Thrivent Private Investments has a growing and diversified private equity portfolio. We are actively pursuing investments in these areas:
Lower and Middle Market Buyout Funds
The North America based middle market buyout fund strategy is the primary focus of our private equity program. We seek to partner with proven fund managers who are best aligned with Thrivent’s goals. A typical fund in our portfolio is raising $250 million to $3 billion in capital and is positioned as an industry specialist or high-performing generalist, investing in companies with $10-100 million EBITDA. We look for funds that have strong teams, consistent strategies, and solid track records.
We typically invest $30 million to $50 million in each fund.
The equity co-investment strategy is the secondary focus of our private equity program, accounting for more than 30% of our entire portfolio. We have completed more than 150 equity co-investments with our core fund managers over the past 15 years. Evaluating these opportunities alongside our partners allows us to gain insight into their operations and deepen our relationship.
We seek to invest $10 million to $30 million in companies that have profitable, proven business models with high free cash flow and an opportunity for value creation through growth and operational improvements. We are a generalist investor, with broad diversification across business and financial services, consumer, healthcare, industrial, and technology sectors.
Other Alternative Assets
To complement our middle market buyout program, we make fund and equity co-investment commitments to other alternative asset strategies, including growth, large market, and structured solutions.
Within these strategies, we continue to pursue opportunities that are expected to generate attractive risk-adjusted returns and aim to invest $30 million to $50 million in each fund.