US life and well being insurer CNO Monetary Group is buying a minority stake in asset-backed credit score specialist Victory Park Capital (VPC).
As a part of the deal, CNO can even present a minimal of $600m (£446.6m) in capital commitments to new and current VPC funding methods.
Janus Henderson acquired a majority stake in VPC final 12 months to spice up its presence within the fast-growing non-public credit score house. The London-based asset supervisor mentioned the cope with CNO builds on its latest momentum within the insurance coverage house, following its recently-announced strategic partnership with the Guardian Life Insurance coverage Firm of America.
The phrases of the deal weren’t disclosed.
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“We’re more than happy to welcome CNO as a strategic associate in our funding in VPC,” mentioned Ali Dibadj, chief government of Janus Henderson.
“This collaboration reinforces our shared perception within the long-term potential of asset-backed non-public credit score markets and additional deepens Janus Henderson and VPC’s insurance coverage presence. By partnering with like-minded establishments, we’re persevering with to strengthen our potential to ship client-led options aligned with our technique to amplify our strengths.”
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Ardea Companions served as monetary advisor to each VPC and Janus Henderson, whereas Piper Sandler served as monetary advisor to CNO. Kirkland & Ellis acted as authorized counsel to VPC and Janus Henderson, and Mayer Brown acted as authorized counsel to CNO.