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Nippon Life Insurance Company acquires minority stake in TCW

Nippon Life Insurance Company, a Japanese private life insurance company, has completed its previously announced acquisition of a 24.75 per cent minority stake in TCW from The Carlyle Group (NASDAQ: CG).

As a result of the transaction, ownership in TCW by TCW management and employees increases to 44.07 per cent, and Carlyle maintains a 31.18 per cent interest in the firm through its long duration private equity fund, Carlyle Global Partners. Financial terms of the transaction were not disclosed.

“As we embark on this new phase of TCW’s evolution, I am very excited to do so with two partners who are equally as dedicated to building long-term value for the benefit of our clients,” says TCW President and CEO David Lippman. “This alignment of culture is crucial, and I look forward to working with Nippon Life and Carlyle for many years to come.”

As of the close of the transaction, the TCW Board is now comprised of nine directors. TCW management holds four seats and continues to be represented by Marc Stern, David Lippman and Laird Landmann. In addition, Jess Ravich joins the TCW representatives on the Board. Carlyle holds three seats and is represented by Eliot Merrill, John Redett and James Burr, and Nippon Life Insurance holds two seats, represented by Hiroyuki Nishi and Yutaka Ideguchi.

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