# Venerable

Venerable is an Insurance based in West Chester, United States.

## Overview

- **Organization type:** Insurance
- **Headquarters:** West Chester, United States
- **Region:** North America
- **Address:** West Des Moines, IA, United States
- **Founded:** 2018
- **Assets under management:** $35B–$50B (Altss estimate)
- **Website:** venerable.com
- **LinkedIn:** https://www.linkedin.com/company/venerable

## Regulatory record

- **CRD number:** 330755
- **SEC file number:** 801-130496
- **Registration status:** Registered
- **Reports private funds:** No
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/330755

## About

Venerable is an SEC-registered investment adviser in WEST CHESTER, PA, registered since 2024. The firm manages approximately $16.3 billion in regulatory assets. It has 12 employees and 3 investment advisers.

## Sectors

- Insurance
- Private Credit
- Real Estate
- Infrastructure

## People

- David G. Vrieze — Chief Executive Officer

## Questions

### What is Venerable's business model?

Venerable is a runoff reinsurance platform — it acquires closed blocks of variable annuity business from insurers seeking to shed legacy liabilities. It does not sell new policies. Revenue derives from the invested general account assets backing those liabilities, with asset management services provided under contract by Apollo Global Management.

### Who owns Venerable?

As of a corporate restructuring in 2023, Venerable is majority-owned by Carlyle Group and Reverence Capital Partners, with Apollo Global Management retaining a minority stake. The original 2018 acquisition consortium included Apollo, Crestview Partners, and Reverence.

### How does Venerable invest its general account?

Apollo Global Management serves as Venerable's primary investment manager, deploying the general account across private credit, structured credit, real estate, and infrastructure. The portfolio emphasizes illiquid and yield-oriented assets to maximize the spread above policyholder guarantees over the runoff horizon.

### How is Venerable different from a traditional insurer?

Traditional insurers balance new policy origination with runoff management. Venerable is a closed-block specialist — it runs off acquired liabilities without a sales force, a new-business engine, or retail distribution. This isolates runoff economics from the capital demands of organic growth.

### What is Venerable's relationship with Apollo Global Management?

Apollo was a founding sponsor of Venerable and remains its primary asset manager. Under a sub-advisory agreement, Apollo manages the majority of Venerable's general account portfolio, earning fee-based revenue on the deployed capital. Apollo's stake was reduced to a minority position in the 2023 restructuring.

## Related profiles

- [Vencore, Inc. Pension Plan](https://altss.com/profile/vencore-inc-pension-plan)
- [Venezuelan National Development Fund](https://altss.com/profile/venezuelan-national-development-fund)

---

Last updated: 2026-06-03T20:00:00.000Z

Canonical page: https://altss.com/profile/venerable

Maintained by Altss — https://altss.com — methodology: https://altss.com/methodology