- Acquisition further expands Janus Henderson’s private credit
and institutional capabilities
- Victory Park Capital has a nearly two decade-long track
record in asset-backed focused private credit
- Victory Park Capital complements Janus Henderson’s existing
highly successful securitized credit franchise
Janus Henderson Group (NYSE: JHG; “Janus Henderson” or the
“Company”), a leading global active asset manager, today announced
that it has entered into a definitive agreement to acquire a
majority stake in Victory Park Capital Advisors, LLC (“VPC”), a
global private credit manager with a nearly two decade-long track
record of providing customized private credit solutions to both
established and emerging businesses. VPC complements Janus
Henderson’s highly successful securitized credit franchise and
expertise in public asset-backed securitized markets, and further
expands the Company’s capabilities into the private markets for its
clients.
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 long-standing
institutional client base. VPC has specialized 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
$10.3 billion across over 220 investments,1 and has assets under
management of approximately $6.0 billion.2
The Company expects that VPC will complement and build upon
Janus Henderson’s $36.3 billion in securitized assets under
management globally.3 Janus Henderson has been a pioneer in active
securitized ETFs with innovative products including JAAA,
the largest CLO ETF,4 JBBB, which provides exposure to
floating-rate CLOs generally rated BBB, the recently launched
JSI, which invests in opportunities across the U.S.
securitized markets, and JMBS, the largest actively managed
mortgage-backed securities ETF.5
This partnership is highly synergistic and will enable mutually
beneficial growth opportunities. VPC’s long-standing partnerships
with global institutional clients, including insurance companies,
pensions, endowments, and sovereign wealth funds, will enhance
Janus Henderson’s position in the global institutional market. In
addition, VPC’s investment capabilities tailored to insurance
companies will expand Janus Henderson’s product offering for the
Company’s growing insurance clientele. Janus Henderson’s global
institutional and private wealth distribution platform and
significant relationships with financial intermediaries will
support the distribution and development of VPC products
globally.
This acquisition marks another milestone in Janus Henderson’s
client-led expansion of its private credit capabilities following
the Company’s recent announcement that it will acquire the National
Bank of Kuwait’s emerging markets private investments team, NBK
Capital Partners, which is expected to close later this year.
“As we continue to execute on our client-led strategic vision,
we are pleased to expand Janus Henderson’s private credit
capabilities further with Victory Park Capital. Asset-backed
lending has emerged as a significant market opportunity within
private credit, as clients increasingly look to diversify their
private credit exposure beyond only direct lending. VPC’s
investment capabilities in private credit and deep expertise in
insurance align with the growing needs of our clients, further our
strategic objective to diversify where we have the right, and
amplify our existing strengths in securitized finance. We believe
this acquisition will enable us to continue to deliver for our
clients, employees, and shareholders,” said Ali Dibadj, Chief
Executive Officer of Janus Henderson.
“We are excited to partner with Janus Henderson in VPC’s next
phase of growth. This partnership is a testament to the strength of
our established brand in private credit and differentiated
expertise, and we believe it will enable us to scale faster,
diversify our product offering, expand our distribution and
geographic reach, and bolster our proprietary origination
channels,” said Richard Levy, Chief Executive Officer, Chief
Investment Officer, and Founder of VPC.
“As a leading active asset manager with a diverse, global
presence, Janus Henderson is an ideal partner to support our
high-caliber team and VPC’s continued expansion. We have known the
Janus Henderson leadership team for many years and believe our
organizations are aligned in our client-first mentality, commitment
to disciplined investing, and shared values. This partnership
creates tremendous value for clients through accelerated product
development and cross-selling opportunities. We look forward to
building on VPC’s successful track record together with Janus
Henderson to continue to deliver differentiated private credit
solutions for current and prospective investors and portfolio
companies,” added Brendan Carroll, Senior Partner and Co-Founder
of VPC.
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. The acquisition
is expected to close in the fourth quarter of 2024 and is subject
to customary closing conditions, including regulatory
approvals.
An investor presentation on the transaction is available on
Janus Henderson’s Investor Relations website.
Ardea Partners served as exclusive financial advisor to VPC.
Kirkland & Ellis LLP acted as legal counsel to VPC and Sheppard
Mullin acted as legal counsel to Janus Henderson.
Notes to editors
Janus Henderson Group is a leading global active asset manager
dedicated to helping clients define and achieve superior financial
outcomes through differentiated insights, disciplined investments,
and world-class service. As of June 30, 2024, Janus Henderson had
approximately US$361 billion in assets under management, more than
2,000 employees, and offices in 24 cities worldwide. The firm helps
millions of people globally invest in a brighter future together.
Headquartered in London, Janus Henderson is listed on the New York
Stock Exchange.
Source: Janus Henderson Group plc.
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Past performance is no guarantee of future results. Investing
involves risk, including the possible loss of principal and
fluctuation of value.
Certain statements in this press release are “forward-looking
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including the Private Securities Litigation Reform Act of 1995, as
amended, Section 21E of the Securities Exchange Act of 1934, as
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Various risks, uncertainties, assumptions, and factors that
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anticipated benefits of the acquisition, and the risks,
uncertainties, assumptions, and factors discussed in our Annual
Report on Form 10-K for the year ended December 31, 2023, and in
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Annualized, pro forma, projected, and estimated numbers are used
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The information, statements, and opinions contained in this
document do not constitute a public offer under any applicable
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Please consider the charges, risks, expenses, and investment
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notice.
1 As of July 31, 2024. 2 As of June 30, 2024. 3 As of June 30,
2024. 4 Source: Morningstar as of July 31, 2024. 5 Source:
Morningstar as of July 31, 2024.
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version on businesswire.com: https://www.businesswire.com/news/home/20240812419214/en/
Media Contacts:
Janus Henderson Candice Sun Head of Corporate
Communications, North America +1 303-336-5452
candice.sun@janushenderson.com
Edelman Smithfield for Victory Park Capital Julia Fisher
+1 646 301 2968 julia.fisher@edelmansmithfield.com
Investor Relations Contact:
Janus Henderson Jim Kurtz Head of Investor
Relations +1 303-336-4529 jim.kurtz@janushenderson.com
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