AIG has entered into a strategic partnership with global investment manager CVC to support its long-term investment objectives, including large-scale allocations to credit strategies and the launch of a new private equity secondaries evergreen platform.
As part of the agreement, CVC will establish a private equity secondaries evergreen platform, with AIG committing up to $1.5 billion from its existing private equity portfolio as a cornerstone investor. The transaction is expected to provide immediate scale and a seeded portfolio for CVC’s secondaries strategy, while enabling AIG to efficiently manage and transition legacy private equity exposures.
Alongside the secondaries initiative, AIG intends to allocate up to $2 billion to separately managed accounts (SMAs) and funds managed by CVC, with an initial $1 billion deployment targeted through 2026. The SMAs are designed to provide AIG with tailored exposure to diversified private and liquid credit strategies aligned with its regulatory requirements, capital efficiency goals and return objectives.
AIG said the partnership highlights CVC’s ability to structure and manage large, customised mandates for global insurance balance sheets, at a time when insurers are increasingly seeking bespoke investment solutions that balance yield, liquidity and capital considerations.
Peter Zaffino, Chairman and CEO of AIG, described CVC as a “world-class global investment manager” with deep expertise across credit and private markets. He said the partnership represents AIG’s first collaboration with a European-headquartered asset manager and aligns with the insurer’s strategy of actively managing its investment portfolio through best-in-class partners.
Rob Lucas, CEO of CVC, said the agreement reflects growing demand from global insurers for scalable, capital-efficient investment solutions. He added that the secondaries transaction provides a strong foundation for CVC’s private equity evergreen secondaries vehicle, building on the firm’s recent launches across credit evergreen and private equity products.
The partnership underscores a broader trend among large insurers toward strategic asset management relationships that combine customised credit exposure with innovative private market structures to support long-term balance sheet resilience and return generation.
