Blackstone Inc. BX, +0.91% and Resolution Life plan to raise $3 billion of new equity capital, including a $500 million strategic investment from Blackstone, as part of their new global life insurance and annuity consolidation business. The arrangement will boost Resolution Life’s total equity capital base to more than $8 billion. Blackstone will also handle up to $25 billion in the first year and up to a projected $60 billion over the next six years as Resolution Life’s investment manager. Nippon Life, the largest existing investor in Resolution Life, said the partnership will provide an opportunity to accelerate Resolution Life’s growth and development. Shares of Blackstone rose 0.2% in premarket trades. The shares are down 35.5% in 2022, compared to a drop of 24.7% by the S&P 500 SPX, +0.17%.
