Avocet Partners has launched a new insurance-focused investment and operating platform backed by $500 million of committed equity capital from funds managed by Oaktree Capital Management and Lane42 Investment Partners. The New York-based firm said it was formed to acquire, operate, and grow life insurance platforms while establishing an ecosystem of related investment and service entities.
Alongside the launch announcement, Avocet said it has entered into a definitive agreement to acquire EMC National Life Insurance Company, known as EMC Life, from EMC Insurance. Avocet said the deal provides an immediate national platform with licenses in 48 states and a team of about 80 professionals based in Des Moines, Iowa. EMC Life is expected to serve as Avocet’s foundational carrier as it works to build a scaled, multi-line life and annuity organization.
Avocet said it plans to invest substantial capital to enhance EMC Life’s operations and support growth initiatives, including launching annuity products distributed through independent marketing organizations and other strategic channels, while continuing to expand EMC Life’s life insurance business. The acquisition is expected to close in 2026, subject to customary closing conditions, including regulatory approvals and the demutualization of the EMC National Life Mutual Holding Company. Avocet said EMC Life will be renamed at or shortly after closing.
The firm is led by a founding team described as experienced insurance operators with prior senior leadership roles across insurers and insurance-focused investment firms. Oaktree said Avocet is targeting a segment of the insurance market it views as supported by long-term fundamentals. And Lane42 said the combination of an experienced team and an established carrier platform positions Avocet for sustained growth.
Support: Advisors on the transaction include Kirkland and Ellis and Latham and Watkins as legal counsel, with Oliver Wyman acting as actuarial advisor to Avocet. Piper Sandler served as financial advisor to EMC Life. Nyemaster Goode served as legal counsel to EMC, and Faegre Drinker served as legal counsel to EMC National Life Mutual Holding Company.
KEY QUOTES:
“We are thrilled to launch Avocet in partnership with Oaktree and Lane42, two institutions that share our vision for building a platform focused on growing leading insurance companies with aligned asset management expertise to help policyholders secure retirement solutions in a time of growing need. The acquisition of EMC Life is the cornerstone of our permanent capital platform. We are not simply acquiring a company and a strong team — we are investing in a long-term strategy to build a premier, highly-rated annuity and life insurance carrier.”
Jagan Pisharath, Founder & CEO of Avocet Partners
“With Avocet, Jagan and his team are applying deep sector expertise and a disciplined growth strategy to a segment of the insurance market with compelling long-term fundamentals. EMC Life provides a strong operating base, and we believe Avocet is well positioned to invest strategically in the business, expand its product offerings, and build a scaled platform over time.”
Thomas Casarella and Zach Serebrenik of Oaktree’s Special Situations strategy
“Lane42 is pleased to support Jagan and the Avocet team as they work to create a leading, differentiated life and annuity platform that meets the growing needs of the market. Under the leadership of seasoned, accomplished insurance executives and with the acquisition of EMC Life providing the foundation, Avocet is positioned for meaningful, sustained growth.”
Trevor Winstead, Partner at Lane42
“On behalf of the entire EMC Life senior management team, including Mark DeVries and Paul Rivard, I want to express how proud we are of the innovative and tech-enabled platform our team members have built. We are excited to become part of Avocet Partners and believe their industry expertise, operational capabilities, and long-term capital will position EMC Life for its next phase of growth as part of a scaled insurance platform.”
Chris Frazier, President & COO of EMC Life
