American International Group (AIG) has entered a strategic partnership with CVC, with the two firms establishing a collaboration that spans credit strategies and private equity secondaries.
The partnership involves AIG committing up to $3.5 billion across two main initiatives: separately managed accounts through CVC's credit platform and a cornerstone investment in CVC's private equity secondaries evergreen platform.
As part of the agreement, CVC will launch its private equity secondaries evergreen platform with AIG serving as a cornerstone investor. AIG will contribute up to $1.5 billion from its existing private equity portfolio to provide scale and a seed portfolio for the vehicle.
The arrangement allows AIG to manage and transition its legacy private equity exposures while giving CVC immediate assets under management for its new platform.
In addition, AIG plans to allocate up to $2 billion to SMAs and funds managed by CVC. An initial $1 billion is expected to be deployed through 2026, with the accounts providing AIG access to diversified private and liquid credit strategies.
Rob Lucas, CEO of CVC, said the partnership "is a powerful endorsement of CVC's ability to serve the evolving needs of global insurance institutions at scale."
He noted that the SMA component demonstrates the depth of CVC's credit platform and its capability to deliver solutions for insurers. Lucas added that the secondaries transaction follows the launch of CVC's credit evergreen and private equity products last year.
Peter Zaffino, chairman and CEO of AIG, described CVC as a global investment manager with capabilities across credit and private markets.
He said the partnership "marks our first collaboration with a European headquartered asset manager and supports AIG's strategy of actively managing our investment portfolio while working with best-in-class partners to access differentiated opportunities."
The CVC deal is the latest in a series of asset manager partnerships for AIG. In December, the insurer launched Lloyd's Syndicate 2479 with capital investment from Amwins and Blackstone, set to begin underwriting on January 1, 2026 with $300 million in premium.
