Partners Life has just made this announcement:
Partners Life receives $200 million investment from BlackstoneWe are very pleased to inform you that the Blackstone Group has agreed to a NZ $200m investment commitment into Partners Life. This investment will result in Blackstone holding a significant minority position in Partners Life. The $200 million is all new capital, meaning existing shareholders will remain co-invested alongside Blackstone.The New York-headquartered Blackstone is listed on the New York Stock Exchange and is one of the world’s largest asset managers with more than NZ$500 billion (US$344 billion) in assets under management. Blackstone is also one of the most high-profile private equity groups globally which in itself will bring significant reputational benefits to Partners Life. We have included an introduction to the Blackstone Group with this Update.This investment by Blackstone is a significant endorsement of the successful business we have created over the past five years.
The release continues discussing the opportunities which Partners Life can now explore.