Partners Group family office PG3 acquires stake in Viridium

In a significant reshuffling of ownership within the German life insurance sector, the family office PG3—launched by the co-founders of Partners Group—has acquired a stake in Viridium Gruppe, a leading run-off platform for life insurance portfolios. The transaction marks the exit of Hannover Rück, one of the original founding shareholders of Viridium, after more than a decade of involvement. As reported by the new consortium of owners, the nearly 19% share held by Hannover Rück will be transferred by the end of September to PG3 and the insurance arm of Spanish bank Santander.

This shift comes on the heels of Viridium’s high-profile sale in March 2025. Previously majority-owned by private equity firm Cinven, Viridium was sold due to regulatory concerns stemming from Cinven’s involvement in the Italian market. The new ownership group now includes Allianz, BlackRock, T&D Insurance Group of Japan, Santander, Generali—and now PG3. Allianz is believed to hold roughly 25% of the company, with T&D reportedly being the largest single shareholder. Viridium, headquartered in Neu-Isenburg near Frankfurt, was valued at €3.5 billion at the time of the sale. The company operates a business model focused exclusively on managing closed life insurance portfolios without taking on new business, boasting a net profit increase to €361 million in 2024.

PG3: the family office of the Partners Group founders

PG3 AG, the family office behind this acquisition, brings a sophisticated and highly differentiated investment approach to the table. Founded in 2013 by Alfred Gantner, Marcel Erni, and Urs Wietlisbach—the same trio who established Partners Group in 1996—PG3 has positioned itself as a powerhouse in the world of uncorrelated, alternative investments. Operating out of Baar in the Swiss canton of Zug, PG3 manages around CHF 3 billion in assets with a team of over 30 specialists.

Unlike traditional family offices that focus on conventional equity or real estate investments, PG3 specializes in niche sectors such as Insurance Finance, Legal Finance, Royalty Finance, and Multi-Strategy Alternative Credit. The firm aims to deliver consistent returns that are largely disconnected from traditional market cycles. Its insurance-focused verticals, such as reinsurance of natural catastrophe risk and legacy insurance portfolios, align perfectly with the acquisition of Viridium—a company built around efficient management of closed life insurance contracts.

This acquisition fits neatly into PG3’s philosophy of partnering with best-in-class operators and focusing on long-term value creation over short-term gains. PG3’s expertise in insurance finance, combined with Viridium’s cutting-edge platform and expanding footprint in Continental Europe, is likely to create synergies for both sides. As Viridium CEO Tilo Dresig stated, the company plans to scale its platform for further growth across the region, backed by the strength of its new ownership.

Picture Source: Curated Lifestyle, Unsplash+ (04.08.2025)
Article Source: Marketscreener (04.08.2025)