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June 4, 2024

Hartford financial services company takes on $200M equity investment

HBJ Photo | Matt Pilon Nassau Financial Group is headquartered at Hartford's Boat Building, 1 American Row.

Hartford financial services company Nassau Financial Group announced it’s taking on a $200 million equity investment, the latest in a series of recent financial moves by the provider of fixed annuities and asset management services. 

Nassau said it is taking on the minority, non-voting common equity investment from Golub Capital, a New York-based direct lender and private credit asset manager.

As part of the deal, Nassau and Golub Capital also entered into a long-term investment management agreement that will provide Nassau’s insurance subsidiaries with access to Golub’s middle market direct lending strategies, the companies said. 

"In addition to their significant capital investment, Golub Capital brings a market-leading track record in direct lending that will expand our balance sheet investment capabilities in support of our continued growth,” said Phil Gass, chairman and CEO of Nassau.

With the deal, Golub Capital will be the largest minority equity holder in Nassau, following investments from Fortress Investment Group in 2023, and Wilton Reassurance Co. and Stone Point Credit in 2021. 

In February, the company announced it closed on a $150 million revolving credit facility and $100 million term loan credit facility.

Nassau was founded with an initial capital commitment, along with subsequent growth capital, provided by Golden Gate Capital, which remains Nassau’s majority controlling equity holder.
 

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