Legal & General and Blackstone Forge Strategic Partnership
Deal News | Jul 10, 2025 | Blackstone
Legal & General (L&G) and Blackstone have announced a strategic partnership aimed at boosting L&G's annuities and asset management offerings. The collaboration will leverage Blackstone's private credit origination platform to provide L&G with access to a diversified pipeline of investment-grade assets from the US, enhancing L&G’s competitiveness in the annuities market. L&G will also use this partnership to develop hybrid credit solutions by merging Blackstone's private credit platform with its own fixed income capabilities, thereby expanding into global wealth and wholesale channels. Blackstone, known for private markets investing, aims to strengthen its influence in the insurance sector through this collaboration. The partnership unites L&G’s substantial positions in pension risk transfer and asset management with Blackstone’s extensive credit platform.
Sectors
- Finance and Insurance
- Asset Management
Geography
- United Kingdom – Legal & General is headquartered in the UK, and their operations in the partnership focus on expanding their asset management in global and local markets.
- United States – Blackstone is a US-based firm, and the partnership involves accessing US-based investment grade assets, emphasizing its relevance to the US market.
Industry
- Finance and Insurance – The article centers on the strategic partnership between two financial powerhouses, Legal & General and Blackstone, within the finance and insurance sector, focusing primarily on credit platforms and annuity growth.
- Asset Management – Part of the article discusses L&G's asset management ambitions supported by the strategic use of Blackstone's private credit platform, highlighting activities pertinent to the asset management industry.
Financials
- $237 billion – The total amount in third-party insurance assets managed by Blackstone across various strategies as part of the partnership.
- $122.5 billion – The value of L&G's annuities book, which they aim to enhance through the partnership.
- $1.4 trillion – The total assets under management by L&G.
- $465 billion – Blackstone's credit platform strength, combining with L&G's asset management capabilities.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Legal & General (L&G) | Target | Company | A leading UK financial services group involved in the partnership to enhance annuities and asset management. |
| Blackstone | PE Firm | Company | A major US private equity firm providing credit platforms to support the strategic partnership with L&G. |