CVC and AIG forge landmark $3.5bn investment alliance
Private equity firm CVC Capital Partners announced a $3.5bn (£2.61bn) strategic partnership with American International Group (AIG) to support “long-term investment objectives”.
As part of the agreement, announced on Monday, AIG will act as a ‘cornerstone investor’, a private equity secondaries evergreen platform, contributing up to $1.5bn from AIG’s existing private equity portfolio.
This aims to give CVC’s new fund immediate scale while allowing AIG to “efficiently manage and transition” its older (legacy) private equity investments.
AIG also intends to allocate up to $2bn to separately managed accounts (SMAs) and funds managed by CVC, with an initial $1bn to be deployed through 2026.
These funds will target liquid and private credit across the US and Europe, specifically designed to fit AIG’s insurance-specific capital requirements.
In recent years, large private capital groups, including Blackstone, Apollo, KKR and CVC, have launched dozens of evergreen funds as institutional capital available to the sector has slowed.
The CVC-AIG deal follows a string of other partnerships between private capital firms and professional services firms, including insurers.
Rob Lucas, CEO of CVC, stated, “Our partnership with AIG is a powerful endorsement of CVC’s ability to serve the evolving needs of global insurance institutions at scale.”
Peter Zaffino, chairman and CEO of AIG, added, “This 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.”
This comes as Zaffino is stepping down as CEO by mid-2026, with Eric Andersen appointed CEO-elect in January 2026, joining on 16 February to formally take over the CEO role after 1 June.
The former chief executive of Lloyd’s of London, John Neal, was expected to join the insurance giant as its president but had his offerpulled after an alleged inappropriate workplace relationship came to light.