In a significant move for the financial sector, private equity firm CVC Capital Partners and global insurance giant American International Group (AIG) have unveiled a major strategic partnership valued at $3.5 billion (£2.61 billion). Announced on Monday 19 January 2026, the alliance is designed to support AIG's long-term investment goals while providing CVC with substantial new capital.
A Multi-Billion Dollar Strategic Framework
The complex agreement establishes AIG as a cornerstone investor in a new, evergreen private equity secondaries platform managed by CVC. The insurer will contribute up to $1.5 billion from its existing private equity portfolio to this vehicle. This transaction immediately provides CVC's new fund with significant scale and allows AIG to efficiently manage and transition its older, legacy private equity holdings.
Beyond this, AIG has committed to allocating a further $2 billion to separately managed accounts (SMAs) and other funds overseen by CVC. An initial $1 billion of this capital is slated for deployment through 2026. These investments will target liquid and private credit opportunities across the United States and Europe, with strategies specifically tailored to meet the capital requirements of an insurance company like AIG.
Trend of Insurance and Private Capital Collaboration
This deal is part of a broader trend where large private capital groups are increasingly partnering with insurers and other professional services firms. As the flow of traditional institutional capital has slowed, firms like Blackstone, Apollo, KKR, and CVC have launched numerous evergreen funds to attract long-term capital from insurers seeking yield and portfolio diversification.
Rob Lucas, the CEO of CVC, commented on the partnership, stating it was a "powerful endorsement of CVC’s ability to serve the evolving needs of global insurance institutions at scale."
Leadership Transition at AIG
The announcement comes during a period of executive change at the American insurer. Peter Zaffino, AIG's Chairman and CEO, who hailed the partnership as marking the firm's "first collaboration with a European headquartered asset manager," is set to step down from his CEO role by mid-2026. Eric Andersen was appointed CEO-elect in January 2026 and will formally take over after 1 June.
The news also follows a separate, aborted executive appointment. John Neal, the former chief executive of Lloyd’s of London, was expected to join AIG as its president but had his offer withdrawn after an alleged inappropriate workplace relationship came to light.
This substantial $3.5 billion alliance between CVC and AIG underscores the deepening ties between the private equity and insurance worlds, as both sectors seek innovative structures for growth and portfolio management in a changing economic landscape.
