The latest mergers, acquisitions and other corporate actions in the wealth management sector.

Janus Henderson, Victory Park Capital Advisors, CNO
CNO Financial Group, a US life and health insurer and financial services provider, has taken a minority stake in Victory Park Capital Advisors, an alternative investment firm and RIA that is also a majority-owned affiliate of Janus Henderson, the New York-listed group.

The size of CNO’s investment wasn’t disclosed. At the completion of this transaction, Janus Henderson Group will remain the majority owner of VPC.

CNO, headquartered in Carmel, Indiana, 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 operated for nearly two decades, providing customized private credit solutions to established and emerging businesses. The firm was acquired by Janus Henderson in 2024. Since inception, VPC has invested more than $11 billion in over 235 investments.

CNO manages 3.2 million policies and $37.3 billion in total assets to help protect its customers’ health, income, and retirement needs.

“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,” Ali Dibadj, CEO of Janus Henderson, said. 

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.