According to the company, Singapore wealth fund GIC and private equity group Blackstone each acquired 28.5% stake, while Massachusetts Mutual Life Insurance Company bought a 7% holding.
Post-transaction, which is subject to approval from the regulatory agencies, Goldman Sachs will own 36% stake in the company, as the largest shareholder.
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Goldman Sachs Group vice chairman Michael Sherwood said that Rothesay Life’s success has now brought it to a size at which it is more capital-efficient for Goldman Sachs to share its ownership with other investors.
"As a market leader in a dynamic industry, Rothesay Life can continue its growth as a standalone business with the benefit of diversified ownership," Sherwood added.
Established in 2007, Rothesay Life operates as a wholly owned subsidiary of Goldman Sachs and had $9.66bn in assets as of 30 June 2013.
Earlier this year, Goldman divested 80% shareholding to its reinsurer business Global Atlantic Financial Group, due to the implementation of the new capital rules.
Founded in 1869, Goldman Sachs offers investment banking, securities and investment management services to corporations, financial institutions, governments and high-net-worth individuals.
