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TPG Inc. and Jackson Financial Inc. announced they have established a long-term, strategic investment management partnership that will initially focus on investment-grade asset-based finance and direct lending.
Under the agreement, TPG will manage a minimum commitment of $12 billion in assets under management for Jackson, with economic incentives aligned to a long-term target of $20 billion. The partnership is expected to accelerate TPG’s credit origination momentum while providing Jackson with access to differentiated investment opportunities.
As part of the transaction, TPG will make a $500 million minority investment in Jackson, representing an approximate 6.5% pro forma ownership stake. Jackson will receive $150 million of TPG stock priced at market, with the potential for additional shares if the managed assets reach the $20 billion target. The structure is designed to align the firms and support long-term value creation.
TPG CEO Jon Winkelried said the partnership reflects growing opportunities to work with insurance partners through relationship-driven strategies. Jackson President and CEO Laura Prieskorn said the agreement marks a milestone in Jackson’s next phase of growth.
The transaction is subject to customary closing conditions and is expected to close in the first quarter of 2026.
TPG is based in Fort Worth and San Francisco.