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PE has boosted investments in life insurers at a higher pace than in other industries, yet such “activity has remained concentrated in the U.S. market."
Negotiations with Sixth Street follow a breakdown in earlier talks with Aquarian, which stalled late last month over the proposed funding structure for a deal.
Firms have tried different tactics to deepen ties with insurers, which can potentially give firms access to new pools of money for bigger financing plays.
Blackstone Tactical Opportunities Fund IV gives the firm cash to hunt for deals after banks pulled back from financing following the collapse of three lenders this year.