"Fund First" Sourcing
Strategic Diversification
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Thrivent Private Investments has a growing and diversified private equity portfolio. We are actively pursuing investments in these areas:
Our private equity strategy centers on North American based lower
middle market and middle market buyout funds - a space where we see exceptional
opportunity and alignment with our long-term goals. We actively seek to partner with
proven fund managers who demonstrate deep expertise, strategic consistency, and a strong
track record of performance.
Our portfolio typically includes funds raising between $200M and $3B,
positioned as industry specialists or high-performing generalists. These managers seek
to invest
in companies with $10-100M in EBITDA, targeting scalable business in growing
markets with strong fundamentals. We look for teams that are disciplined, experienced,
and compliment our culture. Each fund we back reflects our commitment to thoughtful
capital deployment and long-term value creation.
Our equity co-investment strategy is a cornerstone of Thrivent's
private equity program, representing about 38%1 of our total portfolio value. By
evaluating opportunities side-by-side with our core partners, we gain deeper insight
into their operations and strengthen alignment across investment decisions.
Our focus is on companies with profitable business models, high free-cash flow, and
clear paths to value creation through growth and operational improvements. As a
generalist investor, our portfolio spans a wide range of sectors - including business
and financial services, consumer, healthcare, industrial, and technology - allowing us
to remain agile and diversified while pursuing compelling opportunities.
To complement our core buyout program, Thrivent Private
Investments strategically commits capital to alternative asset strategies - including
growth equity, large market buyouts, and structured solutions. These investments allow
us to broaden our exposure while maintaining the same disciplined approach that defines
our private equity platform.
Within these strategies, we continue to pursue opportunities that offer attractive
risk-adjusted returns, partnering with fund managers who bring differentiated insights
and execution capabilities. This approach enhances our portfolio's diversification and
positions us to capitalize on compelling opportunities across the private equity
landscape.
US$2.0B+ transaction represents the largest structured financing transaction ever completed by Dawson
Enables the continued growth of Thrivent’s middle-market private equity co-investment strategy
Since joining Thrivent in 2006, Wilson has grown the firm's private investments' portfolio from around $250m to $7b.
Click the link below to read the full article on buyoutsinsider.com
Thrivent Private Investments, a division of Thrivent, a Fortune 500 diversified financial services organization, announced the closing of the company’s inaugural collateralized fund obligation (“CFO”) offering on December 27, 2023.
MINNEAPOLIS AND TORONTO, OCTOBER 1, 2025 – Thrivent, a Fortune 500 financial services company, and Dawson Partners, a leading global alternative asset manager (“Dawson” or the “Firm”), today announced the closing of an over US$2.0 billion structured financing transaction.
The transaction supports Thrivent’s continued growth of its middle-market private equity co-investment strategy. The transaction, which is the largest structured financing that Dawson has completed to date, involves a diversified portfolio of primarily co-investment private equity fund interests. In addition, Dawson will commit to Thrivent’s co-investment private equity fund, helping position it for long-term success.
Jen Wilson, Vice President of Private Equity at Thrivent: Jen Wilson, Vice President of Private Equity at Thrivent: “For Thrivent, private equity has enhanced our ability to deliver competitive solutions to our clients and strengthened and diversified our overall market position for many years. This transaction with Dawson is highly strategic and allows Thrivent to expand its lower-middle and middle-market private equity presence, building on our strong foundation and reinforcing our commitment to delivering long-term client value. We thank the Dawson team for their partnership, solutions orientation, and conviction in the success and growth of our program.”
Yann Robard, Managing Partner at Dawson: “This transaction reflects Dawson’s differentiated positioning in the market, providing bespoke financing solutions at scale to high-quality counterparties. We continue to believe that scale matters in this market. We see scale as an enabler to the successful closing of this transaction, helping to reinforce the growing need for differentiated financing and liquidity solutions. We seek to be a nimble, responsive and reliable partner, with a partnership-first mentality – always looking for the win-win in every transaction.”
Giorgio Riva, Partner at Dawson: “This collaboration with Thrivent highlights our ability to bring innovative structured solutions to our partners with exposure to a high-quality and well-diversified portfolio. We are delighted to be partnering with Thrivent on this transaction as it continues to expand on its leading franchise in the private equity middle-market.”
Goodwin Procter LLP served as legal counsel to Dawson. Piper Sandler Private Capital Advisory Group acted as advisor to Thrivent, and Sidley Austin LLP served as legal counsel to Thrivent.
Thrivent is a Fortune 500 financial services company that helps build, grow and protect financial well-being through purpose-driven advice, investments, insurance, banking and generosity programs. Thrivent serves more than 2.4 million clients through thousands of financial advisors across the country and has more than $194 billion in assets under management/advisement (as of 12/31/24). Thrivent carries strong financial ratings from independent rating agencies - including AM Best, Moody's and S&P Global Ratings - which demonstrate the company’s financial strength, stability and ability to pay claims. Ratings don't apply to investment product performance and more information can be found on each rating agency's website. For more information about Thrivent, visit Thrivent.com or find us on Facebook, Instagram, and LinkedIn.
