Alternative asset manager TPG has entered into a partnership with US retirement annuity provider Jackson Financial to potentially manage $20bn (£14.8bn) of its assets, with an initial focus on private credit.
Under the agreement, the $286bn global alternatives manager will oversee a minimum commitment of $12bn in assets under management for the Michigan-based insurer, with a long-term target of $20bn.
The firms said the strategic investment management partnership will initially focus on investment-grade asset-based finance and direct lending.
As part of the transaction, TPG has taken an approximate 6.5 per cent minority stake in Jackson through a $500m investment. Jackson will receive $150m of TPG shares, priced at market, with the potential to receive additional shares if the investment management partnership grows to $20bn.
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“Over the past several years, TPG has achieved meaningful growth in insurance capital across our platform, driven by our ability to create differentiated access points and cross-platform strategies that meet the evolving needs of our insurance partners,” said Jon Winkelried, chief executive of TPG. “This strategic partnership is an important step in the evolution of our franchise and insurance practice, creating opportunities for us to extend the duration of our capital, while scaling our product capabilities.”
The transaction is expected to close in the first quarter of 2026, subject to customary conditions.
“Today marks a significant milestone for Jackson’s next phase of growth and our commitment to provide long-term value for all stakeholders,” said Laura Prieskorn, president and chief executive of Jackson. “I am proud to form this strategic partnership with an organization that shares our commitment to delivering world-class performance through a collaborative and client-centric approach.”
The move is the latest sign of alternative asset managers expanding into insurance balance sheets, following similar deals by Hildene and Oaktree last year.
