Avocet Partners, a new insurance-focused investment and operating platform, has launched backed by $500 million of committed equity capital from funds managed by Oaktree Capital Management, L.P. and Lane42 Investment Partners, LLC.
The Avocet founding team possesses decades of operational insurance experience, with senior leadership roles previously held at leading insurance companies and insurance-focused investment firms.
Jagan Pisharath, Founder & CEO of Avocet Partners, stated: “We are thrilled to launch Avocet in partnership with Oaktree and Lane42, two institutions that share our vision for building a platform focused on growing leading insurance companies with aligned asset management expertise to help policyholders secure retirement solutions in a time of growing need.”
Concurrent with its launch, Avocet has entered into a definitive agreement to acquire EMC National Life Insurance Company (EMC Life) from EMC Insurance.
EMC Life’s acquisition is to serve Avocet’s foundation of a permanent capital platform, part of its strategy to build a scaled, multi-line life and annuity insurance organisation.
Avocet plans to invest substantial capital to enhance EMC Life’s operations and support new growth initiatives, including the launch of annuity products distributed through independent marketing organisations and other strategic channels, alongside continued expansion of EMC Life’s life insurance business.
This transaction will provide Avocet with a nationally licensed platform operating in 48 states and a skilled team of approximately 80 professionals based in Des Moines, Iowa.
Pisharath said: “The acquisition of EMC Life is the cornerstone of our permanent capital platform. We are not simply acquiring a company and a strong team — we are investing in a long-term strategy to build a premier, highly-rated annuity and life insurance carrier.”
Thomas Casarella and Zach Serebrenik of Oaktree’s Special Situations strategy, added: “With Avocet, Jagan and his team are applying deep sector expertise and a disciplined growth strategy to a segment of the insurance market with compelling long-term fundamentals.
“EMC Life provides a strong operating base, and we believe Avocet is well positioned to invest strategically in the business, expand its product offerings, and build a scaled platform over time.”
Avocet’s acquisition of EMC Life is expected to close in 2026, subject to customary closing conditions, including regulatory approvals and the demutualisation of the EMC National Life Mutual Holding Company.
Following the closing of the transaction, EMC Life will be renamed.
“On behalf of the entire EMC Life senior management team, including Mark DeVries and Paul Rivard, I want to express how proud we are of the innovative and tech-enabled platform our team members have built,” said Chris Frazier, President & COO of EMC Life.
Adding: “We are excited to become part of Avocet Partners and believe their industry expertise, operational capabilities, and long-term capital will position EMC Life for its next phase of growth as part of a scaled insurance platform.”
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