TPG Inc. and Jackson Financial Inc. have formed a strategic investment management partnership under which TPG will manage a minimum of $12 billion in assets for Jackson, with economic incentives tied to a long-term target of $20 billion of AUM. The mandate will initially concentrate on investment grade asset-based finance and direct lending strategies designed to support Jackson’s long-duration liabilities and return objectives. 

As part of the broader relationship, TPG will make a $500 million minority investment in Jackson, representing an approximate 6.5% pro forma ownership stake. Jackson, in turn, will receive $150 million of TPG stock, with the potential to earn additional shares if the investment management relationship scales to the $20 billion target. 

“As the insurance landscape continues to evolve, we see tremendous opportunity to deepen relationships and drive long-term value for policyholders and shareholders through thoughtful, relationship-driven approaches that leverage the full breadth of TPG’s capabilities,” said Jon Winkelried, CEO of TPG. 

“The complementary strengths of Jackson and TPG will enhance our competitiveness in the market, supporting our efforts to bring more value to consumers to meet the growing needs of Americans seeking financial security in retirement,” added Laura Prieskorn, president and CEO of Jackson. 

The transaction is expected to close in the first quarter of 2026, subject to customary approvals and conditions. Debevoise & Plimpton LLP is serving as legal counsel and Oliver Wyman as actuarial advisor to TPG, with Weil, Gotshal & Manges LLP advising on select corporate and regulatory matters. Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal advisor to Jackson.