CVC Capital Partners has agreed a partnership worth up to $3.5bn with American International Group, according to an FT report.

Under the agreement, AIG will commit up to $2bn to funds and separately managed accounts run by CVC, alongside up to $1.5bn to seed a new evergreen fund targeted at wealthy individuals. The capital will be invested across private and liquid credit strategies.

CVC, which manages about €200bn in assets, said the partnership would allow it to deploy long-dated insurance capital into diversified credit investments. With AIG as a cornerstone investor, CVC will also launch an evergreen vehicle focused on buying and selling ageing private equity assets on the second-hand market.

The deal follows a growing trend among listed alternative asset managers seeking stable capital sources as institutional fundraising slows. Firms including Blackstone, Apollo, KKR, and CVC have expanded their insurance partnerships to support asset growth and fee stability.

For AIG, the agreement forms part of a broader effort to increase exposure to alternative strategies as it rebalances its investment portfolio. The insurer has already deepened ties with Blackstone through multiple asset management and reinsurance arrangements.

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