Sumitomo Mitsui Trust Holdings has launched a private assets investment fund with US-based Apollo Global Management amid rising demand in Japan. Private assets include unlisted equity, debt, and infrastructure, offering stable long-term returns. The new fund, through a unit of Sumitomo Mitsui Trust, invests globally in various assets. The Japanese financial group partnered with Apollo in July 2022, committing USD1.5bn to alternative assets. Sumitomo Mitsui Trust plans to invest JPY500bn (USD3.18bn) in asset managers, aiming to triple its private assets to JPY24tr by fiscal 2030. Despite Japan’s small market for private assets, interest is growing, especially among retail investors. Sumitomo Mitsui Trust will also launch a product for pension clients with Apollo this fiscal year.