Northwestern Mutual, a leading financial services provider of insurance and wealth products, and Sixth Street, a leading global investment firm, announced a new strategic partnership to support Northwestern Mutual’s long-term, diversified investment strategy for its institutional investment portfolios, which total over $320 billion. Under the partnership, Sixth Street will manage $13 billion of assets for Northwestern Mutual with the potential to scale.

Investments will span Sixth Street’s multi-strategy private capital approach, including asset-based finance and opportunistic investments in real estate and infrastructure debt and equity.

As part of the agreement, Northwestern Mutual will acquire a minority equity interest in Sixth Street.

“This new partnership with Sixth Street significantly expands Northwestern Mutual’s investment capabilities by providing increased access to attractive private investments – all of which complement our internal team and will contribute to Northwestern Mutual’s longstanding history of delivering value to policyowners,” said Jeb Bentley, chief investment officer, Northwestern Mutual. “Sixth Street has industry-leading asset origination and investment management capabilities, a proven track record, and a compelling culture, and we look forward to building a mutually beneficial, highly successful long-term partnership.”

“We are thrilled to embark on this partnership with Northwestern Mutual. As one of the most respected leaders in the insurance and wealth management space, Northwestern Mutual’s financial strength is unmatched, and we look forward to further fortifying their investment platform,” said Josh Easterly, Co-President and Co-Chief Investment Officer, Sixth Street.

“Our investor-first approach, flexible capital, and one-team culture drive our firm, and we are committed to achieving results for Northwestern Mutual’s investment portfolio and ultimately, driving value for their policyowners. Our shared commitment to excellence makes this an exciting partnership and one we plan to build upon for many years to come,” added Michael Muscolino, Global Head of Financial Services, Sixth Street.

Northwestern Mutual’s well-diversified institutional investment portfolios back the company’s insurance and annuity products, while significantly contributing to the company’s exceptional financial strength and industry-leading policyowner dividends. Earlier, in October 2024, Northwestern Mutual announced that it expects to deliver a company-record $8.2 billion in dividends to its policyowners in 2025.

The company has also continued to provide financial stability to policyowners by consistently earning best-in-class financial strength ratings. All four of the major ratings agencies — A.M. Best, Fitch Ratings, S&P Global Ratings and Moody’s — assigned Northwestern Mutual the highest financial strength ratings awarded to any U.S. insurer in each of their most recent reports. The company is also coming off a year in which it announced record revenues and surplus of more than $36 billion and $38 billion, respectively.

Morgan Stanley & Co. LLC served as exclusive financial advisor and Debevoise & Plimpton LLP served as legal advisor to Northwestern Mutual. Evercore served as financial advisor and Simpson Thacher & Bartlett and Cleary Gottlieb Steen & Hamilton LLP served as legal advisors to Sixth Street.

Source: Northwestern Mutual