Massachusetts Mutual Life Insurance Company has joined Bermudian-domiciled financial services holding company White Mountains Insurance Group Ltd as an equity investor in Kudu Investment Management LLC.

Since 2018, New York-based Kudu said, it has acquired minority stakes in 17 asset and wealth managers headquartered in the US, Canada, UK, and Australia.

As of March 31, Kudu-affiliated asset and wealth managers collectively invest $65 billion on behalf of individual and institutional investors worldwide in traditional and alternative strategies and market segments.

To date, Kudu said, it has raised more than $800 million in equity and debt capital.

Last year, Kudu closed a $350 million credit facility with MassMutual, a long-time investor in the investment management industry.

"We're delighted to enhance our relationship with Kudu and to support its continued growth with this new equity investment," said Phillip Titolo, head of direct private investments for MassMutual.

"The Kudu management team has assembled a broad range of world-class asset and wealth managers, and we look forward to working with Kudu's portfolio companies."

Manning Rountree, White Mountains' CEO, said: "Kudu has delivered robust results since our initial investment in 2018.We're delighted to continue to invest in Kudu and to welcome MassMutual as a partner in the venture."

Kudu CEO Rob Jakacki said: "We're pleased to welcome MassMutual as an equity investor and gratified by the strong continuing support from White Mountains as we expand our business globally.

"Kudu completed four transactions in the past 12 months, and our pipeline of opportunities is filled with exceptional candidates for investments."