Investing.com -- Blackstone (NYSE: BX ) Inc. has reportedly formed a private credit partnership with Legal & General Group (LON: LGEN ) Plc that aims to reach up to $20 billion over the next five years.

Under the agreement, New York-based Blackstone will originate investment-grade private credit deals for the UK insurer’s annuities business, according to a Bloomberg report on Thursday.

The partnership will also create public-private hybrid credit solutions alongside Legal & General’s asset management division, it added.

This collaboration represents part of a growing trend where alternative asset managers are developing stronger relationships with insurance companies.

The insurance industry is viewed as a crucial growth driver for the developing private investment-grade market.

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