Aflac Global Investments (AGI), the asset management subsidiary of Aflac Incorporated, has announced that it has agreed to acquire a 40% stake in San Francisco-based lower middle-market direct lender, Tree Line Capital Partners (Tree Line). 

Tree Line firm currently manages US$2.7 billion in assets and focuses on direct lending to the lower middle market. Since its inception, Tree Line has committed US$5 billion across more than 360 investments. Tree Line will maintain its investment and operational independence, with Quimby and Schroeder continuing to lead the business and serving on its board of directors.

Evercore acted as the exclusive financial advisor to Aflac, with Debevoise & Plimpton LLP providing legal counsel. Berkshire Global Advisors served as the exclusive financial advisor to Tree Line Capital Partners, while Kramer Levin Naftalis & Frankel LLP and Paul Hastings LLP provided legal counsel.