Liberty Mutual Investments (LMI), the $124bn investment arm of Liberty Mutual Group, has announced a long-term strategic partnership with Square Nine Capital, a private investment firm focused on solutions-oriented corporate credit investments in the US middle market.
Under the partnership, the two firms expect to collaborate on investment opportunities sourced across Square Nine’s platform, with LMI providing strategic backing as Square Nine scales its corporate credit business.
Square Nine focuses on senior secured loans and structured capital solutions for US middle-market companies in complex situations, typically outside of a traditional leveraged buyout framework. The firm also targets opportunities created by periods of market dislocation, drawing on a broad origination network designed to support selective, disciplined underwriting.
Founded in 2025 by investment industry veterans Peter Ma and Nicole Musicco, Square Nine has also expanded its network of institutional partnerships, including those with accounts managed or advised by Aksia and GCM Grosvenor.
Liberty Mutual Investments head of partnerships within global credit markets John Reichard said, “This is a segment of the market that has long been underserved by traditional capital despite its resilience across market cycles.
“Square Nine brings an active, partnership-oriented approach to private credit that aligns closely with LMI’s long-term investing strategy. We are thrilled to partner with Peter and Nicole as they scale Square Nine and pursue attractive opportunities in this overlooked segment.”
In a joint statement, Square Nine Capital co-managing partners Peter Ma and Nicole Musicco said, “We are excited to partner with Liberty Mutual Investments at this formative stage for Square Nine.
“LMI’s long-term approach, strategic perspective and alignment with our values make them an ideal partner as we work to build a differentiated corporate credit platform focused on bespoke opportunities in the U.S. middle market.”
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