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Voya Investment Management has announced the acquisition of Czech Asset Management, enhancing its private credit capabilities in the U.S. middle market. This strategic move aims to complement Voya's existing fixed income platform and expand its direct lending franchise. With over $5 billion in committed capital, CAM specializes in senior secured loans to U.S. middle market companies. The deal is expected to close in Q4 2022, integrating CAM's investment team while leveraging Voya's distribution capabilities.
Positive
Acquisition of Czech Asset Management expands Voya’s private and alternative investment capabilities.
CAM's expertise in U.S. middle market loans enhances Voya's existing fixed income offerings.
Transaction expected to improve risk-adjusted returns and market reach for Voya IM.
Negative
None.
Transaction represents continued growth and expansion of Voya’s suite of private and alternative capabilities
NEW YORK--(BUSINESS WIRE)--
Voya Investment Management (Voya IM), the asset management business of Voya Financial, Inc. (NYSE: VOYA), announced today that it has signed a definitive agreement to acquire Czech Asset Management, L.P. (CAM), a leading private credit asset manager dedicated to the U.S. middle market.
“At Voya IM, continuing to build out our range of innovative, private markets and alternative capabilities has been a strategic focus and growth driver for our firm and the industry at large,” said Christine Hurtsellers, chief executive officer, Voya IM. “The team at CAM will complement our leading fixed income platform and accelerate the expansion of our private and leveraged credit franchise across institutional, insurance and retail channels.”
With more than $5 billion of committed capital across four funds since its founding in 2011,
CAM specializes in providing privately negotiated first and second lien floating rate senior secured loans primarily to U.S. middle market companies. The CAM team brings to Voya IM strong relationships with a robust group of investment partnerships, including public and private pension funds, endowments, foundations, religious organizations and Taft Hartley plans.
Following the closing of the transaction, all of CAM’s current investment and operations teams will join Voya IM, including its founder, Managing Partner and Chief Investment Officer Stephen J. Czech. The CAM team will remain in Connecticut and become part of Voya’s fixed income team. The CAM team will continue to manage the CAM funds at Voya IM, maintaining CAM’s proven investment philosophy and process while leveraging Voya’s global distribution capabilities and robust leveraged credit platform. Current clients in the CAM funds will continue to have the team manage their assets at Voya IM.
“We believe that Voya’s global distribution capabilities, recently enhanced by the closing of the Allianz Global Investors transaction, its leveraged finance platform, intellectual capital and transaction flow will materially enhance our ability to generate attractive risk-adjusted returns for our investors and expand our reach in the U.S. middle market,” said Czech. “Voya’s client-centric, collaborative culture and its compelling investment track record are consistent with CAM’s values, and we look forward to supporting the continued growth of the Voya direct lending platform in the years to come and to the benefit of current and future clients.”
The addition of CAM further builds upon Voya IM’s continued growth and expansion of private and alternative capabilities. In 2021, Voya IM committed $4.4 billion across private placement investments, including $3.7 billion invested on behalf of institutional clients.
Through expanding its private markets and alternatives franchise, Voya IM has also been focused on building out its global distribution reach through its recently formed long-term, strategic distribution partnership with Allianz Global Investors (AllianzGI), under which AllianzGI distributes Voya IM’s investment strategies outside the U.S. and Canada.
Terms of the transaction were not disclosed and are not material to Voya’s financial position. The transaction is expected to close in the fourth quarter of 2022.
Eversheds Sutherland LLP is serving as legal counsel to Voya in connection with the transaction. Schulte Roth & Zabel LLP is serving as legal counsel and Piper Sandler & Co. is serving as financial advisor to CAM in connection with this transaction.
About Voya Investment Management Voya Investment Management manages public and private fixed income, equities, multi-asset solutions and alternative strategies for institutions, financial intermediaries and individual investors, drawing on a 50-year legacy of active investing and the expertise of 300+ investment professionals. Named a Best Place to Work in Money Management by Pensions & Investments for seven consecutive years, Voya IM has cultivated a culture grounded in a commitment to understanding and anticipating clients’ needs, producing strong investment performance, and embedding diversity, equity and inclusion in its business.
About Voya Financial®
Voya Financial, Inc. (NYSE: VOYA), is a leading health, wealth and investment company that provides products, solutions and technologies that help Americans become well planned, well invested and well protected. Serving the needs of 14.3 million individual, workplace and institutional clients, Voya has approximately 6,000 employees and had $707 billion in total assets under management and administration as of March 31, 2022. Certified as a “Great Place to Work” by the Great Place to Work® Institute, Voya is purpose-driven and is equally committed to conducting business in a way that is socially, environmentally, economically and ethically responsible. Voya has earned recognition as: one of the World’s Most Ethical Companies® by the Ethisphere Institute; a member of the Bloomberg Gender-Equality Index; and a “Best Place to Work for Disability Inclusion” on the Disability Equality Index. For more information, visit voya.com. Follow Voya Financial on Facebook, LinkedIn and Twitter @Voya.
What is the purpose of Voya's acquisition of Czech Asset Management?
The acquisition aims to enhance Voya's private credit capabilities and expand its lending franchise in the U.S. middle market.
When is the acquisition of Czech Asset Management expected to close?
The transaction is expected to close in the fourth quarter of 2022.
How much capital has Czech Asset Management committed since its founding?
Czech Asset Management has committed over $5 billion across four funds since its founding in 2011.
What will happen to the current team at Czech Asset Management after the acquisition?
All current investment and operations teams from Czech Asset Management will join Voya IM and continue to manage their funds.
How does this acquisition benefit Voya's clients?
The acquisition is expected to leverage Voya's global distribution capabilities, enhancing risk-adjusted returns and expanding market access for clients.
