Third Point LLC, an alternative asset manager with approximately $21 billion in assets, announced that it has secured $400 million of investible capital for the first close of the Third Point Insurance Solutions Fund I , the Firm’s first dedicated and rated structured private credit fund for insurance companies. The Fund provides access to broad and varied private credit opportunities across the US middle market and seeks to generate attractive, capital efficient returns on behalf of insurance clients.

Third Point’s Private Credit strategy is led by Christopher Taylor. In his previous role as CEO of Madison Capital Funding from 2017 to 2022, he doubled AUM to over $15 billion, including over $10 billion managed on behalf of New York Life and other insurance companies.

The Fund adds to Third Point’s growing private credit platform, which expects to launch further products later in 2025. The Firm expanded its credit strategies through its acquisition earlier this year of AS Birch Grove, an $8 billion credit asset manager led by CEO/CIO Jonathan Berger, whose strategies include a well-established private credit fund focused on middle market capital solutions.

Third Point Founder and CEO Daniel S. Loeb said: “The launch of our first dedicated insurance solutions vehicle offers a new type of investor access to Third Point’s private credit strategy. Private credit is an essential piece of our expanding credit platform, which offers investors an increasingly broad set of solutions drawing on our three decades of investing in credit markets. The ISF intends to provide insurance companies with broad, differentiated private credit opportunities that offer consistent income and strong absolute returns.”

Mr. Taylor said: “We are excited about this milestone as we look to provide the insurance market with access to a diversified private credit product that capitalizes on Third Point’s deep credit experience. This is an important step in our long-term vision of building a diversified and scalable fund complex to support our private credit strategy. We are grateful to our anchor investors for their partnership and support of our business.”

Source: Third Point