Asset manager TCW Group is expanding its alternative credit solutions.
The expansion is facilitated by Nippon Life Insurance Company, which is committing US$3.25 billion in anchor capital to the group’s alternative credit strategies. The insurance company also plans to increase its ownership stake in TCW, although the details of this have not been shared.
The capital injection will allow TCW to expand its alternative credit services, accelerate its long-term strategic growth plan and enhance its status as a global insurance company advisor, the firm said.
TCW Group has doubled its alternative credit assets under management over the past four years, it has reported. In May, it built on the business through a partnership with PNC Financial Services, offering private credit to middle market companies.
Katie Koch, president and CEO of TCW, commented: We are grateful for the confidence that Nippon Life has placed in our team through increasing its ownership interest in TCW and accelerating the diversification and growth of our alternative credit platform, alongside their existing and ongoing investments in public fixed income and public equities.”
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