Sumitomo Mitsui Trust Takes 15% Stake in Morrison in $2B Partnership
Synopsis
The strategic alliance gives the Japanese bank a minority stake in New Zealand infrastructure investor Morrison while expanding infrastructure investment opportunities for its institutional clients.
Sumitomo Mitsui Trust Bank (SMTB) will make a strategic investment of over $2 billion in New Zealand-based infrastructure investment manager Morrison.
The tie-up between Japan's SMTB and one of New Zealand’s largest institutional investment firms aims to foster greater institutional investment in infrastructure projects across the Asia-Pacific region.
Under the agreement SMTB will take an equity stake in Morrison, alongside an initial $500 million investment in Morrison funds and broader co-operation in infrastructure investing.
The partnership will be significant for Australian investors given Morrison has already built a strong base in Australian infrastructure and manages investments via ASX-listed infrastructure fund Infratil, which is one of the region's largest in the space.
The manager invests in sectors such as renewable energy, transport, digital infrastructure and data centres which also require long-term capital.
Focus on Institutional Infrastructure Capital
SMTB and Morrison will also share over $1.5 billion of client assets, collaborate to create infrastructure investment products targeting institutional investors, and SMTB has also named Morrison as its preferred infrastructure investment manager, managing overseas and Japanese investment opportunities.
The partners will work together to access international investors interested in Japanese infrastructure, and allow Japanese investors greater exposure to global infrastructure projects.
Growing Global Infrastructure Platform
Founded in New Zealand in 1988, Morrison managed over $30 billion of assets (as of 31 March 2026) and serves a range of clients including pension and sovereign wealth funds, across Australia, Singapore, the UK, Switzerland, and the US.
The deal follows a rise in interest in the infrastructure sector which remains a star performing asset class within private markets. According to Preqin's Global Report 2026, global infrastructure assets under management continued to grow in 2025 on the back of investments in energy transition infrastructure, transport, utilities and digital infrastructure.
Australia remains a hotbed for institutional infrastructure capital, with renewable energy, electricity networks and data centre developments particularly in favour.
Executives set out the objectives of partnership work. Japanese investors are dribbling in more funds into infrastructure; they want to diversify their portfolios in the changing market conditions, said Morrison CEO Paul Newfield.
SMTB executive Satoshi Itagaki said Morrison's global reach would help to provide both more overseas investors' access to Japan, and more investment opportunities for Japanese investors that link to the Japanese infrastructure market.
Source: Bloomberg
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Pooja Malik is a business journalist with over six years of experience covering startups, entrepreneurship, and emerging trends. She has previously worked with leading media platforms such as YourStory Media and BW BusinessWorld, where she reported on business, policy, and market developments. Currently, she serves as Editor at The Inspirepreneur Magazine, where she writes and edits stories across business, lifestyle, and travel, with a focus on clarity, accuracy, and reader relevance.
