1823 Partners (US) LLC, an asset management firm focused on insurance-first investment strategies, has formally launched operations.
The firm will begin with a multi-billion-dollar asset mandate from JAB Insurance US Holdings, Inc. and will initially concentrate on real estate, asset-backed finance, credit, and insurance solutions. 1823 Partners is registered as an investment adviser.
The firm was co-founded by Anant Bhalla (pictured above), Joachim Creus, and Frank Engelen. Bhalla, a former insurance executive, is serving as CEO.
The firm will target independent insurance companies and institutional investors, offering asset management services grounded in liability-aware investment frameworks and private market allocations. The portfolio insurance entities of JAB Insurance will serve as initial clients.
“By investing long-term insurance company policyholder resources across both public fixed income and bespoke private market opportunities – from real estate to specialty credit and asset-backed lending – we seek to provide predictable, durable cash flows for policyholders with strong risk-adjusted returns,” Bhalla said.
Bhalla, who previously served as CEO of American Equity Investment Life (AEL), played a central role in transitioning the company’s investment strategy toward greater allocations in private credit through a strategy known internally as “AEL 2.0.”
Under his leadership, AEL underwent significant structural changes and was eventually sold to Brookfield Reinsurance in a $4.3 billion transaction.
As part of 1823 Partners’ business model, Bhalla has opted to depart from the traditional asset management fee structures that often rely heavily on management fees tied to assets under management.
Instead, the firm is expected to use a performance-based compensation approach in which fees are earned only after returns exceed a specified hurdle rate, reportedly 6%.
The intent, according to Bhalla, is to more closely align incentives with the interests of insurance clients, who often operate under long-term liability commitments.
Bhalla has also publicly criticized what he views as misalignment in traditional models where public asset managers use insurer capital as a low-cost funding source while extracting high fees.
He has said this approach results in insurers bearing long-duration risk without adequate compensation, while managers benefit from fee revenue disconnected from portfolio outcomes.
Headquartered in Miami, with an additional office in New York, 1823 Partners plans to scale to approximately 60 professionals by the end of 2025. Its services will include investment management and risk advisory support tailored to insurance sector needs.
At launch, 1823 Partners' leadership team includes several industry professionals:
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