Private Credit Market Player Closes on Nassau Financial Investment

By Allison Bell

News January 08, 2025 at 11:12 AM

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Golub Capital said Tuesday that it has closed on a previously announced deal to buy a large block of Nassau Financial Group shares for $200 million.

Nassau Financial is a Hartford, Connecticut-based annuity issuer, with 370,000 life policies and annuity contracts in force and $25 billion in assets under management.

Golub is a New York-based player in the private credit market. It focuses on providing financing for companies owned by private equity investors. It now owns more Nassau Financial stock than any other investor other than Golden Gate Capital.

Golden Gate Capital, a San Francisco-based investment firm, continues to control a majority of Nassau Financial's stock.

The history: Golden Gate Capital, a San Francisco-based asset manager, formed Nassau Financial in 2015 and used it to acquire the operations of the Phoenix Cos., the holding company for a life and annuity issuer founded in 1851.

Golden Gate sold stakes in Nassau Financial to Wilton Re and Stone Point Credit in 2021.

Golub Capital: Golub could end up connecting Nassau Financial with Reinsurance Group of America. In 2023, it was one of the lead investors in an RGA "sidecar" program. The sidecar program gives outside investors a vehicle for investing along with RGA in big life and annuity reinsurance deals.

In April 2024, the firm hired Jennifer Potenta to be the head of its insurance solutions business. Potenta previously had managed a portfolio of $120 billion in private debt and private equity assets for MetLife.

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