Market updates and sector developments

Janus Henderson Group has entered into a definitive agreement to acquire a majority stake in Victory Park Capital Advisors (VPC). With a nearly two decade-long track record of providing customised private credit solutions to both established and emerging businesses, VPC complements Janus Henderson’s securitised credit franchise and expertise in public ABS markets.

Founded in 2007 by Richard Levy and Brendan Carroll and headquartered in Chicago, VPC invests across industries, geographies and asset classes on behalf of its institutional client base. The firm has specialised in asset-backed lending since 2010, including in small business and consumer finance, financial and hard assets, and real estate credit.

Its suite of investment capabilities also includes legal finance and custom investment sourcing and management for insurance companies. In addition, the firm offers comprehensive structured financing and capital markets solutions through its affiliate platform, Triumph Capital Markets.

Since inception, VPC has invested approximately US$10.3bn across over 220 investments and has assets under management of approximately US$6bn. The firm is expected to complement and build upon Janus Henderson’s US$36.3bn in securitised assets under management globally and enhance its position in the global institutional market.

The acquisition is expected to close in 4Q24 and is subject to customary closing conditions. The acquisition consideration comprises a mix of cash and shares of Janus Henderson common stock and is expected to be neutral-to-accretive to earnings per share in 2025.

Corinne Smith