TPG Strikes Deal With Jackson Financial to Manage $12 Billion

TPG Inc. and Jackson Financial Inc. reached a deal for the private equity firm to manage as much as $20 billion for the retirement annuity provider.

TPG’s credit unit will initially invest at least $12 billion on behalf of Jackson, with a long-term target of $20 billion, focused on investment-grade asset-based credit and direct lending, the firms said in a statement Tuesday.

The private equity firm will also make a $500 million minority investment in Jackson, representing a 6.5% stake in the Lansing, Michigan-based insurer. Jackson will receive $150 million in TPG shares at market value, with potential for more ...