Avocet Partners, a new insurance-focused investment and operating platform, has launched with $500 million in committed equity from funds managed by Oaktree Capital Management, LP and Lane42 Investment Partners, LLC.
Led by an experienced operator founding team with a proven track record in building, scaling and managing insurance platforms across multiple market cycles, Avocet was established to acquire, operate and grow life insurance platforms and build an ecosystem of related investment and service entities.
The Avocet founding team has decades of experience in insurance operations, having held senior leadership roles at leading insurance companies and insurance-focused investment firms.
Jagan Pisharath, founder and CEO of Avocet Partners, said: “We are delighted to launch Avocet in partnership with Oaktree and Lane42, two institutions that share our vision of building a platform focused on growing leading insurance companies with consistent asset management expertise to help policyholders access retirement solutions in an era of growing demand.”
Concurrent with the launch, Avocet also signed a definitive agreement to acquire EMC National Life Insurance Company (EMC Life) from EMC Insurance.
EMC Life was acquired to serve Avocet’s permanent capital platform foundation as part of its strategy to build a scaled, multi-line life and annuity insurance organization.
Avocet plans to invest significant capital to enhance EMC Life’s operations and support new growth initiatives, including the launch of annuity products distributed through independent marketing organizations and other strategic channels, while continuing to expand EMC Life’s life insurance business.
The transaction will provide Avocet with a national licensing platform operating in 48 states and a skilled team of approximately 80 professionals located in Des Moines, Iowa.
“The acquisition of EMC Life is a cornerstone of our Permanent Capital platform,” said Pisharath. “We are not just acquiring a company and a strong team, we are investing in a long-term strategy to build a best-in-class, highly rated annuity and life insurance company.”
Thomas Casarella and Zach Serebrenik of Oaktree’s Special Situations Strategy group added: “With Avocet, Jagan and his team are applying deep industry expertise and disciplined growth strategies to an area of ​​the insurance market with compelling long-term fundamentals.
“EMC Life provides a strong operating foundation and we believe Avocet is well-positioned to make strategic investments in the business, expand product offerings and build a platform to scale over time.”
Avocet’s acquisition of EMC Life is expected to close in 2026, subject to customary closing conditions, including regulatory approvals and the demutualization of EMC National Life Mutual Holding Company.
Upon completion of the transaction, EMC Life will change its name.
“On behalf of the entire EMC Life senior management team, including Mark DeVries and Paul Rivard, we are extremely proud of the innovation and technology-enabled platform our team members have built,” said Chris Frazier, president and chief operating officer 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 enable EMC Life to achieve its next phase of growth as part of a scaled insurance platform.”
