Liberty Mutual Investments Establishes Long-Term Partnership With Zenith Asset Management
BOSTON, October 07, 2026–(BUSINESS WIRE)–Liberty Mutual Investments (“LMI”), the investment firm for Liberty Mutual Group (“Liberty”), and Zenith Asset Management (“Zenith”) established a long-term strategic partnership, focused on supporting the launch and growth of Zenith Asset Management as it pursues investments in the energy infrastructure ecosystem. The partnership is supported by a group of energy industry executives who will invest alongside the two institutions. LMI, Zenith, and the investing syndicate will collaborate on future investment opportunities sourced across Zenith’s network.
Zenith invests across the energy infrastructure value chain, with a focus on essential assets with durable demand drivers. The Zenith team, led by energy and infrastructure industry veterans Jeff Armstrong, Jay Reynolds, Dean Fezza, and Daniel Androphy, brings deep operational expertise and pragmatic capital stewardship from an array of prior executive roles, positioning Zenith to identify opportunities in a market that has experienced significant underinvestment in recent years. Zenith will initially be focused on investments in North America, with the potential for expansion to Europe.
“Years of underinvestment have left the energy infrastructure market with a growing gap between the assets the economy needs and the capital available to build them. We founded Zenith to close that gap by investing in essential assets with durable demand and managing them with the operating discipline our team has built over decades in the industry,” said Jeff Armstrong, Co-Founder of Zenith Asset Management.
“Finding a partner with truly long-term, flexible capital is rare and LMI shares our belief that real value in this sector is created patiently,” said Jay Reynolds, Co-Founder of Zenith Asset Management. “Together with LMI and the group of veteran energy executives investing alongside us, we’re well positioned to move decisively on opportunities across our network.”
“Jeff, Jay and the Zenith team bring an exceptional operational track record and deep relationships across the sector, which positions them well to source, execute, and manage compelling opportunities across these critical areas of the energy infrastructure market,” said Charley Poole, Head of Energy & Infrastructure at Liberty Mutual Investments. “We look forward to closely partnering with Zenith as they build their platform, bringing our scale and long-term perspective to support the firm as it grows.”
LMI invests more than $130 billion of long-term capital globally across its integrated platform on behalf of Liberty. LMI deploys its capital by partnering with leading operators and building enduring businesses side-by-side with its partners. LMI’s energy & infrastructure team, which led the transaction, targets opportunities that support secular growth trends across attractive sectors within energy and infrastructure, including rising power demand, expanding data consumption, decarbonization, and aging infrastructure.
