Lombard International Assurance

Utmost Group acquired Lombard International Assurance from Blackstone in December 2024, per the firm's official communications. Blackstone had owned the firm since 2014, representing a decade of ownership. John Stone founded the firm in 1991 and remains associated with it.

The firm allocates to private equity secondaries, private credit, real estate, infrastructure, and hedge funds. Known portfolio holdings include the Bridges Property Alternatives Fund VI and a global non-traditional assets portfolio. Its investment model emphasizes fund commitments and secondary market transactions rather than direct company investments.

As a Luxembourg-domiciled life assurance company, Lombard can hold alternative and illiquid assets within its insurance balance sheet under Solvency II regulations. This creates a permanent capital base that allows for long-duration holdings in private equity, infrastructure, and real estate — a structural feature distinct from closed-end fund managers.

Founder John Stone established the Stone Family Foundation as a separate philanthropic entity. The foundation operates independently from the insurance company's commercial activities, following the common wealth-structuring pattern of separating charitable vehicles from operating businesses.

The firm's primary deployment model relies on fund commitments and secondary market acquisitions rather than direct co-investments or club deals. Its membership in LPEA since 2020 provides access to the Luxembourg private equity network, though the firm's investment activity remains concentrated in fund-level positions.

John Stone founded the firm in 1991. Simon Gorbutt represents the firm in a leadership capacity at STEP Benelux, where he serves as Chair. The complete leadership roster post-Utmost acquisition has not been publicly disclosed in detail.

The firm maintains a global investment mandate, with confirmed positions in the United Kingdom through its Bridges Property Alternatives Fund VI commitment. Its non-traditional assets portfolio spans multiple regions, reflecting the cross-border structuring capabilities of its Luxembourg domicile.