Northwestern Mutual Investment Management Company

Both. The firm originates private placement debt directly to middle-market and large corporate borrowers, and it holds direct equity real estate positions. For private equity and venture capital exposure, it commits to external funds and participates in select co-investments alongside those managers.

Investment professionals operate within Northwestern Mutual's corporate structure in Milwaukee, rather than through a branded separate subsidiary. This integrated model keeps the asset management function closely aligned with the actuarial and liability-management teams, ensuring portfolio construction directly reflects the insurance book's duration and liquidity requirements.