AIG and CVC Announce Strategic Partnership

American International Group, Inc. and CVC announced a strategic partnership focused on supporting AIG’s long-term investment objectives while leveraging CVC’s capabilities in insurance solutions and private markets innovation.

The partnership centers on two primary initiatives. First, AIG and CVC will establish large-scale separately managed accounts across CVC’s credit strategies. Second, CVC will launch a private equity secondaries evergreen platform with AIG serving as a cornerstone investor. Together, these initiatives reflect a shared goal of building a long-term relationship centered on scale, alignment, and customized solutions for global institutional and private wealth investors. In addition, the companies stated they expect to explore further areas of collaboration over time.

As part of the private equity component, CVC will establish its private equity secondaries evergreen platform with AIG contributing up to $1.5 billion from its existing private equity portfolio. This contribution will provide immediate scale and a seed portfolio for the strategy. At the same time, the structure enables AIG to manage and transition its legacy private equity exposures in an efficient manner.

In parallel, AIG plans to allocate up to $2 billion to separately managed accounts and funds managed by CVC. An initial $1 billion is expected to be deployed through 2026. These SMAs will give AIG tailored access to a range of private and liquid credit strategies that align with its regulatory requirements, capital efficiency goals, and investment return objectives. The arrangement also highlights CVC’s experience in designing and managing large, customized mandates for global insurance companies, supported by its integrated credit platform and origination capabilities in Europe and the United States.

Rob Lucas, CEO of CVC, said the partnership reflects CVC’s ability to meet 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 ability to deliver customized, capital-efficient solutions for insurers. Lucas also said the secondaries transaction establishes a foundation for CVC’s private equity evergreen secondaries vehicle, following the launch of its 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 represents AIG’s first collaboration with a European-headquartered asset manager and supports AIG’s strategy of actively managing its investment portfolio while working with established partners to access differentiated opportunities. Zaffino added that AIG looks forward to leveraging CVC’s investment expertise and to the long-term value expected from the partnership.

CVC is a global private markets manager with approximately €201 billion in assets under management and a network of 30 offices across EMEA, the Americas, and Asia. The firm operates seven strategies spanning private equity, secondaries, credit, and infrastructure. CVC funds have secured more than €243 billion in commitments from pension funds and other institutional investors. Companies backed by CVC’s private equity strategy include more than 150 businesses worldwide, with combined annual sales exceeding €165 billion and a workforce of nearly 600,000 people.