The Clap
Blackstone (NYSE: BX) signed an agreement with Resolution Life, a global life insurance group, to manage certain investments and will invest $500 million in the group.
The Deets
Blackstone will oversee Resolution Life’s investments in private credit, real estate, and finance markets.
The company’s assets under management will increase by $60 billion after the agreement over 6 years.
Blackstone will also help rapidly grow the company by raising $2.5 billion in capital.
Why this Matters
Blackstone made similar agreements in the past few years, signing agreements with American International Group and Fidelity National Financial.