Dawson is a leading global alternative asset manager focused on providing private market liquidity solutions through innovative structures on diversified portfolios of private assets. Founded in 2015, Dawson provides tailored portfolio financing and liquidity solutions to LPs and GPs. Dawson takes a differentiated approach to selecting, curating, structuring, and managing bespoke portfolios to serve the demands of a growing market. The Firm has over US$23 billion of assets under management and has deployed over US$27 billion across more than 280 transactions. Dawson has over 230 employees and offices in Toronto, London, UK and New York City. For more information visit: https//www.dawsonpartners.com.
Media Relations
Callie Briese
+1 612-844-7340
callie.briese@thrivent.com
Investor Relations
Ben Nelson
+1 612-844-4177
benjamin.nelson@thrivent.com
DISCLAIMER This document does not constitute an offer of securities for sale or investment advisory services. It contains general information only and is not intended to provide general or specific investment advice. Past performance is not a reliable indicator of future earnings and profit, and targets are not guaranteed.
Thrivent is the marketing name for Thrivent Financial for Lutherans.
Minneapolis | January 16, 2024 - Thrivent Private Investments, a division of Thrivent, a Fortune 500 diversified financial services organization, announced the closing of the company’s inaugural collateralized fund obligation (“CFO”) offering on December 27, 2023. The transaction involved certain of Thrivent’s White Rose Funds, a series of private investment fund of fund vehicles managed by Thrivent Private Investments. The $400 million private debt offering involved the issuance by a Thrivent subsidiary (the “Issuer”) to certain large institutional investors of dual-rated, senior secured Class A Notes (“Notes”). The Notes are collateralized by ownership interests in the Issuer’s subsidiary, which holds select limited partnership interests in five different White Rose Funds with an approximate net asset value of $800 million. The Notes were issued at a 7.698% coupon with a target six-year maturity, and the Notes were assigned ratings of A(sf) by Kroll Bond Rating Agency, LLC and A-sf by Fitch Ratings Inc. as of the closing. For more information on these ratings, visit the rating agency’s websites
The White Rose Funds hold a seasoned pool of private equity interests with diversified sector exposure in the middle market. “We are thrilled to be able to offer a unique, capital-efficient way for large institutional investors to access alternative investments in this market,” said Jen Wilson, Senior Managing Director of Thrivent Private Investments. “By issuing the largest limited partner-led CFO in the United States in 2023, this CFO has established a solid market presence with international marquee investors and global asset managers.”
At closing, Thrivent retained approximately $400 million in subordinated equity in the CFO to ensure alignment of interests and maintenance of general partner relationships. Matt Fisk, Private Investments Managing Director, added, “Launching the CFO is a key milestone in the Thrivent Private Investments team’s strategic growth plan as it allows us to proactively manage the portfolio and better control liquidity throughout economic cycles.”
Evercore served as the Sole Structuring Advisor and Sole Bookrunner of the offering. Sidley Austin LLP served as legal advisor to Thrivent, and Foley & Lardner LLP served as special counsel to Thrivent.
Thrivent is a diversified financial services organization that helps people achieve financial clarity, enabling lives full of meaning and gratitude. Thrivent and its subsidiary and affiliate companies serve more than 2.3 million clients, offering advice, insurance, investments, banking and generosity products and programs online and through financial advisors and independent agents nationwide. Thrivent is a Fortune 500 company with $162 billion in assets under management/advisement (as of 12/31/22). Thrivent carries ratings from independent rating agencies which demonstrate the strength and stability of the organization, including an A++ rating from AM Best; an Aa2 rating from Moody's Investors Service; and an AA+ rating from S&P Global Ratings. Ratings are based on Thrivent's financial strength and claims-paying ability, but do not apply to investment product performance. For more information on these ratings, visit the rating agency’s websites. Dividends are not guaranteed. For more information about Thrivent, visit Thrivent.com or find us on Facebook and Twitter.
Thrivent Private Investments manages a growing and diversified $6.3 billion private equity portfolio as a division of Thrivent, a Fortune 500 diversified financial services organization. The team actively pursues investments in buyout funds, equity co-investments and other alternative assets. Thrivent Private Investments has built long-standing relationships with more than 200 high-performing general partners concentrated on North American lower and middle market buyout firms. In addition to a robust fund strategy, the Thrivent Private Investments team seeks and invests in equity co-investment opportunities in small and mid-size companies alongside general partners. For more information, visit Thriventprivateinvestments.com.
Media Relations
Callie Briese
+1 612-844-7340
callie.briese@thrivent.com
Investor Relations
Ben Nelson
+1 612-844-4177
benjamin.nelson@thrivent.com
DISCLAIMER This document does not constitute an offer of securities for sale or investment advisory services. It contains general information only and is not intended to provide general or specific investment advice. Past performance is not a reliable indicator of future earnings and profit, and targets are not guaranteed.
Thrivent is the marketing name for Thrivent Financial for Lutherans.
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