TOKYO -- Nippon Life Insurance will invest an additional $550 million in U.S. asset manager TCW, the Japanese company said Thursday, providing support to the affiliate's effort to expand its private credit business.
A U.S. subsidiary of the insurer will buy $250 million in convertible bonds and $300 million in preferred securities to be issued by TCW next week. While its stake in TCW will remain unchanged for now at 27%, it could rise by about 10 percentage points in three years, depending on the conditions for converting the bonds into stock.
