American International Group has entered a strategic partnership with CVC, setting up a multi-track collaboration across credit strategies and private equity secondaries.
The structure reflects a growing push by large insurers to reshape long-dated investment portfolios without losing scale.
Under the agreement, AIG plans to commit up to $3.5 bn across two initiatives. The first centres on separately managed accounts and funds run through CVC’s credit platform.
The second anchors CVC’s newly launched private equity secondaries evergreen vehicle.
CVC will roll out the evergreen platform with AIG as a cornerstone investor. AIG intends to contribute up to $1.5 bn from its existing private equity holdings, providing both scale and a seed portfolio from day one.
The move gives AIG a path to transition legacy exposures while handing CVC immediate assets under management.
Alongside the secondaries allocation, AIG expects to invest up to $2 bn into CVC-managed credit SMAs and funds. Around $1bn is slated for deployment through 2026.
The mandates give AIG access to a mix of private and liquid credit strategies, broadening diversification without building internal teams.
CVC chief executive Rob Lucas described the partnership as validation of the firm’s ability to work with global insurers at scale.
He said the SMA component reflects the depth of CVC’s credit platform, while the secondaries transaction builds on the firm’s recent launch of evergreen credit and private equity products.
AIG chairman and chief executive Peter Zaffino called CVC a global investment manager with reach across credit and private markets.
He said the agreement marks AIG’s first partnership with a Europe-headquartered asset manager and fits the insurer’s strategy of actively managing its investment portfolio through selected external specialists.
The CVC partnership follows a series of investment collaborations by AIG. In December, the insurer launched Lloyd’s Syndicate 2479 with backing from Amwins and Blackstone.
The syndicate is scheduled to begin underwriting on 1 January 2026 with roughly $300 mn in planned premium.
