US life and health insurer CNO Financial Group is acquiring a minority stake in asset-backed credit specialist Victory Park Capital (VPC).
As part of the deal, CNO will also provide a minimum of $600m (£446.6m) in capital commitments to new and existing VPC investment strategies.
Janus Henderson acquired a majority stake in VPC last year to boost its presence in the fast-growing private credit space. The London-based asset manager said the deal with CNO builds on its recent momentum in the insurance space, following its recently-announced strategic partnership with the Guardian Life Insurance Company of America.
The terms of the deal were not disclosed.
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“We’re very pleased to welcome CNO as a strategic partner in our investment in VPC,” said Ali Dibadj, chief executive of Janus Henderson.
“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.”
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Ardea Partners served as financial advisor to both VPC and Janus Henderson, while Piper Sandler served as financial advisor to CNO. Kirkland & Ellis acted as legal counsel to VPC and Janus Henderson, and Mayer Brown acted as legal counsel to CNO.
