TPG and Jackson Financial said they have formed a long-term strategic investment-management partnership designed to expand Jackson’s access to credit strategies while supporting TPG’s growing insurance-capital platform.
Under the agreement, TPG will manage a minimum commitment of $12 billion of Jackson’s assets, with economic incentives structured around a long-term target of $20 billion in managed AUM. The initial investment focus will be on investment-grade asset-based finance (ABF) and direct lending—areas where TPG has been increasing origination activity—positioning the relationship as both an asset-management mandate for TPG and a sourcing and execution channel for Jackson.
In addition to the investment-management arrangement, TPG will make a $500 million minority investment in Jackson, representing about a 6.5% pro forma ownership stake. Jackson will also receive $150 million of TPG stock priced at market. The companies said Jackson could receive additional TPG shares if the partnership reaches the $20 billion AUM target, a structure intended to reinforce alignment and create shared upside tied to the scale of the relationship.
TPG framed the deal as another step in its strategy to build durable insurance partnerships through flexible structures consistent with its “asset-light” and multi-partner approach. Jackson positioned the agreement as a milestone in its next phase of growth, emphasizing the potential to enhance competitiveness and expand its ability to deliver retirement income solutions amid rising consumer demand for retirement security.
The companies said the transaction is subject to customary closing conditions and is expected to close in the first quarter of 2026.
Advisors on the transaction include Debevoise & Plimpton as TPG’s legal counsel and Oliver Wyman as TPG’s actuarial advisor, with Weil, Gotshal & Manges advising TPG on certain corporate and regulatory matters. Skadden, Arps, Slate, Meagher & Flom served as legal advisor to Jackson.
KEY QUOTES
“Over the past several years, TPG has achieved meaningful growth in insurance capital across our platform, driven by our ability to create differentiated access points and cross-platform strategies that meet the evolving needs of our insurance partners… This strategic partnership is an important step in the evolution of our franchise and insurance practice, creating opportunities for us to extend the duration of our capital, while scaling our product capabilities.”
Jon Winkelried, Chief Executive Officer, TPG
“Today marks a significant milestone for Jackson’s next phase of growth and our commitment to provide long-term value for all stakeholders… The complementary strengths of Jackson and TPG will enhance our competitiveness in the market, supporting our efforts to bring more value to consumers to meet the growing needs of Americans seeking financial security in retirement.”
Laura Prieskorn, President and Chief Executive Officer, Jackson Financial
