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Nippon Life Insurance completes stake acquisition in TCW

IBR Staff Writer Published 28 December 2017

Japan’s Nippon Life Insurance has completed the previously announced 24.75% stake acquisition in TCW from The Carlyle Group (Carlyle).

With this acquisition, ownership in TCW by TCW management and employees increases to 44.07% while Carlyle will maintain the 31.18% interest in the company through its long duration private equity fund, Carlyle Global Partners. Financial details about the stake acquisition were not disclosed.

TCW’s board will now include nine directors, out of which TCW management will hold four seats and will continue to be represented by Marc Stern, David Lippman and Laird Landmann.  

Carlyle will hold three seats and is represented by Eliot Merrill, John Redett and James Burr, and Nippon Life Insurance will hold two seats which will be represented by Hiroyuki Nishi and Yutaka Ideguchi.

TCW president and CEO David Lippman said: “As we embark on this new phase of TCW’s evolution, I am very excited to do so with two partners who are equally as dedicated to building long-term value for the benefit of our clients.

“This alignment of culture is crucial, and I look forward to working with Nippon Life and Carlyle for many years to come.”

The acquisition was announced on the first this month. 

At the time of annoucement of the acquisition, Nippon Life president Yoshinobu Tsutsui said: “Nippon Life has been working to strengthen our asset management business as one of our highest priorities, and thus, I am honored that an esteemed company like TCW welcomed us as a partner.”

Nippon Life is one of major private life insurers in Japan with revenues of about $47.6bn. Currently, it employs over 70,000 people and has operations in Japan, North America, Europe and Asia.

Image: Headquarters of Nippon Life Insurance Company in Chuo-ku, Osaka, Japan. Photo: Courtesy of 663highland/Wikipedia.org.