The investment comes from StepStone Group and existing investors, signaling a significant milestone in HSCM’s commitment to asset-intensive life insurance.
The purpose of HS Mohawk Fund I LP is to acquire interests in five asset-intensive life insurance investments currently held by HSCM Bermuda Fund Ltd. This strategic move is aimed at supporting the continued growth of these investments while offering existing Bermuda Fund investors an option for near-term liquidity.
In this transaction, HSCM was advised exclusively by PJT Partners, while Proskauer Rose LLP acted as the legal counsel for HSCM. StepStone received legal counsel from Goodwin Procter LLP
HSCM highlighted its diversified sourcing capabilities, positioning itself as a preferred partner for structuring bespoke transactions with sponsors in the industry. This latest initiative reinforces HSCM’s dedication to driving growth and value in the life insurance sector.
Following the successful closing of the continuation fund, HSCM has appointed Gokul Sudarsana as Chief Investment Officer for Life Insurance, in addition to his Chief Actuary role.
“We are delighted to announce the successful closing of the Fund and continue to be a trusted capital partner to our portfolio companies and drive value creation for our investors.
“This transaction marks an exciting milestone in our growing life insurance franchise, and we look forward to our continued collaboration and partnership with StepStone,” said Sudarsana.The fund’s launch with over $175 million in capital commitments was spearheaded by StepStone.
Geoff Dolan, a Partner at the investment firm, also commented on the news, saying: “This transaction serves as a testament to our goal of partnering with best-in-class sponsors to provide capital solutions for their highest quality assets and liquidity options for existing investors.”
He added: “We are excited to build on our partnership with HSCM and support the firm’s continued success in the asset-intensive life insurance space.”
