TPG, a global alternative asset management firm and Jackson Financial, a U.S. retirement services firm, established a long-term, strategic investment management partnership. Under the agreement, TPG will manage a minimum commitment of $12 billion of AUM for Jackson, with economic incentives aligned to a long-term target of $20 billion. The strategic investment management partnership will initially focus on investment grade asset-based finance (ABF) and direct lending, further accelerating TPG’s credit origination momentum.
As part of the transaction, TPG will make a $500 million minority investment in Jackson, representing an approximate 6.5% pro forma ownership stake. Jackson will receive $150 million of TPG stock, priced at market, with the potential to receive additional shares if the investment management partnership grows to $20 billion. This structure creates significant alignment among the firms and long-term value creation opportunities. The investment from TPG will further enhance Jackson’s growth plans and broader strategic initiatives.
“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,” Jon Winkelried, CEO of TPG, said. “As the insurance landscape continues to evolve, we see tremendous opportunity to deepen relationships and drive long-term value for policyholders and shareholders through thoughtful, relationship-driven approaches that leverage the full breadth of TPG’s capabilities. Jackson brings an impressive track record as a leading provider of retirement income solutions, and as we’ve developed a strong relationship with their team, it’s clear that our goals are closely aligned. 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.”
Laura Prieskorn, President and CEO of Jackson, said, “Today marks a significant milestone for Jackson’s next phase of growth and our commitment to provide long-term value for all stakeholders. 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 complementary strengths of Jackson and TPG will enhance our competitiveness in the market, supporting our efforts to bring more value to consumers to meet the growing needs of Americans seeking financial security in retirement.”
This long-term strategic partnership leverages TPG’s established underwriting process, investment expertise and origination capabilities. It also provides Jackson with access to differentiated investment opportunities, enhanced sourcing and execution certainty. Consistent with TPG’s asset-light model and multi-partner approach, this transaction reflects TPG’s strategy of providing flexible, customized solutions to a broad base of insurance clients.
The transaction is subject to customary closing conditions and is anticipated to close in Q1/26.
Debevoise & Plimpton served as TPG’s legal counsel and Oliver Wyman served as TPG’s actuarial advisor. Weil, Gotshal & Manges advised TPG with respect to certain corporate and regulatory matters. Skadden, Arps, Slate, Meagher & Flom served as a legal advisor to Jackson.
