Janus Henderson Announces Acquisition of Global Private Credit Manager Victory Park Capital
Janus Henderson Group (NYSE: JHG) has announced its acquisition of a majority stake in Victory Park Capital Advisors (VPC), a global private credit manager. This strategic move expands Janus Henderson's private credit and institutional capabilities, complementing its existing $36.3 billion securitized credit franchise. VPC, founded in 2007, specializes in asset-backed lending and has invested approximately $10.3 billion across over 220 investments, with current assets under management of about $6.0 billion.
The acquisition is expected to close in Q4 2024, subject to regulatory approvals. It aims to enhance Janus Henderson's position in the global institutional market and expand its product offerings, particularly for insurance clients. The deal, comprising cash and Janus Henderson common stock, is anticipated to be neutral-to-accretive to earnings per share in 2025.
Janus Henderson Group (NYSE: JHG) ha annunciato l'acquisizione di una partecipazione di maggioranza in Victory Park Capital Advisors (VPC), un gestore di credito privato globale. Questa mossa strategica amplia le capacità di credito privato e istituzionale di Janus Henderson, complementando il suo attuale franchise di credito cartolarizzato di 36,3 miliardi di dollari. VPC, fondata nel 2007, si specializza nel prestito garantito da attivi e ha investito circa 10,3 miliardi di dollari in oltre 220 investimenti, con attuali beni in gestione di circa 6,0 miliardi di dollari.
L'acquisizione dovrebbe chiudersi nel quarto trimestre del 2024, soggetta ad approvazioni regolamentari. L'obiettivo è migliorare la posizione di Janus Henderson nel mercato istituzionale globale e ampliare la sua gamma di prodotti, in particolare per i clienti assicurativi. L'accordo, che comprende contante e azioni ordinarie di Janus Henderson, si prevede che sia neutrale o accrescitivo per l'utile per azione nel 2025.
Janus Henderson Group (NYSE: JHG) ha anunciado la adquisición de una participación mayoritaria en Victory Park Capital Advisors (VPC), un gestor de crédito privado global. Este movimiento estratégico expande las capacidades de crédito privado e institucional de Janus Henderson, complementando su franquicia de crédito titulado existente de 36,3 mil millones de dólares. VPC, fundada en 2007, se especializa en préstamos respaldados por activos y ha invertido aproximadamente 10,3 mil millones de dólares en más de 220 inversiones, con activos actuales bajo gestión de aproximadamente 6,0 mil millones de dólares.
Se espera que la adquisición se cierre en el cuarto trimestre de 2024, sujeto a aprobaciones regulatorias. Su objetivo es mejorar la posición de Janus Henderson en el mercado institucional global y ampliar su oferta de productos, particularmente para clientes aseguradores. El trato, que incluye efectivo y acciones ordinarias de Janus Henderson, se anticipa que sea neutral o accrescindente para las ganancias por acción en 2025.
자누스 헨더슨 그룹(NYSE: JHG)이 세계적인 사모 신용 관리자이며 대부분의 지분을 가진 Victory Park Capital Advisors (VPC)를 인수했다고 발표했습니다. 이 전략적 결정은 자누스 헨더슨의 사모 신용 및 기관 역량을 확장시켜, 현재 보유하고 있는 363억 달러 규모의 증권화된 신용 사업을 보완합니다. VPC는 2007년에 설립되었으며, 자산 담보 대출 전문으로, 220건이 넘는 투자에 약 103억 달러를 투자했으며, 현재 관리하고 있는 자산 규모는 약 60억 달러입니다.
이번 인수는 규제 승인에 따라 2024년 4분기에 마감될 것으로 예상되며, 자누스 헨더슨의 글로벌 기관 시장에서의 위치를 강화하고, 특히 보험 고객을 위한 제품 제공을 확장하는 것을 목표로 합니다. 이번 거래는 현금과 자누스 헨더슨의 보통주로 구성되어 있으며 2025년 주당 수익에 대해 중립적이거나 증가할 것으로 예상됩니다.
Janus Henderson Group (NYSE: JHG) a annoncé l'acquisition d'une participation majoritaire dans Victory Park Capital Advisors (VPC), un gestionnaire de crédit privé international. Ce mouvement stratégique renforce les capacités de crédit privé et institutionnelles de Janus Henderson, complétant son portefeuille de crédit titrisé existant de 36,3 milliards de dollars. VPC, fondée en 2007, se spécialise dans le financement adossé à des actifs et a investi environ 10,3 milliards de dollars dans plus de 220 investissements, avec des actifs sous gestion actuels d'environ 6,0 milliards de dollars.
La clôture de l'acquisition est prévue pour le quatrième trimestre 2024, sous réserve des approbations réglementaires. Son objectif est d'améliorer la position de Janus Henderson sur le marché institutionnel mondial et d'élargir son offre de produits, en particulier pour les clients d'assurance. L'accord, qui comprend des liquidités et des actions ordinaires de Janus Henderson, devrait être neutre ou accretif pour le bénéfice par action en 2025.
Janus Henderson Group (NYSE: JHG) hat die Übernahme einer Mehrheitsbeteiligung an Victory Park Capital Advisors (VPC), einem globalen Anbieter für private Kredite, bekannt gegeben. Dieser strategische Schritt erweitert die privaten Kredit- und institutionellen Fähigkeiten von Janus Henderson und ergänzt das bestehende Sicherheitenkreditgeschäft im Umfang von 36,3 Milliarden Dollar. VPC, 2007 gegründet, ist auf asset-backed Lending spezialisiert und hat etwa 10,3 Milliarden Dollar in über 220 Investitionen investiert, mit aktuellen verwalteten Vermögenswerten von etwa 6,0 Milliarden Dollar.
