Another day, another partnership between private credit leaders and insurance companies looking to get into the space.

The WSJ this morning reported that Sixth Street is going to manage $13B of mostly ABS for Northwestern Mutual, kicking of 2025 as a continuation of the many tie ups forged in 2024. In return, Northwestern will take a minority stake in Sixth Street (which last year bought back 10% from TPG). And there is no stopping in sight, as everyone from smaller insurance companies all the way up to Blackrock are trying to get into private credit.

San Francisco based Sixth Street was founded 15 years ago and now is hitting the $100 billion AUM mark.