Partnership to accelerate Jackson’s growth strategy, create opportunities to meet the strong demand for consumer-value oriented products and drive long-term value for Jackson stakeholders
Jackson Financial Inc.1 (NYSE: JXN) (Jackson®) announced today the closing of the previously announced long-term strategic partnership with TPG Inc. (NASDAQ: TPG). The partnership includes a $500 million common equity investment from TPG to help accelerate Jackson’s growth in its spread-based business and provide flexibility for future innovative insurance solutions. Jackson and TPG established a non-exclusive investment management arrangement with a 10-year initial term and automatic 1-year renewals through year 15 with TPG providing Investment Grade Asset Based Finance and Direct Lending investment capabilities to complement the asset management capabilities of PPM America, Inc., a Jackson subsidiary.
In exchange for the investment from TPG, Jackson today issued to TPG 4,715,554 shares of its common stock, representing an approximate 6.5% common equity stake in Jackson Financial Inc. at the time of the issuance. Additionally, TPG issued to a wholly owned, indirect subsidiary ofJackson 2,279,109 shares of TPG Class A common stock.
“We are thrilled to officially launch our partnership with TPG, an important step forward in further strengthening our competitiveness and advancing Jackson’s long-term growth strategy,” commented Laura Prieskorn, President and Chief Executive Officer of Jackson. “This collaboration reflects a strong cultural alignment and shared commitment to innovation, disciplined execution and delivering meaningful value to our clients. By bringing together TPG’s extensive structuring, asset class and sector expertise with our core strengths as a leading retirement services firm, we are confident this relationship will enhance our ability to drive sustained growth and shareholder value.”
“Our partnership with Jackson is a testament to the power of our franchise, our differentiated credit capabilities, and the investment expertise that we’ve built over decades,” said Jon Winkelried, Chief Executive Officer of TPG. “We’ve developed a strong relationship with the Jackson team, and it’s clear that our goals for this partnership are closely aligned. We are excited about this next leg of growth for our credit and insurance strategies, which further positions TPG to be the partner-of-choice for clients as they seek customized asset management solutions.”
