Blackstone will acquire a 9.9% stake in American International Group's Life & Retirement investment business for $2.2 billion. The parties also entered into a $50 billion Life & Retirement portfolio co-management agreement, with the deal expected to close by the end of Q3 2021. Simultaneously, AIG will sell to Blackstone Real Estate Income Trust for $5.1 billion of residential rental properties in the U.S. This transaction is expected to close by the end of Q4 2021.