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Bond Market News
Nippon Life to Expand Stake in TCW With $550mn Investment
December 13, 2024
Japan’s largest insurer, Nippon Life Insurance announced that it will invest an additional $550mn in American asset manager TCW Group to fuel its global expansion. Nippon Life will purchase $250mn in convertible notes and $300mn in preferred securities, increasing its current 27% stake in TCW. The convertible notes’ stake may see it potentially acquire up to another 10% of TCW in three years, as per a company spokesperson. Nippon Life will also commit up to $3.25bn to TCW’s private credit strategies, supporting the firm’s growth in this sector. This investment follows Nippon Life’s recent $8.2bn acquisition of Resolution Life Group and a $3.8bn stake in Corebridge Financial. TCW manages $202.8bn in assets and is partially owned by Carlyle Group and its management. Nippon Life first invested in TCW in 2017. Nippon Life’s president, Hiroshi Shimizu, is said to be pushing for more acquisitions to diversify beyond its domestic life insurance business.
Nippon Life’s dollar bonds were trading stable with its 4.7% 2046s at 99.55, yielding 5.12%
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