Resolution Life, a UK-based global insurance group, and Blackstone, have announced a strategic partnership to combine and grow global life insurance and annuity consolidation businesses. As part of the agreement, Blackstone will become Resolution Life’s investment manager in certain areas.
That includes private credit, real estate, and asset-backed finance markets. Blackstone will manage an initial target of up to €25 billion of Resolution Life’s existing private assets in the first year. As Resolution Life completes new transactions and new investments are deployed into asset classes managed by Blackstone, total Resolution Life private assets managed by Blackstone are expected to increase to over €60 billion over the next six years.
New capital Resolution Life and Blackstone are plotting to raise €3 billion of new equity capital commitments – including a €500 million strategic investment from Blackstone – bringing the company’s overall equity capital base to more than €8 billion.
The €3 billion in capital would be raised through a newly established perpetual capital vehicle with Blackstone serving as the General Partner and the majority of Resolution Life’s existing investors expected to roll their investments into this vehicle.
Nippon Life, the largest existing investor in Resolution Life, supports the strategic partnership and welcomed Blackstone’s investment and asset management expertise.
Source: https://propertyeu.info/Nieuws/Blackstone-Resolution-Life-partnership-comes-with-implications-for-RE/efea372d-db13-4eea-a5a0-74bae57d40c0, on 12 October 2022