06:57 AM EDT, 07/10/2025 (MT Newswires) -- Blackstone (BX) said Thursday that it has formed a partnership with UK-based Legal & General (L&G) to enhance L&G's annuities and asset management business.

Financial details of the partnership were not disclosed.

The agreement states that L&G's annuities business will use Blackstone's private credit origination platform to access a pipeline of diversified investment-grade assets, mainly from the US, Blackstone said.

L&G plans to invest up to 10% of expected annuities new business flows, Blackstone said, adding that this will add to the $237 billion in third-party insurance assets Blackstone manages through investment-grade private credit, liquid credit, and other strategies.