Key Takeaways
- CNO will acquire a strategic minority interest in Victory Park Capital, a leading global private credit manager, which is majority-owned by Janus Henderson
- CNO will provide a minimum of $600 million in capital commitments to new and existing Victory Park Capital investment strategies
- Victory Park Capital has a nearly two decade-long track record in private asset-backed credit
September 24, 2025
LONDON & CHICAGO — Janus Henderson Group (NYSE: JHG; “Janus Henderson”), a leading global asset manager, and Victory Park Capital Advisors, LLC (“VPC”), a leading global alternative investment firm specializing in private asset-backed credit and a majority-owned affiliate of Janus Henderson, jointly announced today that CNO Financial Group, Inc. (NYSE: CNO; “CNO”), a nationwide life and health insurer and financial services provider, will acquire a minority interest 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 nearly two decade-long track record of providing customized private credit solutions to both established and emerging businesses. The firm was acquired by Janus Henderson in 2024, expanding Janus Henderson’s private credit and institutional capabilities. VPC has specialized in private asset-backed lending since 2010, across consumer credit, small business financing, real estate, litigation finance, and physical assets. Its suite of investment capabilities also includes custom investment sourcing and management for insurance companies. Since inception, VPC has invested over $11 billion across over 235 investments.[1]
Headquartered in Carmel, Indiana, CNO provides life and health insurance, annuities, financial services, and workforce benefits 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 customers’ health, income, and retirement needs.[2]
“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,” said Ali Dibadj, Chief Executive Officer of Janus Henderson.
“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,” said Richard Levy, Chief Executive Officer and Founder of Victory Park Capital.
“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,” added Gary C. Bhojwani, Chief Executive Officer of CNO Financial Group.
This transaction builds on Janus Henderson’s recent momentum in the insurance space with Janus Henderson’s previously announced multi-faceted, strategic partnership with Guardian.
At the completion of this transaction, Janus Henderson Group will remain the majority owner of VPC.
Ardea Partners served as exclusive financial advisor to VPC and Janus Henderson. Piper Sandler & Co. served as exclusive financial advisor to CNO. Kirkland & Ellis LLP acted as legal counsel to VPC and Janus Henderson, and Mayer Brown LLP acted as legal counsel to CNO.
Endnotes
As of June 30, 2025
As of June 30, 2025.
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