Form 4: Corebridge Financial and American General Life Insurance Increase Stake in Carlyle Tactical Private Credit Fund

Corebridge Financial, through its subsidiaries, and American General Life Insurance Company have increased their holdings in Carlyle Tactical Private Credit Fund by acquiring additional Series A, B, C, D, and E Mandatory Redeemable Preferred Shares.

Summary

• Corebridge Financial, Inc. and American General Life Insurance Company (AGLIC) have filed a Form 4 detailing changes in their beneficial ownership of Carlyle Tactical Private Credit Fund (TAKNX).
• On July 15, 2024, AGLIC purchased additional shares of Series A, B, C, D, and E Mandatory Redeemable Preferred Shares from a controlled subsidiary of American International Group, Inc. (AIG).
• The acquisitions were made in exchange for a combination of other securities and cash.
• Corebridge Institutional Investments (U.S.), LLC (CIIUS), an indirect wholly owned subsidiary of CRBG, continues to manage these securities under an investment management agreement.
• AGLIC directly holds 960,000 shares of Series A, 320,000 shares of Series B, 400,000 shares of Series D and 400,000 shares of Series E.
• AGLIC and The Variable Annuity Life Insurance Company directly hold 404,136 shares and 315,864 shares of Series C respectively.

Sentiment

Score: 7

Explanation: The document reflects a positive sentiment due to increased investment in Carlyle Tactical Private Credit Fund, indicating confidence in the fund's performance. However, it's a routine filing, so the sentiment is not extremely high.

Positives

• Corebridge Financial and AGLIC are increasing their investment in Carlyle Tactical Private Credit Fund, indicating confidence in the fund's performance.
• The acquisitions are being managed by CIIUS, suggesting a continued strategic approach to investment management.

Industry Context

This announcement reflects ongoing investment activity within the private credit space, where insurance companies like Corebridge Financial and AGLIC are allocating capital to funds like Carlyle Tactical Private Credit Fund to generate returns.

Comparison to Industry Standards

• Insurance companies frequently invest in private credit funds as part of their broader asset allocation strategies.
• These investments are often made to diversify portfolios and enhance yields in a low-interest-rate environment.
• Comparable companies such as Prudential, MetLife, and Allianz also allocate significant portions of their investment portfolios to alternative asset classes, including private credit.
• The specific allocation to Carlyle Tactical Private Credit Fund suggests a strategic decision based on the fund's investment mandate and performance expectations.

Related Party Transactions

• AGLIC purchased shares from a controlled subsidiary of AIG, indicating a related-party transaction.

Stakeholder Impact

• The increased investment could positively impact shareholders of Corebridge Financial by potentially enhancing returns.
• The investment also supports the Carlyle Tactical Private Credit Fund, benefiting its investors and stakeholders.

Key Dates