Janus Henderson Subsidiary to Sell Stake to Annuity, Life Insurance Firm

CNO Financial Group Inc., a provider of annuities, life and health insurance, will take a minority stake in private credit manager Victory Park Capital and provide $600 million in capital commitments to the Janus Henderson-owned manager, the firm announced Wednesday. The size of the minority interest was not disclosed. 

Carmel, Indiana-based CNO manages 3.2 million policies and $37.2 billion in assets across its brands Bankers Life, Colonial Penn, Optavise and Washington National. Janus Henderson manages $457 billion in assets. Victory Park Capital has invested $11 billion across 230 investments since its inception in 2007. VPC was acquired by Janus Henderson in 2024.  

VPC specializes in private asset-backed lending across consumer credit, small business financing, real estate, litigation finance and physical assets, and it has sourced and managed investments for insurance companies.  

“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,” Richard Levy, Victory Park’s CEO and founder, said in a statement. “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.” 

The investment comes as insurers are increasingly looking to increase their investments in private markets and to partner with alternative asset managers. Janus Henderson previously entered into a partnership with Guardian Life to manage its $45 billion fixed-income portfolio.  

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Janus Henderson to Manage $45B Fixed-Income Portfolio for Guardian Life 

Janus Group to Merge With Henderson 

Kelly Cavagnaro Joins Janus Henderson as Head of North America Institutional 

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