Nippon Life Insurance intends to commit up to $3.25 billion in additional anchor capital to TCW Group, a global asset manager, alternative credit strategies and increase its minority ownership stake in TCW in the future.
The expansion of the partnership is aimed at supporting TCW in launching new alternative credit capabilities.
“We are grateful for the confidence that Nippon Life has placed in our team through increasing its ownership interest in TCW and accelerating the diversification and growth of our alternative credit platform, alongside their existing and ongoing investments in public fixed income and public equities,” Katie Koch, president and CEO of TCW, said.
“Nippon Life looks forward to further leveraging TCW’s world-class alternative credit capabilities to improve risk-adjusted returns for the benefit of our policyholders,” Hiroshi Shimizu, president of Nippon Life, said. “Nippon Life has long admired and invested with TCW across private and public markets for its outstanding investment expertise and we are pleased to strengthen our partnership and support the further growth of TCW.”
Jefferies acted as sole financial advisor to TCW, and Kirkland & Ellis acted as TCW’s legal counsel.
