Janus Henderson divests minority stake in private credit manager
Asset manager Janus Henderson has sold a minority stake in Victory Park Capital (VPC), a private credit manager it acquired from Pacific Current Group.
Janus Henderson acquired the stake last August from Pacific Current and at the time, chief executive Ali Dibadj said the company had identified a “significant market opportunity” within private credit. VPC specialises in private asset-backed lending across consumer credit, small business financing, real estate and physical assets, and has invested US$11 billion ($16.8 billion) across 235 investments.
However, Janus Henderson has now divested a portion of that stake to life and health insurer CNO Financial Group, although it will still remain as the majority owner. Based in Indiana, CNO manages 3.2 million policies and US$37.3 billion in total assets.
As part of the deal, CNO will provide a minimum of US$600 million in capital commitments to new and existing VPC investment strategies.
The transaction builds on Janus Henderson’s recent momentum in the insurance space, having completed a strategic partnership with Guardian Life earlier this year which would see Janus run the US$45 billion ($75.5 billion) portfolio for Guardian’s general account which includes investment grade corporates and securitised credit.
Dibadj said: “This collaboration reinforces our shared belief in the long-term potential of asset-backed private credit markets and further deepens Janus Henderson and VPC’s insurance presence. By partnering with like-minded institutions, we are continuing to strengthen our ability to deliver client-led solutions aligned with our strategy to amplify our strengths.”
“Our investment alongside Janus Henderson in VPC underscores CNO’s strategic focus on collaborating with partners that complement our investment capabilities. This partnership allows us to benefit from VPC’s unique and differentiated asset-backed credit expertise both as an investor and strategic partner while supporting our ROE objectives,” said Gary C. Bhojwani, CNO chief executive.
AUTHOR
Laura Dew
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