AIG and CVC Forge Strategic Partnership for Investment Expertise

AIG and CVC have partnered support AIG’s long-term investment goals, including the creation of large-scale separately managed accounts across CVC’s credit strategies and the launch of CVC’s private equity secondaries evergreen platform with AIG as a cornerstone investor. CVC will establish its private equity secondaries evergreen platform, with AIG contributing up to $1.5 billion from its existing private equity portfolio. This will reportedly provide immediate scale and a seed portfolio for CVC’s private equity secondaries evergreen strategy and enable AIG to efficiently manage and transition its legacy private equity exposures. Concurrently, AIG intends to allocate up to $2 billion to SMAs and Funds managed by CVC, with an initial $1 billion to be deployed through 2026. According to AIG, the SMAs will provide it with tailored access to diversified private and liquid credit strategies aligned with its regulatory, capital efficiency and investment return objectives, underscoring CVC’s ability to design and manage large, customised mandates for global insurance companies. Peter Zaffino, Chairman & CEO of AIG, commented, “CVC is a highly respected, world-class global investment manager with deep capabilities across credit and private markets. “This partnership marks our first collaboration with a European-headquartered asset manager and supports AIG’s strategy of actively managing our investment portfolio while working with best-in-class partners to access differentiated opportunities. “We look forward to leveraging CVC’s investment expertise and to the long-term value we will create through our strategic partnership.” Rob Lucas, CEO of CVC, said, “Our partnership with AIG is a powerful endorsement of CVC’s ability to serve the evolving needs of global insurance institutions at scale. The SMA component demonstrates the depth of our credit platform and our capability to deliver bespoke, capital-efficient solutions for insurers worldwide. “At the same time, the secondaries transaction provides a compelling foundation for our private equity evergreen secondaries vehicle, following on from the launch of our credit evergreen and private equity products last year.”