American International Group and global private markets manager CVC said they have entered into a strategic partnership aimed at advancing AIG’s long-term investment objectives while expanding CVC’s insurance-focused solutions and private markets offerings.
The partnership centers on two initial initiatives: the creation of large-scale separately managed accounts across CVC’s credit strategies and the launch of a private equity secondaries evergreen platform, with AIG serving as a cornerstone investor. The companies said the structure is intended to support a long-term relationship focused on scale, alignment, and bespoke investment solutions for institutional and private wealth clients, and that they expect to explore additional areas of collaboration over time.
As part of the secondaries initiative, CVC will establish its private equity secondaries evergreen platform with an initial portfolio contribution from AIG of up to $1.5 billion. The contribution will come from AIG’s existing private equity portfolio and is intended to provide immediate scale and a seed portfolio for CVC’s evergreen strategy. AIG said the arrangement also supports the efficient management and transition of certain legacy private equity exposures.
In parallel, AIG said it plans to allocate up to $2 billion to SMAs and funds managed by CVC, with an initial $1 billion expected to be deployed through 2026. The SMAs are designed to provide AIG with tailored exposure to a mix of private and liquid credit strategies aligned with the insurer’s regulatory considerations, capital efficiency requirements, and return objectives. CVC said the mandates highlight its ability to structure and manage customized, large-scale credit solutions for global insurers, supported by its credit platform and origination capabilities in Europe and the U.S.
CVC CEO Rob Lucas described the partnership as validation of CVC’s ability to serve insurance institutions at scale, pointing to the credit SMAs as evidence of its capacity to deliver bespoke, capital-efficient solutions and to the secondaries transaction as a foundation for its evergreen secondaries vehicle. AIG Chairman and CEO Peter Zaffino said the partnership supports AIG’s strategy of actively managing its investment portfolio while working with partners it views as best in class, and noted it is AIG’s first collaboration with a European-headquartered asset manager.
CVC said it manages approximately €201 billion of assets and operates across strategies including private equity, secondaries, credit, and infrastructure.
KEY QUOTES:
“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.”
Rob Lucas, CEO, CVC
“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.”
Peter Zaffino, Chairman & CEO, AIG
