Nippon Life Insurance said it will invest an additional $550 million in U.S. asset management firm TCW Group, as it embarks on a buying spree to accelerate global expansion.
JapanтАЩs largest insurer by assets, which already owns about 27% of TCW, will buy $250 million worth of convertible notes and $300 million of preferred securities issued by the money manager, the Osaka-based company said in a statement Thursday. The convertible notes will give Nippon Life as much as 10% of an additional stake after three years, according to a company spokeswoman.
Nippon Life will also commit up to $3.25 billion to TCWтАЩs private credit strategies, the statement said. TCW is trying to expand into private credit and the Japanese insurerтАЩs funding commitment is designed to help that effort as an anchor investor, the spokeswoman added.
