American International Group and CVC have formed a strategic partnership encompassing large-scale separately managed accounts (SMAs) across CVC’s credit strategies and the launch of a private equity secondaries evergreen platform, with AIG serving as cornerstone investor. The firms said they expect to explore additional areas of collaboration over time. 

Under the agreement, CVC will establish its private equity secondaries evergreen platform with AIG contributing up to $1.5 billion from its existing private equity portfolio. The commitment provides immediate scale and a seeded portfolio for the strategy, while enabling AIG to efficiently manage and transition legacy private equity exposures. 

In parallel, AIG intends to allocate up to $2 billion to SMAs and funds managed by CVC, with $1 billion expected to be deployed through 2026. The SMA mandates are designed to deliver tailored, capital-efficient solutions aligned with insurer balance-sheet requirements. 

“The SMA component demonstrates the depth of our credit platform and our capability to deliver bespoke, capital-efficient solutions for insurers worldwide,” said Rob Lucas, CEO of CVC. “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.” 

For AIG, the partnership expands access to differentiated private markets exposure while advancing portfolio optimization objectives. “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,” said Peter Zaffino, chairman and CEO of AIG.