Viridium Group

CEO Tilo Dresig oversees the group's strategy. Investment management is conducted across each regulated insurance carrier—Entis, Proxalto, Heidelberger Leben, and Skandia Leben—with centralized asset-liability management. Senior hires such as Sina Timm, who leads private debt, indicate a buildout of specialized in-house investment capabilities alongside external manager selection.

Cinven co-founded Viridium with Hannover Re in 2014 and remained majority owner through a failed 2021 IPO attempt. In 2025, a consortium of BlackRock, Allianz, T&D Holdings (Japan), and PG3 (the Partners Group founders' family office) acquired the group. The deal received BaFin approval in March 2025, marking the end of Cinven's decade-long holding period.

Viridium acquires closed blocks of traditional life-insurance policies—portfolios insurers have stopped selling but must continue administering. These books include guaranteed-return products that became capital-intensive under Solvency II. Sellers have included Generali, Zurich, and Allianz, with Viridium assuming the policy liabilities and associated investment assets in each transaction.

No. Viridium is structured as a pure run-off consolidator. Its four operating carriers—Entis, Proxalto, Heidelberger Leben, and Skandia Leben—are closed to new business. The firm's entire model rests on efficiently administering existing policies until they mature or lapse, with no distribution costs or new-customer acquisition spend.

Viridium invests primarily through its regulated insurance balance sheets, which favors fixed-income and real-asset allocations over GP-style co-investments. The group does operate a fund-of-funds equity program and an internal private-credit function, suggesting some direct co-investment capability, but this is not its primary deployment model. The consolidated investment portfolio spans global markets from a German regulatory base.

Allianz was both a seller to Viridium—transferring a closed life book—and a buyer of the overall group in the 2025 consortium. This dual role reflects the strategic importance of run-off consolidation to European insurers: sellers offload capital-intensive legacy liabilities, while large asset managers and insurers see the consolidated run-off entity itself as an attractive long-duration asset pool.

PG3 is the family office of Partners Group's co-founders, Alfred Gantner, Urs Wietlisbach, and Marcel Erni. Its participation in the 2025 Viridium consortium alongside BlackRock and Allianz signals an appetite for stable, yield-oriented infrastructure-like assets. Life-insurance run-off portfolios offer predictable long-term cash flows backed by largely fixed-income investment pools, aligning with multi-generational family-office capital.