Third Point, the New York-based hedge fund firm founded by Daniel Loeb, has held a $400m first close for its Insurance Solutions Fund I, marking the firm's first dedicated private credit strategy tailored for insurance companies, according to a report by Alternative Credit Investor.

The fund offers institutional insurance clients access to a wide array of US middle-market private credit opportunities, targeting consistent income and compelling absolute returns. It represents a significant step in Third Point’s ongoing expansion into private credit.

The $21 billion New York-based firm has been ramping up its private credit efforts since its entry into the space last year. In early 2025, Third Point acquired AS Birch Grove, an $8bn credit asset manager, to accelerate its growth in the sector.

Third Point plans to roll out additional private credit vehicles later this year as investor appetite for bespoke income-generating strategies – especially from insurance firms – continues to grow.