June 18, 2024 – By Sonali Basak. Aquarian Holdings, launched in 2017 by ex-Guggenheim Partners executive Rudy Sahay, raised almost $1.5 billion from sovereign wealth fund Mubadala Investment Co. and other investors.
Aquarian plans to use the cash to expand in fast-growing industries such as private credit, insurance and real estate, Sahay said in an interview. The firm, which oversees $18.2 billion, also plans to deploy the capital to support its existing insurance companies.
“The opportunity to align our two firms was an obvious choice,” Mubadala Chief Investment Officer Oscar Fahlgren said in a statement Tuesday. “Today marks the beginning of a long-term, strategic alliance.”
Alternative asset managers such as Aquarian, Apollo Global Management Inc. and KKR & Co. have acquired insurance companies in recent years, seeking reliable flows of capital as traditional investors such as endowments and pensions have reined in their commitments.
Billionaire Todd Boehly, another former Guggenheim executive, plans to create a new asset management firm. The business is set to combine at least six existing platforms backed by his Eldridge Industries with its crown jewel, insurer Security Benefit, people familiar with the matter have told Bloomberg.
Aquarian has acquired or started five insurers since its inception. The firm also hired 35 investment professionals, including those who worked at credit arms of Guggenheim, Morgan Stanley and Goldman Sachs Group Inc., according to its website.