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- Nassau Financial Group
Nassau Financial Group Valuation, Funding & Investors
Nassau Financial Group is valued at $1.7B as of September 2023.
Last Nassau Financial Group valuation
$1.7B
Undisclosed stage · Sep 2023
Last Nassau Financial Group funding round
$200M
Undisclosed stage · Jun 2024
Cumulative funding Nassau Financial Group raised
$530M
across 4 funding rounds
Key investors in Nassau Financial Group
Fortress Investment Group
Golden Gate Capital
Golub Capital
About Nassau Financial Group
Nassau Financial Group is a Hartford-headquartered provider of fixed annuities, reinsurance, and asset management services through interconnected businesses in the US insurance market. The organization issues single premium immediate annuities and fixed indexed products via Nassau Life and Annuity Company, reinsuring blocks from other carriers while managing over $15 billion in assets under third-party platforms. It focuses on retirement income solutions distributed through independent broker-dealers.
Founded
2015
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Product sales
Valuation
$1.7B (Sep 2023)
Nassau Financial Group Valuation
Nassau Financial Group is currently valued at $1.7B, based on its undisclosed-stage round in September 2023.
The $130M round was led by Fortress Investment Group.
Nassau Financial Group valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Sep 2023 | Undisclosed stage | $1.7B |
Nassau Financial Group Funding History
Nassau Financial Group has raised a total of $530M across 4 funding rounds.
Nassau Financial Group's first fundraising round was a $200K pre-seed round in January 2015. The most recent completed round was a $200M undisclosed-stage round in June 2024.
Nassau Financial Group funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jun 2024 | Undisclosed stage | Golub Capital (lead) | $200M | - | Nassau Financial Group is a leading provider of fixed annuities, insurance, reinsurance, and asset management services, founded in 2015 with initial and growth capital from Golden Gate Capital, which remains the majority controlling equity holder. The company has grown to $24.8 billion in assets under management, $1.6 billion in total adjusted capital, and approximately 370,000 policies and contracts as of September 30, 2024. Golub Capital, a direct lender and credit asset manager with over $70 billion in capital under management as of October 2024, announced a strategic partnership with Nassau on June 3, 2024, involving a $200 million minority non-voting common equity investment, which closed in early January 2025, making Golub the largest minority equity holder ahead of prior investors like Fortress Investment Group (2023), Wilton Reassurance Company, and Stone Point Credit (2021). The investment supports Nassau's growth strategy, including organic expansion, acquisitions, and balance sheet strengthening. Alongside the equity deal, Nassau and Golub entered a long-term Investment Management Agreement, enabling Nassau's insurance subsidiaries to access Golub's middle-market direct lending strategies through customized, capital-efficient solutions. Goldman Sachs advised Nassau exclusively, with Sidley Austin as legal counsel; Morgan Stanley advised Golub, with Kirkland & Ellis and Foley Hoag as legal advisors. Nassau's assets under management stood at around $24 billion as referenced in June 2024 announcements, updated to $24.8 billion by September 2024. |
| Sep 2023 | Undisclosed stage | Fortress Investment Group (lead) | $130M | $1.7B | Nassau Financial Group, L.P., based in Hartford, Connecticut, is a growth-focused financial services company founded in 2015, specializing in fixed annuities, reinsurance, and asset management. It provides retirement solutions through insurance products and oversees assets via specialty strategies including public/private debt, CLOs, real estate, and alternatives. Initially backed by Golden Gate Capital, Nassau has expanded through acquisitions like Phoenix, Saybrus Partners, Constitution Life, CorAmerica, Foresters Life Insurance and Annuity Company, and a merger with Angel Island Capital. On September 1, 2023, Nassau closed a strategic partnership with Fortress Investment Group, receiving a $130 million minority non-voting common equity investment. This gave Fortress approximately 7.7% ownership, implying a post-money valuation of about $168.83 million ($130M / 7.7%), with Golden Gate Capital retaining majority control. The investment strengthens Nassau's balance sheet and supports organic growth and acquisitions. Additionally, Nassau entered a long-term Investment Management Agreement for access to Fortress's credit strategies in direct lending and ABS. At the time, Nassau managed $23 billion in assets under management. Goldman Sachs advised Nassau financially, with Sidley Austin as legal counsel; Fortress was advised by Deutsche Bank, Wachtell Lipton Rosen & Katz, and Skadden. Subsequent investments include Golub Capital's $200 million minority stake, making it the largest minority holder, with Nassau reaching $24.8 billion AUM and $1.6 billion adjusted capital by September 2024. |
| Nov 2018 | Undisclosed stage | Golden Gate Capital (lead) | $200M | - | Nassau Financial Group, founded in 2015 with initial capital from Golden Gate Capital, is a Hartford-based financial services company focused on insurance and asset management, including annuities, Medicare supplements, and specialty investments in credit, real estate, and alternatives. It was created by Golden Gate Capital, a San Francisco private equity firm, hiring executives Phil Gass and Kostas Cheliotis experienced in Bermuda reinsurance strategies. Early growth included 2016 acquisitions of Phoenix, Saybrus Partners, Constitution Life, and CorAmerica, plus formation of Nassau Re Cayman and Nassau Asset Management. In 2018, it renamed insurance companies under the Nassau brand and launched its first multi-year guaranteed annuity. Around late 2018, Nassau Re, a key reinsurance arm, received $200 million from Golden Gate Capital, as reported by PE Hub, with the entity then holding approximately $20 billion in combined assets and $1.3 billion in capital. Nassau continued expanding, issuing fixed indexed annuities in 2019 and acquiring Foresters Life Insurance in 2020. Later developments include a 2023 merger with Angel Island Capital (founded by Golden Gate in 2008), adding $300 million in capital and $3.6 billion in AUM to Nassau's asset management segment, increasing total adjusted capital to about $1.1 billion and AUM to over $18 billion by September 2022. Subsequent equity from Fortress (2023), Golub Capital (2024), and senior notes (2025) supported growth to $1.6 billion adjusted capital and $25.6 billion AUM by September 2025. FIA sales reached $1.1 billion in 2023. |
| Jan 2015 | Pre-seed | - | $200K | - | - |
Who has invested in Nassau Financial Group?
