Blackstone Group, GIC and Massachusetts Mutual Life Insurance have each acquired a minority stake in Rothesay Life, a U.K. pension buyout firm, from Goldman Sachs Group, confirmed a Rothesay Life spokesman.
Funds managed by Blackstone and Singapore's GIC, which has about $300 billion in assets, each acquired a 28.5% equity stake, while MassMutual acquired a 7% stake in the company. Goldman Sachs will continue as the largest shareholder with a 36% stake.
Terms of the acquisitions have not been disclosed, according to the spokesman.
Rothesay Life, founded in 2007 by Goldman Sachs, has more than £12 billion ($19.4 billion) in insurance contracts with U.K. pension funds. Among recent transactions for the firm was the signing of a £230 million pension buy-in annuity contract with General Motors UK Ltd., Luton, England, in December.
