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Blackstone ‘tac ops’ unit to buy minority Rothesay Life stake from Goldman Sachs

19 Aug 2013

insurance contract formGlobal alternative assets giant Blackstone Group is reportedly in talks to pick up a minority stake in Goldman Sachs’ UK pensions insurance business Rothesay Life which could value the company at up to £950m.

Blackstone is looking to make the purchase using its $3bn tactical opportunities fund according to the FT, which cited people familiar with the matter.

It said Goldman was looking to exit Rothesay following the implementation of Basel III rules in Europe requiring insurers to hold more capital in the wake of the financial crisis.

Blackstone’s tactical opportunities fund tends to target more illiquid assets than its traditional private equity vehicles, focusing on troubled markets across both very short and very long duration investments.

Earlier this month fellow private equity firm CVC Capital Partners emerged as a likely buyer for UK insurance group Domestic & General after entering exclusive talks with Advent International, according to Reuters.

Last year Advent was reported to be seeking an exit for almost double the £524m it paid for the company back in 2007, but instead chose to refinance the business.

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