On Wednesday, global asset management company TCW announced that Nippon Life Insurance acquired a 24.75 percent minority stake in the company. Nippon Life Insurance, a Japanese private life insurance company with $6.2 billion in profits, acquired its stake in TCW from the Carlyle Group (NASDAQ: CG), another minority owner of TCW.

“As we embark on this new phase of TCW’s evolution, I am very excited to do so with two partners who are equally as dedicated to building long-term value for the benefit of our clients,” said TCW President and CEO David Lippman, in a company statement. “This alignment of culture is crucial, and I look forward to working with Nippon Life and Carlyle for many years to come.”

With the completion of the deal, TCW management and employees now own 44.07 percent of the company, while Carlyle Global Partners retains a 31.18 percent stake through its long duration private equity fund. TCW did not disclose the financial terms of the agreement.

TCW also announced a new, nine-member board of directors. TCW will have four seats on the board, Carlyle will hold three seats and Nippon Life Insurance acquires two seats.