Hudson Structured Capital Management Ltd, conducting its insurance business as HSCM Bermuda, has closed on its continuation fund, HS Mohawk Fund I LP with more than $175 million of capital commitments led by global private markets investment firm StepStone Group and existing HSCM investors.

The Mohawk Fund was established to acquire interests in five asset-intensive life insurance investments held by HSCM Bermuda Fund Ltd, HSCM’s multi-sector (insurance and) reinsurance fund, to support the portfolio assets’ continued growth while offering existing Bermuda Fund investors an option for near-term liquidity.

The company said the launch of the Mohawk Fund marked an important step in HSCM’s continuing investment into asset-intensive life insurance.

It added that HSCM had built diversified sourcing capabilities and become a partner of choice for structuring bespoke transactions with leading sponsors in the space.

In connection with the closing, HSCM said it had named Gokul Sudarsana its chief investment officer for Life Insurance, in addition to his role as chief actuary.

“We are delighted to announce the successful closing of the [Mohawk] Fund and continue to be a trusted capital partner to our portfolio companies and drive value creation for our investors,” said Mr Sudarsana.

“This transaction marks an exciting milestone in our growing life insurance franchise and we look forward to our continued collaboration and partnership with StepStone.”

Geoff Dolan, partner at StepStone, said: “This transaction serves as a testament to our goal of partnering with best-in-class sponsors to provide capital solutions for their highest quality assets and liquidity options for existing investors.

“We are excited to build on our partnership with HSCM and support the firm’s continued success in the asset-intensive life insurance space.”