DWS Group formed a strategic partnership with Northwestern Mutual Capital to collaborate on private market strategies and ideas.
Specific terms of the partnership were not disclosed, a spokeswoman for DWS said.
Northwestern Mutual Capital is the $55 billion private markets business of insurance firm Northwestern Mutual. Assets include $13 billion of private equity and related investments, a news release said.
By collaborating with DWS's private equity team, Northwestern Mutual Capital aims to grow third-party assets under management and further diversify its business. The firm will leverage DWS's investment and distribution capabilities worldwide.
The partnership will accelerate private markets business for DWS, the release said.
"The close relationship between NMC and DWS, combined with demand for differentiated alternative strategies from DWS's global institutional client base, make this partnership a clear and logical next step for our business," Mark McDonald, global head of private equity at DWS, said in the release.
Each firm will maintain and be responsible for their employees, the spokeswoman added.
DWS Group has $772 billion of assets under management. Its private markets AUM could not be learned.