Investment Strategy
Global Atlantic Financial Group is a leading US insurance and reinsurance company, fully owned by KKR since 2024. Originally spun out of Goldman Sachs in 2004, Global Atlantic has grown rapidly through a combination of organic growth and block reinsurance transactions, accumulating a general account investment portfolio of approximately $160 billion. The company specializes in life and annuity reinsurance, pension risk transfer, and individual retirement products.
What distinguishes Global Atlantic from traditional insurers is the deep integration between insurance capital and private markets investment management. KKR manages a substantial portion of Global Atlantic’s portfolio, deploying capital into private credit, asset-backed finance, real estate credit and equity, infrastructure, and structured products. This alignment has been a defining feature of the “insurance-as-an-asset” model that KKR and other alternative asset managers have pursued.
Global Atlantic allocates approximately 20% of its portfolio to alternatives, significantly above the industry average for US insurers. Private credit is the largest alternative allocation, including direct lending, commercial real estate debt, and asset-backed lending. The company’s scale and KKR’s origination capabilities allow it to access deal flow across the credit spectrum.
How to Approach
Global Atlantic’s investment portfolio is primarily managed by KKR, which means the company is not a traditional LP for external fund managers. However, GPs with differentiated strategies in areas where KKR does not have in-house capabilities may find opportunities for engagement. The investment team can be approached through Global Atlantic’s New York headquarters or through KKR’s capital markets and insurance solutions teams. Managers offering unique origination capabilities, niche credit strategies, or specialized asset classes may find the most receptive audience.
Frequently Asked Questions
How does KKR's ownership influence Global Atlantic's investment strategy?
KKR acquired a majority stake in Global Atlantic in 2021 and took full ownership in 2024. KKR manages a significant portion of Global Atlantic's investment portfolio, channeling insurance float into private credit, real estate, infrastructure, and other alternative strategies. This alignment between insurance capital and private markets expertise is a core part of Global Atlantic's strategy.
What is Global Atlantic's alternatives allocation?
Global Atlantic allocates approximately 20% of its portfolio to alternatives, one of the highest rates in the US insurance industry. This includes private credit, asset-backed finance, real estate, infrastructure, and private equity. KKR's investment management capabilities support a broader range of alternative strategies than most traditional insurers deploy.
Does Global Atlantic invest through external fund managers?
While KKR manages a significant share of Global Atlantic's alternatives portfolio, the company also maintains relationships with external managers across select strategies. GPs with differentiated offerings in areas complementary to KKR's capabilities may find opportunities, though the bar is high given the in-house investment management infrastructure.
