerships between asset managers and wealth platforms. Investment managers can use established distribution networks to reach a broader investor base, while wealth managers can expand private market offerings without building every investment capability internally.

Japan’s Private Equity Market Is Drawing Attention

Japan has become an increasingly active market for private equity firms, supported by business succession needs, corporate portfolio restructuring and a growing number of take-private transactions.

The opportunity is not limited to traditional leveraged buyouts. Private equity firms are also targeting non-core business divisions that larger corporations want to separate, as well as companies where ownership transitions create opportunities for new capital and operational changes.

According to Chambers and Partners’ 2026 Japan private equity analysis, the market remained highly active in 2025, with activity extending beyond succession-driven transactions into corporate carve-outs, take-privates and secondary buyouts. Chambers+1

A separate assessment by EY Japan reported that private equity investment activity in the first half of 2026 increased 2.5 times compared with the same period a year earlier. It identified business succession, corporate governance reforms and take-private deals as important drivers. EY Japan

These conditions help explain why global asset managers and wealth platforms are seeking ways to provide investors with exposure to Japanese private companies. However, increased deal activity does not automatically translate into attractive returns. Competition for assets, entry valuations, financing costs and the ability to execute operational improvements remain important factors.

UBS’s Qingkun Guo pointed to business successions, carve-outs and take-privates as potential sources of deal flow in Japan. The view is consistent with broader market analysis, although the quality and pricing of individual transactions will vary.

A Distribution Partnership in the Expanding Private Wealth Market

The collaboration also highlights how alternatives providers are adapting private equity strategies for wealth management channels.

UBS says its UGA business combines alternatives manager selection capabilities across asset management and global wealth management. The company reported approximately $371 billion in invested assets across private equity, private credit, hedge funds, real estate, infrastructure and multi-alternative products as of September 30, 2026. AAP+1

For Manulife, the partnership provides a route to combine its regional investment capabilities with UBS’s alternatives platform and client distribution. Fabio Fontainha, CEO of Wealth & Asset Management, Asia at Manulife, described the collaboration as part of the firm’s effort to develop private market solutions through strategic partnerships.

The model may appeal to wealth managers seeking differentiated investment offerings, but private equity remains a long-duration asset class. Capital can be locked up for years, valuations are less frequently observable than public-market prices, and exits may be delayed by market conditions.

The companies have not specified the programme’s liquidity arrangements, diversification targets or investor eligibility requirements. Those factors will be important in assessing how the strategy fits within different wealth portfolios.

What the Partnership Signals

Manulife and UBS are responding to two connected developments: the growing range of private equity opportunities in Japan and demand from wealth clients for access to alternative investments.

The collaboration brings together investment sourcing and underwriting on one side, and alternatives expertise and distribution on the other. Its practical significance will depend on the transactions selected, the programme’s structure and the degree of access available to eligible clients.

For the wider financial services industry, the initiative illustrates how asset managers and wealth platforms are using partnerships to extend private market access. It is not a new trading technology or a change to Japan’s securities infrastructure, but it is part of the broader evolution of investment products and distribution in wealth management.

Market Landscape

Japan’s private equity market is attracting international investment as ownership transitions, corporate restructuring and governance reforms create opportunities for buyout firms.

Key market dynamics include:

• Business succession: Aging business owners and succession challenges are creating opportunities for acquisitions of privately held companies.
• Corporate carve-outs: Japanese companies are reviewing portfolios and separating non-core businesses, creating potential acquisition targets.
• Take-private transactions: Public companies are increasingly attracting interest from private equity investors and financial sponsors.
• Wealth distribution: Asset managers are developing structures that make private market investments accessible to eligible wealth management clients.

EY’s first-half 2026 review reported a 2.5-fold year-over-year increase in Japan private equity investment activity. The market opportunity is significant, but investors must also consider transaction pricing, illiquidity, leverage and exit conditions.

Top Insights

• Manulife Investment Management and UBS UGA are developing a customized Japan private equity co-investment programme for wealth management clients.
• Manulife will contribute regional investment sourcing, private equity sponsor relationships and underwriting capabilities.
• UBS UGA brings alternatives manager selection expertise and a global wealth management distribution platform.
• Japan’s private equity market is attracting interest through business succession transactions, corporate carve-outs and take-private deals.
• Programme size, fees, investment terms, liquidity arrangements and specific deal opportunities have not yet been disclosed.

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