Die Übernahme soll im vierten Quartal 2024 abgeschlossen werden, vorbehaltlich regulatorischer Genehmigungen. Ziel ist es, die Position von Janus Henderson im globalen institutionellen Markt zu stärken und das Produktangebot insbesondere für Versicherungskunden zu erweitern. Der Deal, der aus Bargeld und Stammaktien von Janus Henderson besteht, wird voraussichtlich neutral bis akquisitorisch für den Gewinn pro Aktie im Jahr 2025 sein.
- Expansion of Janus Henderson's private credit and institutional capabilities
- Complementary addition to existing $36.3 billion securitized credit franchise
- Access to VPC's $6.0 billion in assets under management
- Enhanced position in the global institutional market
- Expanded product offerings for insurance clients
- Expected to be neutral-to-accretive to earnings per share in 2025
- Potential integration challenges following the acquisition
- Regulatory approval required, which could delay or impact the deal
Insights
The acquisition of Victory Park Capital (VPC) by Janus Henderson is a strategic move to expand their private credit capabilities and institutional reach. This deal aligns with the industry trend of traditional asset managers diversifying into private markets. The asset-backed lending focus of VPC complements Janus Henderson's existing
Financially, the deal is expected to be neutral-to-accretive to earnings per share by 2025, indicating a cautious but positive outlook. The mixed cash and stock consideration structure suggests a balanced approach to preserve capital while aligning interests. With VPC's
This acquisition reflects the growing importance of private credit in investors' portfolios. The asset-backed lending niche that VPC specializes in has seen increased demand, particularly as investors seek alternatives to traditional fixed income in a low-yield environment. Janus Henderson's move to acquire VPC is likely a response to client demand for more diverse credit exposure beyond public markets.
The deal also highlights the convergence of public and private market strategies within asset management firms. Janus Henderson's success in securitized ETFs, combined with VPC's private credit expertise, could lead to innovative product offerings. This may give Janus Henderson a competitive edge in attracting institutional clients, especially insurance companies and pension funds, which are increasingly allocating to private credit strategies.
The acquisition's structure as a majority stake purchase rather than a full buyout is noteworthy from a legal perspective. This approach often allows for retention of key personnel and maintains continuity in investment strategies, which can be important for client retention. However, it also requires careful drafting of shareholder agreements to manage potential conflicts and align interests.
The expected closing in Q4 2024, subject to regulatory approvals, suggests a complex regulatory landscape. Given the cross-border nature of Janus Henderson's operations and VPC's diverse investment activities, the deal likely requires approvals from multiple regulatory bodies, including the SEC and potentially foreign regulators. The extended timeline also allows for thorough due diligence and integration planning, which is prudent given the specialized nature of VPC's business.
- 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
Founded in 2007 by Richard Levy and Brendan Carroll and headquartered in
The Company expects that VPC will complement and build upon Janus Henderson’s
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
Source: Janus Henderson Group plc.
FORWARD-LOOKING STATEMENTS DISCLAIMER
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 statements” within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. All statements, other than statements of historical fact, are forward-looking statements. Forward-looking statements involve known and unknown risks and uncertainties that are difficult to predict and could cause our actual results, performance, or achievements to differ materially from those discussed. These include statements as to our future expectations, beliefs, plans, strategies, objectives, events, conditions, financial performance, prospects, or future events, including with respect to the timing and anticipated benefits of pending transactions and expectations regarding acquisition opportunities. In some cases, forward-looking statements can be identified by the use of words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “likely,” “will,” “would,” and similar words and phrases. Forward-looking statements are necessarily based on estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Accordingly, you should not place undue reliance on forward-looking statements, which speak only as of the date they are made and are not guarantees of future performance. We do not undertake any obligation to publicly update or revise these forward-looking statements.
Various risks, uncertainties, assumptions, and factors that could cause our future results to differ materially from those expressed by the forward-looking statements included in this press release include, but are not limited to, our ability to realize the 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 other filings or furnishings made by the Company with the SEC from time to time.
Annualized, pro forma, projected, and estimated numbers are used for illustrative purposes only, are not forecasts, and may not reflect actual results.
The information, statements, and opinions contained in this document do not constitute a public offer under any applicable legislation or an offer to sell or solicitation of any offer to buy any securities or financial instruments or any advice or recommendation with respect to such securities or other financial instruments.
Not all products or services are available in all jurisdictions.
Investing involves risk, including the possible loss of principal and fluctuation of value. Past performance is no guarantee of future results. There is no assurance the stated objective(s) will be met.
Please consider the charges, risks, expenses, and investment objectives carefully before investing. For a prospectus or, if available, a summary prospectus containing this and other information, please call Janus Henderson at 800.668.0434 or download the file from janushenderson.com/info. Read it carefully before you invest or send money.
ETFs distributed by ALPS Distributors, Inc. ALPS is not affiliated with Janus Henderson or any of its subsidiaries. Janus Henderson Investors US LLC is the investment adviser of the ETFs.
Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc.
This press release is solely for the use of members of the media and should not be relied upon by personal investors, financial advisers, or institutional investors. We may record telephone calls for our mutual protection, to improve customer service and for regulatory record keeping purposes. All opinions and estimates in this information are subject to change without 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240812419214/en/
Media Contacts:
Janus Henderson
Candice Sun
Head of Corporate Communications,
+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
Source: Janus Henderson Group plc
FAQ
What is the strategic importance of Janus Henderson's acquisition of Victory Park Capital?
How much has Victory Park Capital (VPC) invested since its inception?
When is the Janus Henderson (JHG) acquisition of Victory Park Capital expected to close?
How will the acquisition of Victory Park Capital affect Janus Henderson's (JHG) earnings?
