Legal & General (L&G) has entered a strategic partnership with Enosis Capital, committing up to $1bn (£740m) over the next five years to support transactions with a development focus in emerging markets.
The partnership will strengthening L&G’s capabilities in sovereign debt conversions, giving it earlier and more direct engagement with sovereigns and implementing partners, which it said will enhance transparency and reporting, and deliver stronger client outcomes, including for UK defined contribution (DC) members via L&G’s Nature and Social Outcomes strategy.
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L&G’s overall commitment to nature conservation and sustainable development in emerging markets now exceeds $2.4bn, up from $1.1bn at end‑Q1 2025. The firm is recognised as a major global investor in sovereign debt conversions, having deployed more than $500m across landmark transactions in Belize, Gabon, Ecuador’s Galápagos and Amazon Rainforest, and Côte d’Ivoire.
Enosis is a pioneering development credit firm whose team was behind the creation of the market for sovereign debt conversions, and contributed alongside L&G to the first‑ever industry standards.
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“We believe debt conversions remain an attractive investment opportunity, enabling investors to unlock value while supporting communities and ecosystems fundamental to global economic resilience,” said Jake Harper, senior investment manager – private credit, asset management, at L&G.
“Crucially, these transactions must be done with the right partners, and we are strongly aligned with Enosis on development outcomes and long‑term value creation. The partnership gives us earlier, more direct access to pipelines, allowing us to shape transactions, outcome frameworks, and reporting – improving execution certainty for issuers and delivering stronger outcomes for our clients.”
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