TPG Inc. closed a long‑term strategic partnership with Jackson Financial Inc. on February 11, 2026, after investing $500 million in Jackson’s common stock. The transaction gave TPG a 6.5% equity stake in Jackson through the issuance of 4,715,554 shares, while Jackson received 2,279,109 shares of TPG Class A common stock, creating a reciprocal ownership link between the two firms.
Under the terms of the agreement, TPG will manage a minimum of $12 billion of assets for Jackson, with a long‑term target of $20 billion. The partnership is structured as a non‑exclusive investment‑management arrangement with a 10‑year initial term and automatic one‑year renewals through year 15, positioning TPG to expand its fee‑stable platforms and provide Jackson with capital to support growth initiatives, including the capitalization of a new captive reinsurer, Hickory Brooke Reinsurance Company.
The deal aligns with TPG’s strategy to deepen its presence in retirement services and credit markets, while giving Jackson access to TPG’s structured‑credit expertise and capital resources. Jackson’s PPM America subsidiary will benefit from TPG’s investment‑grade asset‑based finance and direct‑lending capabilities, which are expected to accelerate Jackson’s spread‑based business and support new insurance solutions.
"We are thrilled to officially launch our partnership with TPG, an important step forward in further strengthening our competitiveness and advancing Jackson’s long‑term growth strategy," said Laura Prieskorn, President and CEO of Jackson. "This collaboration reflects a strong cultural alignment and shared commitment to innovation, disciplined execution and delivering meaningful value to our clients," she added. Jon Winkelried, CEO of TPG, noted that the partnership "is a testament to the power of our franchise, our differentiated credit capabilities, and the investment expertise that we’ve built over decades."
Investors reacted positively to the announcement, with TPG’s shares trading higher in pre‑market activity on February 12. The market response was driven by the scale of the asset‑management commitment and the reciprocal share ownership, which signal long‑term alignment and potential fee‑related earnings growth for both companies.
The partnership represents a strategic pivot for both firms: TPG gains a foothold in the retirement‑services space and a new source of long‑duration capital, while Jackson secures capital to expand its annuity and insurance offerings and to support a new captive reinsurer. Together, the firms aim to create a durable, fee‑stable platform that can generate sustainable growth over the next decade.
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