(Reuters) -Blackstone Inc signed a partnership deal to manage certain investments for Resolution Life and has agreed to invest $500 million in the life insurance group, the companies said on Wednesday.
The asset manager has been executing a similar playbook in recent years, looking to boost its assets under management (AUM) by adding insurance investments in its portfolio.
Last year, Blackstone (NYSE:BX) agreed to manage an initial $50 billion of insurer American International Group Inc (NYSE:AIG)'s life and retirement business, which now trades on the stock market as Corebridge Financial Inc.
It also has a similar partnership with annuities and life insurance provider F&G, a unit of Fidelity National Financial (NYSE:FNF) Inc.
Under terms of the deal with Resolution, Blackstone will manage the company's investments in private credit, real estate and asset-based-finance markets, which will add up to $60 billion to its AUM over six years, the companies said.
With backing from Resolution's existing investors, Blackstone will also aid Resolution in raising another $2.5 billion of equity capital to help "rapidly scale its growth".
Founded in 2003, Resolution acquires and manages portfolios of life insurance policies. It has operations in Bermuda, the United Kingdom, the United States, Australia, New Zealand and Singapore.