US retirement services and insurance holding company Jackson Financial has completed its long-term strategic partnership with TPG.
As part of the agreement, the alternative asset management firm has invested $500m in common equity to back the expansion of Jackson’s spread-based business and support the development of future insurance offerings.
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The companies have also put in place a non-exclusive investment management arrangement with an initial duration of ten years.
This will be followed by automatic one-year renewals extending through the 15th year.
Through this structure, TPG will deliver investment-grade asset-based finance and direct lending capabilities.
These will complement the asset management operations of PPM America, a subsidiary of Jackson.
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By GlobalDataJackson president and CEO Laura Prieskorn 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.”
In return for the capital injection, Jackson issued 4,715,554 common shares to TPG, equating to an approximate 6.5% common equity interest in the company at the time of issuance.
Separately, TPG issued 2.2 million shares of its Class A common stock to a wholly owned, indirect subsidiary of Jackson.
The partnership is designed to advance Jackson’s growth plans, expand its ability to respond to demand for consumer value oriented products and support long-term value creation for stakeholders.
TPG CEO Jon Winkelried added: “Our partnership with Jackson is a testament to the power of our franchise, our differentiated credit capabilities and the investment expertise that we have built over decades.
“We have developed a strong relationship with the Jackson team, and it is clear that our goals for this partnership are closely aligned.”
