Sumitomo Mitsui Trust, Apollo launch alternative asset fund

TOKYO -- Sumitomo Mitsui Trust Holdings has launched an investment fund focused on private assets with U.S.-based Apollo Global Management, Nikkei has learned, amid growing demand for these products in Japan.

Private assets, or alternative assets, refer to unlisted equity, debt, infrastructure and other assets that are not traded on the public market. The new fund, offered through a unit of Sumitomo Mitsui Trust, is designed to deliver long-term stable returns by investing in various assets around the world, unlike typical funds that focus on a specific type of private asset.