Northwestern Mutual announces investment partnership with Sixth Street

Northwestern Mutual, a financial services provider of insurance and wealth products, has formed a strategic partnership with global investment firm Sixth Street to enhance its long-term, diversified investment strategy for its institutional investment portfolios, totalling over $320 billion.

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As part of the partnership, Sixth Street will manage $13 billion in assets for Northwestern Mutual, with the potential for future growth. Investments will focus on Sixth Street’s multi-strategy private capital approach, including asset-based finance, and opportunities in real estate and infrastructure debt and equity.

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As part of the agreement, Northwestern Mutual will acquire a minority equity interest in Sixth Street.

Jeb Bentley, Chief Investment Officer at Northwestern Mutual, said, “This new partnership with Sixth Street significantly expands Northwestern Mutual’s investment capabilities by providing increased access to attractive private investments – all of which complement our internal team and will contribute to Northwestern Mutual’s longstanding history of delivering value to policyowners.

“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.”

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Josh Easterly, Co-President and Co-Chief Investment Officer at Sixth Street, commented, “We are thrilled to embark on this partnership with Northwestern Mutual. As one of the most respected leaders in the insurance and wealth management space, Northwestern Mutual’s financial strength is unmatched, and we look forward to further fortifying their investment platform.”

Michael Muscolino, Global Head of Financial Services, Sixth Street, added, “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.”

Bob Garofalo, Vice President at Moody’s Ratings, noted, “The new investment partnership between Northwestern Mutual and Sixth Street reflects the life insurance industry’s intensifying interest in high-quality investment grade private assets, where scale and expertise are becoming increasingly important, and the source of these assets shifts from banks to alternative asset managers.”

Morgan Stanley & Co. LLC served as exclusive financial advisor to Northwestern Mutual, with legal counsel from Debevoise & Plimpton LLP. Evercore acted as financial advisor to Sixth Street, with legal advice from Simpson Thacher & Bartlett and Cleary Gottlieb Steen & Hamilton LLP.