CNO Financial Group is set to acquire a minority interest in Victory Park Capital, committing at least $600 million to enhance private asset-backed credit strategies.

Target Information

CNO Financial Group, Inc. (NYSE: CNO), a prominent life and health insurance provider, is set to acquire a strategic minority interest in Victory Park Capital (VPC), an esteemed global private credit manager majority-owned by Janus Henderson Group (NYSE: JHG). This partnership will involve a minimum capital commitment of $600 million allocated to new and existing investment strategies within VPC.

Founded in 2007 and based in Chicago, VPC boasts nearly two decades of experience in delivering tailored private credit solutions to a diverse range of businesses, both established and emerging. Acquired by Janus Henderson in 2024, VPC enhances the asset manager's capabilities in private credit. Since its inception, VPC has specialized in asset-backed lending spanning various sectors, including consumer credit, small business financing, real estate, litigation finance, and physical assets.

Industry Overview

The private credit market has seen significant growth over the past decade, particularly in the United States, which continues to be a key player in the alternative investment space. The de