Hamilton Lane Inc. will manage The Guardian Life Insurance Co. of America’s $5 billion buyout portfolio as part of a long-term agreement, marking the latest such partnership as private markets firms and insurers deepen their ties.
Guardian Life is committing about $500 million of private equity investments through Hamilton Lane every year over the next decade as part of the deal, the firms said in a statement Monday. This figure will include about $250 million in seed capital for Hamilton Lane’s Evergreen funds, which target individual investors.
The agreement is expected to be completed by year-end, at which point Guardian’s private equity portfolio employees are slated to join Hamilton Lane.
“Partnering with Hamilton Lane allows us to enhance our investment and wealth management capabilities,” Guardian Life Chief Executive Officer Andrew McMahon said in the statement.
Alternative asset managers and life insurers have been increasingly joining forces in recent years, either by controlling one another like Apollo Global Management Inc.’s ownership of Athene, or through strategic partnerships such as the one between Hamilton Lane and Guardian Life.
Such agreements allow insurers to access new origination capabilities and reap higher yields, while asset managers get a steady new income stream.
Guardian Life has struck similar deals with credit specialist HPS Investment Partners for the management of a roughly $30 billion book of public high-yield and private credit investments, as well as other asset classes. Meanwhile, Janus Henderson Group Plc oversees the insurer’s $45 billion fixed-income portfolio.
With about $986 billion of assets under management and supervision, Hamilton Lane’s investment platform includes private credit, private equity, secondaries, infrastructure and real estate. Guardian provides life insurance, annuities, group benefits and various other insurance products.
As part of the arrangement, Hamilton Lane will also partner with Guardian’s broker-dealer, Park Avenue Securities, which has 2,400 advisers and about $58.5 billion of assets under management.
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