Fort Worth- and San Francisco-based global asset management firm TPG (Nasdaq: TPG) and Lansing, Michigan-based Jackson Financial (NYSE: JXN) a leading U.S. retirement services firm, have announced a long-term, strategic investment management partnership that will lead to TPG managing $12 billion in assets for Jackson—with economic incentives aligned to a long-term target of $20 billion.

As part of the transaction, TPG said it will make a $500 million minority investment in Jackson, representing around a 6.5% stake in the company. Jackson will also receive $150 million of TPG stock, priced at market, with the potential to receive additional shares if the investment management partnership grows to $20 billion, the firms said.

TPG CEO Jon Winkelried said that over the past several years, his firm “has achieved meaningful growth in insurance capital across our platform, driven by our ability to create differentiated access points and cross-platform strategies that meet the evolving needs of our insurance partners.”

“As the insurance landscape continues to evolve, we see tremendous opportunity to deepen relationships and drive long-term value for policyholders and shareholders through thoughtful, relationship-driven approaches that leverage the full breadth of TPG’s capabilities,” Winkelried added in a statement. “Jackson brings an impressive track record as a leading provider of retirement income solutions, and as we’ve developed a strong relationship with their team, it’s clear that our goals are closely aligned.”

Winkelried called the strategic partnership “an important step in the evolution of our franchise and insurance practice, creating opportunities for us to extend the duration of our capital, while scaling our product capabilities.”

Laura Prieskorn, president and CEO of Jackson. said the announcement marks “a significant milestone for Jackson’s next phase of growth and our commitment to provide long-term value for all stakeholders.”

“I’m proud to form this strategic partnership with an organization that shares our commitment to delivering world-class performance through a collaborative and client-centric approach,” she added in a statement. “The complementary strengths of Jackson and TPG will enhance our competitiveness in the market, supporting our efforts to bring more value to consumers to meet the growing needs of Americans seeking financial security in retirement.”

The firms said the long-term partnership leverages TPG’s established underwriting process, investment expertise, and origination capabilities, and reinforces the continued strength of the TPG Credit franchise—while also providing Jackson with access to differentiated investment opportunities, enhanced sourcing, and execution certainty.

The transaction is slated to close in the first quarter of 2026. Debevoise & Plimpton LLP served as TPG’s legal counsel and Oliver Wyman served as TPG’s actuarial advisor. Weil, Gotshal & Manges LLP advised TPG with respect to certain corporate and regulatory matters. Skadden, Arps, Slate, Meagher & Flom LLP served as a legal advisor to Jackson.

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