Janus Henderson Group and Victory Park Capital Advisors (VPC), a firm specializing in private credit and majority-owned by Janus Henderson, have announced that CNO Financial Group, a U.S. life and health insurer and financial services provider, will acquire a minority stake in VPC. In addition, CNO will provide a minimum of $600 million in capital commitments to new and existing VPC investment strategies.
Founded in 2007 and headquartered in Chicago, VPC has a track record of nearly two decades providing tailored private credit solutions to both established and emerging companies. The firm was acquired by Janus Henderson in 2024, expanding Janus Henderson’s institutional and private credit capabilities. VPC has specialized in asset-backed private lending since 2010, in consumer credit, small business financing, real estate, litigation finance, and physical assets. Its set of investment capabilities also includes sourcing and managing customized investments for insurance companies. Since its inception, VPC has invested over $11 billion across more than 235 investments.
Headquartered in Carmel, Indiana, CNO offers life and health insurance, annuities, financial services, and workplace benefit solutions through its family of brands, including Bankers Life, Colonial Penn, Optavise, and Washington National. CNO manages 3.2 million policies and $37.3 billion in total assets to help protect its clients’ health, income, and retirement needs.
Transaction Commentary
“We are 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 continue to enhance our ability to deliver client-led solutions aligned with our strategy to amplify our strengths,” said Ali Dibadj, CEO of Janus Henderson.
“We are excited to partner with CNO to further accelerate VPC’s growth and expand and scale our investment capabilities for the benefit of our clients. CNO’s investment demonstrates VPC’s strong track record of delivering private credit solutions across sectors, our differentiated expertise, and our highly developed sourcing channels, as well as the significant value we bring to our investors and portfolio companies,” said Richard Levy, CEO and founder of Victory Park Capital.
Gary C. Bhojwani, CEO of CNO Financial Group, added: “Our investment alongside Janus Henderson in VPC underscores CNO’s strategic focus on partnering with firms that complement our investment capabilities. This partnership enables us to benefit from VPC’s unique and differentiated expertise in asset-backed credit, both as an investor and a strategic partner, while supporting our ROE objectives. We look forward to working with their highly experienced and respected management teams.”
According to the asset manager, this transaction adds to Janus Henderson’s recent momentum in the insurance space with the previously announced multifaceted strategic partnership with Guardian. Upon completion of this transaction, Janus Henderson Group will remain the majority owner of VPC.
