Zurich Insurance Group has launched its first European Long-Term Investment Fund (ELTIF 2.0) aimed at providing investors and life insurance customers with access to private debt opportunities.
The fund is a sub-fund of Zurich Global Private Asset Solutions and is the first of a number of private market solutions through which Zurich customers can access asset classes.
In addition, the fund will provide eligible investors with access to a well-diversified portoflio of direct loans. It will be managed by Pemberton Asset management and largely follow Zurich’s investment approach.
Stephan van Vliet, group chief investment officer at Zurich Insurance Group, said: “The launch of Zurich Private Debt ELTIF marks an important milestone. It reflects Zurich’s ambition to open up our private market expertise to our customers through innovative, high-quality solutions managed by leading asset managers. The introduction of private asset solutions aims to increase the attractiveness of Zurich’s Life insurance products, enhance investment outcomes for our customers and offer the opportunity to invest like Zurich, by following our own proven investment principles.”
Symon Drake-Brockman, managing partner at Pemberton, commented: “Private credit has continually grown over recent years. Attractive risk-adjusted returns, portfolio diversification, and lower volatility are some of the key benefits of the asset class, which is appealing to an ever-broader number of investors. We are pleased to expand our partnership with Zurich and offer their customers access to the benefits of this exciting asset class.”
Kotak Mahindra Bank (Kotak) has announced that Zurich will acquire a 70% stake in Kotak Mahindra General Insurance Company (Kotak General) in a single tranche for Rs55.6bn ($670.7m).
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By GlobalDataThis move follows the initial announcement in November 2023 and marks an entry into the Indian insurance market for Zurich.
Earlier, Zurich agreed to acquire a 51% stake in Kotak General through a combination of capital infusion and share purchase worth Rs40.51bn (SFr430.13m).
