Athene among investors in FWD fundraising

Bermuda domiciled Athene Holdings is among the investors that have helped FWD Group raise over $1.4 billion, it was announced today.

FWD, the Hong Kong insurer founded by Richard Li and backed by Swiss Re, will use the funds raised to help boost growth and reduce leverage.

Retirement services business Athene invested through a subsidiary, and the deal was led by Athene’s asset manager Apollo Global Management with Canada Pension Plan Investment Board. Other investors included Li Ka Shing Foundation, Metro Pacific Investments Corporation, Pacific Century Group, The Siam Commercial Bank Public Company Limited and Swiss Re.

In total, FWD will raise $1.425bn.

According to  Reuters, FWD is expected to launch an initial public offering in Hong Long after regulatory approval for a $2 billion to $3 billion US IPO was delayed. The size and time frame of the Hong Kong IPO has yet to be determined, according to Reuters’ sources.

Athene and Apollo  merged earlier this year in an all-stock transaction after a long-standing partnership.