Jackson Financial closed the previously announced long-term strategic partnership with TPG. The partnership includes a $500 million common equity investment from TPG to help accelerate Jackson’s growth in its spread-based business and provide flexibility for future innovative insurance solutions. Jackson and TPG established a non-exclusive investment management arrangement with a 10-year initial term and automatic one-year renewals through year 15 with TPG providing investment grade asset-based finance and direct lending investment capabilities to complement the asset management capabilities of PPM America, a Jackson subsidiary.
In exchange for the investment from TPG, Jackson issued to TPG 4,715,554 shares of its common stock, representing an approximate 6.5% common equity stake in Jackson Financial at the time of the issuance. Additionally, TPG issued to a wholly owned, indirect subsidiary of Jackson 2,279,109 shares of TPG Class A common stock.
“We are thrilled to officially launch our partnership with TPG, an important step forward in further strengthening our competitiveness and advancing Jackson’s long-term growth strategy,” Laura Prieskorn, president and CEO of Jackson, said. “This collaboration reflects a strong cultural alignment and shared commitment to innovation, disciplined execution and delivering meaningful value to our clients. By bringing together TPG’s extensive structuring, asset class and sector expertise with our core strengths as a leading retirement services firm, we are confident this relationship will enhance our ability to drive sustained growth and shareholder value.”
Jon Winkelried, CEO of TPG, added, “Our partnership with Jackson is a testament to the power of our franchise, our differentiated credit capabilities and the investment expertise that we’ve built over decades. We’ve developed a strong relationship with the Jackson team, and it’s clear that our goals for this partnership are closely aligned. We are excited about this next leg of growth for our credit and insurance strategies, which further positions TPG to be the partner-of-choice for clients as they seek customized asset management solutions.”
