Northwestern Mutual, a financial services provider of insurance and wealth products, and Sixth Street, a global investment firm, announced a partnership to support Northwestern Mutual’s long-term, diversified investment strategy for its institutional investment portfolios, which “total over $320 billion.”
Under the partnership, Sixth Street will manage “$13 billion of assets for Northwestern Mutual with the potential to scale.”
Investments will span Sixth Street’s multi-strategy private capital approach, including “asset-based finance and opportunistic investments in real estate and infrastructure debt and equity.”
As part of the agreement, Northwestern Mutual will acquire “a minority equity interest in Sixth Street.”
Jeb Bentley, chief investment officer, Northwestern Mutual said:
“Sixth Street has industry-leading asset origination and investment management capabilities, a proven track record, and a compelling culture, and we look forward to building a mutually beneficial, highly successful long-term partnership.”
Michael Muscolino, Global Head of Financial Services, Sixth Street said:
“Our investor-first approach, flexible capital, and one-team culture drive our firm, and we are committed to achieving results for Northwestern Mutual’s investment portfolio and ultimately, driving value for their policyowners. Our shared commitment to excellence makes this an exciting partnership and one we plan to build upon for many years to come.”
Northwestern Mutual’s institutional investment portfolios back the company’s insurance and annuity products, while contributing to the company’s financial strength and policyowner dividends.
In October 2024, Northwestern Mutual announced that it expects to deliver “a company-record $8.2 billion in dividends to its policyowners in 2025.”
The company has continued to provide financial stability “to policyowners by consistently earning best-in-class financial strength ratings.”
The company is also coming off a year in which it announced record revenues and surplus of “more than $36 billion and $38 billion, respectively.”
Morgan Stanley & Co. LLC served as exclusive financial advisor and Debevoise & Plimpton LLP served as legal advisor to Northwestern Mutual.
Evercore served as financial advisor and Simpson Thacher & Bartlett and Cleary Gottlieb Steen & Hamilton LLP served as legal advisors to Sixth Street.
As noted in the update, Northwestern Mutual has been helping people and businesses “achieve financial security for more than 165 years.”
Through a “comprehensive” planning approach, Northwestern Mutual combines the expertise of its financial professionals with “a personalized digital experience and products to help its clients plan for what’s most important.”
With $627+ billion of total assets1 being managed across the company’s institutional portfolio as well as retail investment client portfolios, more than $36 billion in revenues, and $2.3 trillion worth of life insurance protection in force, Northwestern Mutual delivers financial security to “more than five million people with life, disability income and long-term care insurance, annuities, and brokerage and advisory services.”