CNO to acquire minority interest in Janus Henderson’s VPC

Global asset manager Janus Henderson Group has revealed that CNO Financial Group, a nationwide life and health insurer and financial services provider, will acquire a minority interest in Victory Park Capital Advisors (VPC), its majority-owned alternative investment firm specialising in private asset-backed credit.

As part of the deal, CNO, a provider of life and health insurance, annuities, financial services, and workforce benefits through brands including Bankers Life, Colonial Penn, Optavise, and Washington National, will reportedly commit at least $600 million in capital to new and existing VPC investment strategies.

After the transaction is complete, Janus Henderson Group will remain the majority owner of VPC.

According to the firm, this transaction builds on its previously announced strategic partnership with Guardian.

Ali Dibadj, Chief Executive Officer of Janus Henderson, commented, “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.”

Richard Levy, Chief Executive Officer and Founder of Victory Park Capital, 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.”

Gary C. Bhojwani, Chief Executive Officer of CNO Financial Group, noted, “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.”