Avocet Partners launched as a new insurance-focused investment and operating platform backed by $500 million of committed equity capital from funds managed by Oaktree Capital Management and Lane42 Investment Partners.
Led by an experienced founding team of operators with a proven track record of building, scaling and managing insurance platforms across multiple market cycles, Avocet was formed to acquire, operate and grow life insurance platforms and establish an ecosystem of related investment and service entities. The Avocet founding team brings decades of experience as insurance operators with prior senior leadership roles across leading insurers and insurance-focused investment firms.
Concurrent with its launch, Avocet has entered into a definitive agreement to acquire EMC National Life Insurance from EMC Insurance. EMC Life will serve as the foundational carrier for Avocet’s strategy to build a scaled, multi-line life and annuity insurance organization.
“We are thrilled to launch Avocet in partnership with Oaktree and Lane42, two institutions that share our vision for building a platform focused on growing leading insurance companies with aligned asset management expertise to help policyholders secure retirement solutions in a time of growing need,” Jagan Pisharath, founder and CEO of Avocet Partners, said. “The acquisition of EMC Life is the cornerstone of our permanent capital platform. We are not simply acquiring a company and a strong team — we are investing in a long-term strategy to build a premier, highly-rated annuity and life insurance carrier.”
Thomas Casarella and Zach Serebrenik of Oaktree’s special situations strategy added, “With Avocet, Jagan and his team are applying deep sector expertise and a disciplined growth strategy to a segment of the insurance market with compelling long-term fundamentals. EMC Life provides a strong operating base, and we believe Avocet is well positioned to invest strategically in the business, expand its product offerings and build a scaled platform over time.”
Trevor Winstead, partner of Lane42, said, “Lane42 is pleased to support Jagan and the Avocet team as they work to create a leading, differentiated life and annuity platform that meets the growing needs of the market. Under the leadership of seasoned, accomplished insurance executives and with the acquisition of EMC Life providing the foundation, Avocet is positioned for meaningful, sustained growth.”
Chris Frazier, president and chief operating officer of EMC Life, said, “On behalf of the entire EMC Life senior management team, including Mark DeVries and Paul Rivard, I want to express how proud we are of the innovative and tech-enabled platform our team members have built. We are excited to become part of Avocet Partners and believe their industry expertise, operational capabilities and long-term capital will position EMC Life for its next phase of growth as part of a scaled insurance platform.”
Avocet’s acquisition of EMC Life is expected to close in 2026, subject to customary closing conditions, including regulatory approvals and the demutualization of the EMC National Life Mutual. EMC Life will be renamed at or shortly after the closing.
Kirkland & Ellis and Latham & Watkins served as legal counsel, and Oliver Wyman acted as actuarial advisor to Avocet. Piper Sandler acted as financial advisor to EMC Life in connection with the transaction. Nyemaster Goode acted as legal counsel to EMC. Faegre Drinker acted as legal counsel to EMC National Life Mutual.
