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- In exchange for the investment from TPG, Jackson has issued over 4.7 million shares of its common stock to TPG
- TPG has issued over 2.2 million shares of its common stock to an indirect subsidiary of Jackson
TPG has committed to making a $500 million investment in Jackson Financial, a Lansing, Michigan-based retirement planning firm.
The investment is part of a partnership signed between TPG and Jackson.
The capital infusion will help accelerate Jackson’s growth in its spread-based business and provide flexibility for future innovative insurance solutions.
In exchange for the investment from TPG, Jackson has issued over 4.7 million shares of its common stock to TPG. As a result, TPG will have an approximate 6.5 percent common equity stake in Jackson Financial Inc. Also, TPG has issued over 2.2 million shares of its common stock to an indirect subsidiary of Jackson.
“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, CEO of TPG in a statement. “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.”
Headquartered in San Francisco, TPG was founded in 1992.