NW Mutual, Sixth Street Enter Asset Management, Equity Ownership Pact

Northwestern Mutual and investment firm Sixth Street have entered into a partnership agreement wherein Sixth Street will manage $13B of assets for Northwestern Mutual, which will in turn also take a minority equity interest in Sixth Street. 

Northwestern Mutual said the deal has the potential to scale and supports its long-term strategy for its institutional investment portfolios, which cover over $320B of assets. Sixth Street is expected to take a multi-strategy approach, including asset-based finance and opportunistic investments in real estate and infrastructure debt and equity. Sixth Street reported managing over $100B in AUM as of September 30, 2024.

Morgan Stanley served as exclusive financial advisor and Debevoise & Plimpton as legal counsel to Northwestern Mutual. Sixth Street sought financial advice from Evercore and legal counsel from Simpson Thacher & Bartlett and Cleary Gottlieb Steen & Hamilton.