CNO Financial Group, a nationwide life and health insurer and financial services provider, will acquire a minority interest in Victory Park Capital (VPC), a global alternative investment firm specializing in private asset-backed credit and a majority-owned affiliate of Janus Henderson, a global asset manager. In addition, CNO will provide a minimum of $600 million in capital commitments to new and existing VPC investment strategies.
“We’re very pleased to welcome CNO as a strategic partner in our investment in VPC. 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,” Ali Dibadj, CEO of Janus Henderson, said.
“We are excited to partner with CNO to further accelerate the growth of VPC and to expand and scale our investment capabilities for the benefit of our clients. CNO’s investment speaks to VPC’s strong track record of providing private credit solutions across industries, our differentiated expertise and highly developed sourcing channels, and the significant value we bring to our investors and portfolio companies,” Richard Levy, CEO and founder of Victory Park Capital, said.
“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. We look forward to working with their highly experienced and well-regarded management teams,” Gary C. Bhojwani, CEO of CNO Financial Group, said.
At the completion of this transaction, Janus Henderson Group will remain the majority owner of VPC.
Ardea Partners served as exclusive financial advisor to VPC and Janus Henderson. Piper Sandler served as exclusive financial advisor to CNO. Kirkland & Ellis acted as legal counsel to VPC and Janus Henderson, and Mayer Brown acted as legal counsel to CNO.
