The WSJ reported that Aflac is paying about $100 million for a 40% stake in Tree Line Capital Partners, bought from Tree Line management and its PE backer, Stone Point Capital, alongside a multi-year commitment to help the firm with investable cash.

Tree Line Capital was founded in 2014 with a focus on lower middle market lending via first lien term loans, unitranche term loans, and equity co-investments. The firm has issued over $5 billion in commitments to 361 companies and has $2.7 billion in assets under management.

Tom Quimby is a founding and managing partner that credits GE Capital for his solid foundation in credit.

Aflac, as many other insurance companies, liked the returns that private credit boutiques have been generating. And the WSJ points towards the blurring lines of demarcation between global alt asset managers and big insurance companies.

Alt asset managers have gobbled up insurers, and insurers are putting their general account money into private credit.

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