3 investors have backed Nassau Financial Group across its funding rounds, including Fortress Investment Group, Golden Gate Capital and Golub Capital.
Lead investors include Golub Capital, Fortress Investment Group and Golden Gate Capital.
Nassau Financial Group Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 1 | Lead | Nov 2018 | ||
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by Nassau Financial Group
Nassau Financial Group has acquired 2 companies to date.
Last acquisition by Nassau Financial Group was on May 6th 2016. Nassau Financial Group acquired Phoenix Companies for $217M.
Latest Acquisitions by Nassau Financial Group
| Description | Phoenix Companies is a provider of retirement-focused financial products and services through wealth management advisors serving middle-income and mass-affluent clients across the United States. Headquartered in Hartford, Connecticut, the firm offers annuities, life insurance, and income planning strategies designed for individuals in or nearing retirement. Phoenix Companies partners with independent financial professionals to deliver tailored solutions addressing longevity risk and wealth preservation. | Universal American's traditional insurance unit manages a closed block of policies encompassing Medicare supplements, senior health plans, specialty health coverage, and life insurance products. Headquartered in New York prior to its acquisition by WellCare Health Plans in 2019, this division focuses on administering existing contracts without new enrollments, including a portfolio of long-term care policies. It serves policyholders across the United States with claims processing and customer support through established networks. |
| HQ Country | ||
| HQ City | Fort Lauderdale, FL | New York City, NY |
| Deal Date | 6 May 2016 | 8 Oct 2015 |
| Valuation | $217M | $43M |
| EV/Revenue | ||
| EV/EBITDA | ||
This data is available for Pro users. Sign up to see all Nassau Financial Group acquisitions and their M&A valuation multiples. Start Free Trial | ||
Nassau Financial Group Competitors
Nassau Financial Group competitors include listed companies like Qatar Insurance Group, BaoViet, Pelagos Insurance Capital and Lancashire Holdings, and private ones like Prismic Life Reinsurance and Carne Group.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $2.2B | $268M | $1.7B | 0.3x | ||
| Publicly listed | $2.3B | $214M | $2B | 1.1x | ||
| Publicly listed | $2.2B | $323M | $2B | 0.6x | ||
| Publicly listed | $1.9B | $342M | $2.1B | 0.9x | ||
| Private | - | - | $2.9B | - | ||
| Private | - | - | $1.7B | - |
Nassau Financial Group Public Comps
Nassau Financial Group is still privately-owned, but its public comps include AFP ProVida, Luxempart, Goodman New Zealand, Línea Directa, Ayalon Insurance, Metrics Master Income, Vivir Seguros, Qatar Insurance Group, Grupo Assa and Nuernberger Beteiligungs.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $330M | $215M | 4.7x | - | 7.3x | - | |||
| $322M | - | 5.0x | - | - | - | |||
| $140M | ($371M) | 13.3x | 16.6x | (5.0x) | 18.1x | |||
| $1.3B | $143M | 1.3x | 1.2x | 11.7x | 16.0x | |||
| $1.7B | $256M | 1.0x | - | 6.6x | - | |||
| $125M | - | 13.4x | - | - | - | |||
| $145M | $4M | 11.8x | - | 472.2x | - | |||
| $2.2B | $268M | 0.4x | 0.3x | 3.6x | - | |||
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Common questions about Nassau Financial Group
| When was Nassau Financial Group founded? | Nassau Financial Group was founded in 2015. |
| Where is Nassau Financial Group headquartered? | Nassau Financial Group is headquartered in Hartford, CT, United States. |
| Is Nassau Financial Group publicly listed? | No, Nassau Financial Group is a private, VC-backed company. |
| What is Nassau Financial Group's valuation? | Nassau Financial Group was last valued at $1.7B in its undisclosed-stage round in September 2023. |
| How much funding has Nassau Financial Group raised? | Nassau Financial Group has raised $530M across 4 funding rounds. |
| What was Nassau Financial Group's last funding round? | Nassau Financial Group's last funding round was a $200M undisclosed-stage round in June 2024, led by Golub Capital. |
| Who are Nassau Financial Group's investors? | Nassau Financial Group's investors include Golden Gate Capital, Golub Capital and Fortress Investment Group. |
| Which companies are comparable to Nassau Financial Group? | Companies comparable to Nassau Financial Group include Qatar Insurance Group, BaoViet, Pelagos Insurance Capital, Lancashire Holdings, Prismic Life Reinsurance and Carne Group. |
| How many companies has Nassau Financial Group acquired? | Nassau Financial Group has acquired 2 companies, including Phoenix Companies and Universal American (traditional insurance unit). |
| What was the largest acquisition by Nassau Financial Group? | The $217M acquisition of Phoenix Companies in May 2016 is the largest acquisition Nassau Financial Group has made to date. |
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