Thrivent Private Investment Management is an institutional limited partner committed to the private equity asset class.
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From Our Team


Thrivent successfully closes inaugural $400M
Collateralized Fund Obligation Offering


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.

About 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.

About Thrivent Private Investments

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.

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