# Thrivent Investment Management

Thrivent Investment Management is a Multi Family Office based in Minneapolis, United States.

## Overview

- **Organization type:** Multi Family Office
- **Headquarters:** Minneapolis, United States
- **Region:** North America
- **Address:** Minneapolis, MN, United States
- **Founded:** 1987
- **Assets under management:** Undisclosed
- **Website:** thrivent.com
- **LinkedIn:** https://www.linkedin.com/company/thrivent-asset-management

## Regulatory record

- **CRD number:** 18387
- **SEC file number:** 801-29618
- **Registration status:** APPROVED
- **Latest Form ADV filing:** 2026-04-22T05:00:00.000Z
- **Reports private funds:** No
- **Private funds reported:** 0
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/18387

## About

Thrivent Investment Management is an SEC-registered investment adviser in Minneapolis, MN, registered since 1987. The firm manages $20.8 billion in assets, with $9.5 billion on a discretionary basis. It has 3901 employees and 2963 investment advisers.

## Sectors

- Financial Services
- Real Estate
- Private Credit
- Infrastructure
- Healthcare Services

## People

- David Royal — Chief Financial & Investment Officer

## Questions

### How does Thrivent's fraternal structure affect its investment strategy?

As a fraternal benefit society, Thrivent is a not-for-profit mutual organization owned by its members rather than public shareholders. Surplus returns are distributed to members through dividends or channeled into charitable programs, not paid to external equity holders. This structure permits a long-duration investment horizon and reduces pressure to generate quarterly earnings growth, favoring illiquid asset classes like private credit and infrastructure that match the firm's long-dated liability profile.

### What asset classes does Thrivent Investment Management deploy into?

The firm allocates across private credit, commercial real estate, infrastructure, and private equity. Public filings and industry disclosures indicate significant positions in senior secured loans, middle-market direct lending, and institutional-quality real estate concentrated in major US markets. The portfolio emphasizes income-producing assets aligned with the liability needs of Thrivent's insurance and annuity products.

### Does Thrivent participate in fund commitments or direct deals?

Thrivent Investment Management uses a blended approach, making both direct investments and fund commitments. The firm co-invests alongside external general partners in private credit and real estate transactions while maintaining fund-of-funds relationships for niche or capacity-constrained strategies. This hybrid model allows the firm to manage fee drag while accessing specialized managers for sectors like venture capital or international infrastructure.

### What is Thrivent's known posture on co-investments alongside external GPs?

Thrivent has pursued co-investment opportunities alongside established general partners, particularly in private credit and direct real estate transactions. This approach reduces blended fee loads and provides greater control over position sizing relative to the general account's duration requirements. Co-investment capacity draws on the firm's internal underwriting resources, augmented by external relationships developed over decades as an institutional limited partner.

### Where does the underlying capital come from?

Thrivent's investment capital originates primarily from policyholder premiums, annuity deposits, and member contributions accumulated over more than a century. The mutual structure means no external equity investors exist — the capital base belongs to the approximately 2.3 million members of the fraternal benefit society. Retained earnings and investment returns compound within the general account, supporting insurance reserves and member benefit obligations.

## Related profiles

- [Thrivent Financial for Lutherans Retirement Plan](https://altss.com/profile/thrivent-financial-for-lutherans-retirement-plan)
- [Thuasne](https://altss.com/profile/thuasne)

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Last updated: 2026-07-06T01:24:27.226Z

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