American International Group (AIG) and CVC have formed an alliance intended to support the former’s investment strategy, with a focus on insurance-related solutions and private market opportunities.
The arrangement involves the creation of substantial separately managed accounts (SMAs) that will operate under CVC’s credit investment strategies.
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In addition, CVC will establish a new evergreen platform for private equity secondaries, with AIG taking the role of cornerstone investor.
AIG is committing up to $1.5bn from its current private equity holdings, which will be used to give the new platform an initial asset base and facilitate the reallocation of AIG’s legacy private equity interests.
CVC CEO Rob Lucas said: “Our partnership with AIG is a powerful endorsement of CVC’s ability to serve the evolving needs of global insurance institutions at scale. The SMA component demonstrates the depth of our credit platform and our capability to deliver bespoke, capital-efficient solutions for insurers worldwide.
“At the same time, the secondaries transaction provides a compelling foundation for our private equity evergreen secondaries vehicle, following on from the launch of our credit evergreen and private equity products last year.”
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By GlobalDataThe agreement also includes plans by AIG to allocate up to $2bn in total to CVC-managed SMAs and funds, with $1bn expected to be invested in 2026.
These SMAs are designed to give AIG access to a mix of private and liquid credit investments, addressing regulatory requirements as well as capital and return objectives.
Both companies have indicated that they may consider further areas of cooperation in the future.
AIG CEO and chairman Peter Zaffino said: “CVC is a highly respected, world-class global investment manager with deep capabilities across credit and private markets.
“This partnership marks our first collaboration with a European-headquartered asset manager and supports AIG’s strategy of actively managing our investment portfolio while working with best-in-class partners to access differentiated opportunities. We look forward to leveraging CVC’s investment expertise and to the long-term value we will create through our strategic partnership.”
This announcement follows leadership changes at AIG.
Eric Andersen has been named president and CEO-elect, and is set to succeed Zaffino, who will become executive chair.
Andersen will formally become CEO and join the Board of Directors after 1 June 2026.
