Private equity giant Blackstone is to make a $500 million strategic investment in Resolution Life as part of a wider plan that will see the global life and annuity insurance consolidation business raise $3 billion in new equity capital commitments.
The additional funding, which will bring the company’s overall equity capital base to more than $8 billion, will 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.
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.
Read more: Private Equity Wire
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