United States $12 Billion Investment Bank Jefferies Financial Group Buys 50% Stake in $18 Billion Credit-Focused Alternative Asset Manager Hildene Who is Also Acquiring Fixed Indexed Annuities Provider SILAC for $550 Million in All-Cash Deal (Non-Related Transaction), Formed Strategic Partnership in 2022 with Jefferies Owning Revenue Share in Hildene Asset Management Business, Jefferies 50% Stake Funded via $340 Million Cash, Previous Revenue Share Agreement & Portion of Interests in Hildene-Managed Private Fund, Hildene Capital Management Founded in 2008 by Brett Jefferson
9th December | Hong Kong
United States investment bank Jefferies Financial Group ($12 billion market value) has announced to buy 50% stake in credit-focused alternative asset manager Hildene ($18 billion AUM) who is also acquiring fixed indexed annuities provider SILAC for $550 million in all-cash deal (non-related transaction). In 2022, Jefferies & Hildene had formed a strategic partnership, with Jefferies owning revenue share in Hildene asset management business. Jefferies 50% stake in Hildene is funded via $340 million cash, previous revenue share agreement & portion of interests in Hildene-managed private fund. Hildene Capital Management was founded in 2008 by Brett Jefferson. Announcement (8/12/25): “Jefferies Financial Group Inc. (NYSE: JEF) (“Jefferies”) announced today it is acquiring a 50% interest in Hildene Holding Company, LLC, the parent of Hildene Capital Management, LLC and its affiliates (“Hildene”), a credit-focused asset manager with over $18 billion of assets under management for a broad range of clients in hedge fund, separately managed account, drawdown, securitization and insurance solutions products. This commitment is coincident with Hildene signing a definitive agreement to acquire SILAC, Inc., the parent company of SILAC Insurance Company (“SILAC”), a provider of fixed indexed annuities. Jefferies entered into a strategic relationship with Hildene in 2022, as a result of which Jefferies already owns a revenue share in Hildene’s asset-management business. Jefferies will exchange its revenue share; a portion of its interest in a Hildene-managed private fund (the “Fund”); and $340 million in cash for a 50% interest in Hildene. Hildene’s principals will contribute their current ownership in Hildene plus approximately $250 million of Fund and related equity interests to Hildene, and will own the remaining 50% of Hildene. Subject to customary closing conditions, including receipt of required regulatory and client approvals, these transactions are expected to close in the third quarter of 2026. Following the closing of the transaction, Hildene will also own a majority interest in Hildene Re SPC, Ltd., a Cayman Islands-based life and annuity reinsurer with a current focus on single premium wealth accumulation and retirement products. Jefferies’ $340 million cash investment will be offset and effectively funded by an anticipated over $500 million reduction in the course of 2026 in Jefferies’ investment in certain platforms and strategies in its Leucadia Asset Management division. Jefferies expects its investment in Hildene will be immediately accretive and a consistent source of contribution to Jefferies’ net earnings. Jefferies will not consolidate Hildene or SILAC and will account for its investment using the equity method, whereby it will record its 50% share of Hildene’s consolidated earnings. When this transaction closes, Jefferies expects to record an approximately $75 million pretax gain from the markup to fair market value of Jefferies’ pre-transaction interest in Hildene. Upon receiving regulatory approval, Hildene will acquire the outstanding common equity of SILAC for $550 million in cash. As of September 30, 2025, SILAC had capital and surplus of approximately $505 million and approximately $10 billion of total admitted assets. In 2024, SILAC originated approximately $2.5 billion of annuities, primarily fixed indexed annuities. SILAC currently has financial strength ratings from AM Best (B), Fitch (BBB-) and KBRA (BBB).”
“ United States $12 Billion Investment Bank Jefferies Financial Group Buys 50% Stake in $18 Billion Credit-Focused Alternative Asset Manager Hildene Who is Also Acquiring Fixed Indexed Annuities Provider SILAC for $550 Million in All-Cash Deal (Non-Related Transaction), Formed Strategic Partnership in 2022 with Jefferies Owning Revenue Share in Hildene Asset Management Business, Jefferies 50% Stake Funded via $340 Million Cash, Previous Revenue Share Agreement & Portion of Interests in Hildene-Managed Private Fund, Hildene Capital Management Founded in 2008 by Brett Jefferson “
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Jefferies Financial Group – Jefferies is one of the world’s leading full-service investment banking and capital markets firms. We primarily serve public companies, private companies, and their sponsors and owners, institutional investors, and government entities. Our services are enhanced by our relentless client focus, our differentiated insights and a flat and nimble operating structure.
Hildene Capital Management – Hildene is an alternative asset manager focused on credit investing through structured credit and asset-based credit strategies. Hildene manages approximately $18+ billion for a broad range of clients across hedge fund, drawdown, SMA, insurance and securitization vehicles, with a focus on maximizing returns through event-driven strategies. The firm’s investment process extends above and beyond traditional market valuation processes and utilizes rigorous analysis and research to identify mispriced assets which may be overlooked or misunderstood by other market participants. Hildene was founded in 2008 and has offices in Durham, North Carolina and Stamford, Connecticut.
SILAC – SILAC was founded in 1935. Its operations are conducted primarily in Salt Lake City, Utah, with executive offices in Carmel, Indiana, and a satellite office in Overland Park, Kansas. Since 2018, SILAC has offered fixed indexed annuity products and has quickly grown to a leading provider of fixed annuities in the independent marketing channel. SILAC is licensed in 48 states and the District of Columbia.
United States $12 Billion Investment Bank Jefferies Financial Group Buys 50% Stake in $18 Billion Credit-Focused Alternative Asset Manager Hildene Who is Also Acquiring Fixed Indexed Annuities Provider SILAC for $550 Million in All-Cash Deal (Non-Related Transaction), Formed Strategic Partnership in 2022 with Jefferies Owning Revenue Share in Hildene Asset Management Business, Jefferies 50% Stake Funded via $340 Million Cash, Previous Revenue Share Agreement & Portion of Interests in Hildene-Managed Private Fund, Hildene Capital Management Founded in 2008 by Brett Jefferson
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