Jackson Financial and TPG close $500 million strategic partnership

Jackson Financial Inc. (NYSE: JXN) completed a long-term strategic partnership with TPG Inc. (NASDAQ: TPG) that includes a $500 million common equity investment from TPG, according to a company statement.

Jackson issued 4,715,554 shares of common stock to TPG, representing approximately 6.5% of Jackson's equity at issuance. TPG provided 2,279,109 shares of TPG Class A common stock to a Jackson subsidiary in return.

The partnership establishes a non-exclusive investment management arrangement with a 10-year initial term and automatic one-year renewals through year 15. TPG will provide Investment Grade Asset Based Finance and Direct Lending investment capabilities to complement PPM America, Inc., Jackson's asset management subsidiary.

Jackson plans to use the investment to accelerate growth in its spread-based business and provide flexibility for future insurance solutions. The retirement services company offers annuity products and financial services.

"This collaboration reflects a strong cultural alignment and shared commitment to innovation, disciplined execution and delivering meaningful value to our clients," said Laura Prieskorn, Jackson's President and CEO.

TPG CEO Jon Winkelried said the partnership demonstrates "the power of our franchise, our differentiated credit capabilities, and the investment expertise that we've built over decades."

TPG is a San Francisco-based alternative asset management firm founded in 1992 with $303 billion in assets under management. The firm invests across private equity, impact, credit, real estate, and market solutions strategies.

Jackson Financial is based in Lansing, Michigan, and operates through subsidiaries including Jackson National Life Insurance Company and Jackson National Life Insurance Company of New York.

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