Masashi Hirano
President & Chief Exective Officer
Head of Fund Management Division

Hirano assumed his current post in March 2011. At Tokio Marine & Fire Insurance (presently, Tokio Marine & Nichido Fire Insurance), he was involved in acquisition, disposition and management of office buildings (including TMNF's branch offices), as well as welfare facilities. He also led the drafting of an investment policy, establishment of maintenance and repair plans, and expense control. Hirano was a founding member of Millea Real-Estate-Risk Management (Tokio Marine PIM). From its establishment in 2003 to the end of 2006, he was responsible for office buildings, residential and other domestic real estate as a fund and asset manager (total value of about 120 billion yen). Hirano assumed the post of General Manager of the Planning & Administration Department in January 2007, and oversaw functions such as management planning, overall administrative affairs, and monitoring of management performance. He assumed the post of Head of the Asset Management Department in October 2008, and in 2010 Head of the Fund Management Division. Hirano is a graduate of the Faculty of Economics at Tohoku University.

Minoru Kato
Managing Director
Head of Investment Planning Department

Kato assumed his current post in May 2010. From 2004 to 2010, Kato was the Head of the Compliance & Risk Management Dept, overseeing risk management, compliance and other areas. Prior to joining Tokio Marine PIM, he was responsible for analyzing the Japanese and U.S. economies as an economist at Tokio Marine MC Asset Management (presently, Tokio Marine Asset Management) and for preparing the economic forecasts of Tokio Marine. At Tokio Marine & Fire Insurance (presently, Tokio Marine & Nichido Fire Insurance), he was responsible for European and Asian stock investments as well as for credit management and reviewing credit risk and structured finance. Kato is a graduate of the Faculty of Economics at the University of Tokyo.

Toshiaki Motoki
Managing Director
Head of Planning & Administration Department

Motoki assumed his current post in October 2008. At Tokio Marine & Fire Insurance (presently, Tokio Marine & Nichido Fire Insurance), he was engaged in management of strategic cross-shareholdings. Later he was engaged in loan investments for domestic companies, including syndicate loans, and also underwrote credit insurance. Motoki is a graduate of the Faculty of Law at Waseda University.

Hirotaka Nakayama
Executive Director
Head of Fund Management Department No. 1

Nakayama assumed his current post in October 2011. At Tokio Marine & Fire Insurance (presently, Tokio Marine & Nichido Fire Insurance), he drafted and executed CRE strategies, such as retail properties, welfare facilities and idle land, and was also involved in the leasing of branch office buildings. In 1997, he became the first Japanese institutional investor to make an equity investment in securitized real estate under the Real Estate Syndication Act and since then has been consistently involved in the real estate securitization business. Nakayama participated in the establishment of Millea Real-Estate-Risk Management (Tokio Marine PIM) in 2003. In 2004 he originated a residential fund and in 2006 a healthcare fund. Nakayama is a graduate of the Faculty of Engineering at the University of Tokyo.

Yasuharu Takagi
Executive Director
Head of Fund Management Department No. 2

Takagi assumed his current post in October 2011. At Tokio Marine & Fire Insurance (presently, Tokio Marine & Nichido Fire Insurance), he was consistently involved in the credit finance business including corporate finance, home loans and other mortgage loans. He was also involved in the promotion of loan secondary trading, structuring of loan securitization products, and portfolio management with credit derivatives. In addition, he promoted sales of other financial products such as private equity, investment trusts and bond insurance. Since 2006, Takagi has been at Millea Real-Estate-Risk Management (presently, Tokio Marine PIM), where he has been involved in fund management, CRE solution business, product development and research. Takagi is a graduate of the Faculty of Economics at Keio University.

Shinji Kawano
Executive Director
Head of Asset Management Department

Kawano assumed his current post in March 2011. At Tokio Marine & Fire Insurance (presently, Tokio Marine & Nichido Fire Insurance), he was in charge of investment in securitized real estate, and establishment of Japan Real Estate Investment Corporation (the first J-REIT listed in 2001). In 2003, he participated in establishment of Millea-Real-Estate-Risk Management (Tokio Marine PIM) where he was engaged in fund raising, fund management, product development and research. Kawano is a graduate of the Faculty of Engineering at the University of Tokyo.