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Aflac to buy $100m stake in private credit lender Tree Line

Aflac Global Investments, the asset management subsidiary of Aflac Incorporated, has agreed to pay around $100m to acquire a 40% stake in San Francisco-based lower middle-market direct lender Tree Line Capital Partners.

Tree Line will retain investment and operational control, with Quimby and Schroeder continuing to manage the business and serving on its board of directors. Aflac has also agreed to make a multi-year commitment to allocate a portion of its annual investable cashflow to Tree Line, according to a press release.

Tree Line was founded in 2014 by Managing Partners Tom Quimby and Jon Schroeder with initial backing by funds managed by Stone Point Capital. The firm currently manages $2.7bn in assets and specialises in direct lending to the lower middle market.

Evercore served as financial advisor and Debevoise & Plimpton served as legal counsel to Aflac. Berkshire Global Advisors served as financial advisor, Kramer Levin Naftalis & Frankel and Paul Hastings served as legal counsel to Tree Line Capital Partners.

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