CVC has entered into a strategic partnership with American International Group (AIG) under which the private markets firm will manage up to $2bn in insurance-focused private credit mandates, according to a report by Alternative Credit Investor.
Under the agreement, AIG plans to allocate as much as $2bn to separately managed accounts (SMAs) and funds overseen by CVC Credit, with an initial $1bn expected to be deployed through 2026.
The partnership will also see the launch of CVC’s private equity secondaries evergreen platform, with AIG acting as a cornerstone investor. As part of this initiative, AIG is expected to contribute up to $1.5bn from its existing private equity portfolio.
CVC said the SMAs will be established across its credit strategies, allowing the insurer to access tailored, capital-efficient solutions aligned with regulatory and balance sheet requirements.
Rob Lucas, chief executive of CVC, said the partnership highlights the firm’s ability to deliver customised investment solutions for global insurers. “The SMA component demonstrates the depth of our credit platform and our capability to deliver bespoke solutions at scale,” he said.
Peter Zaffino, chairman and chief executive of AIG, described CVC as a “world-class global investment manager” and said the partnership supports the insurer’s strategy of actively managing its investment portfolio through collaborations with specialist asset managers.
The agreement marks AIG’s first partnership with a European-headquartered asset manager.
