Nassau Financial Group (a leading provider of fixed annuities and asset management) and Golub Capital (a market-leading direct lender and experienced credit asset manager) have closed on their previously announced strategic partnership after satisfaction of closing conditions.
At the closing, Nassau received a $200 million minority non-voting common equity investment from Golub Capital. This funding provides capital to support Nassau’s growth strategy, including through organic growth, acquisitions and strengthening its balance sheet. Nassau and Golub Capital also entered into a long-term Investment Management Agreement that will provide Nassau’s insurance subsidiaries with access to Golub Capital’s premium middle market direct lending strategies, through tailored capital-efficient solutions.
Golub Capital is now the largest minority equity holder in Nassau, following investments from Fortress Investment Group in 2023 and Wilton Reassurance Company and Stone Point Credit in 2021. And Nassau was founded with an initial capital commitment along with subsequent growth capital provided by Golden Gate Capital, which remains Nassau’s majority controlling equity holder.
Goldman Sachs served as exclusive financial advisor and Sidley Austin served as legal advisor to Nassau. Morgan Stanley served as the exclusive financial advisor, and Kirkland & Ellis and Foley Hoag served as legal advisors to Golub Capital.
Based in Hartford, Connecticut, Nassau Financial Group is a growth-focused and digitally enabled financial services company with a fully integrated platform across insurance and asset management. Nassau’s fixed annuities offer comprehensive and customizable retirement solutions, delivered with advanced digital capabilities and a team dedicated to delivering industry-leading service. Nassau Asset Management and its subsidiaries oversee the assets of Nassau’s insurance companies and offer specialty investment strategies to third-party clients. These strategies include public and private debt, CLO debt and equity, real estate debt and equity, and alternatives. And Nassau was founded in 2015 and has grown to $24.8 billion in assets under management, $1.6 billion in total adjusted capital, and about 370,000 policies and contracts as of September 30, 2024.
