INS
Insurance Companies
General-account capital with a growing venture appetite.
Institutional LP CapitalInvestor typeGlobal
Target market
Established venture and growth managers; later-stage strategies with yield or downside structure
Typical check
Typically $10M-$50M per commitment
Geography
Global
Overview
Insurers invest general-account and annuity reserves across private markets, and while regulatory capital treatment historically kept them tilted toward credit and buyout, many now hold meaningful venture and growth allocations. They underwrite like actuaries: expect rigorous diligence on loss rates, pacing and liquidity, and a preference for managers with multiple funds of history. For a GP, they are patient, re-up-oriented capital once won — but rarely the first believer in a Fund I.
Key facts
- Deploy general-account and annuity reserves under regulatory capital rules
- Diligence is actuarial — loss rates and pacing matter as much as winners
- Prefer managers with track records spanning multiple funds
- Growing allocations to venture within diversified alternatives programs