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.
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By GlobalDataFounded in 1869, Goldman Sachs offers investment banking, securities and investment management services to corporations, financial institutions, governments and high-net-worth individuals.
