London-headquartered global asset management group Janus Henderson is set to acquire Victory Park Capital Advisors as part of its strategic push into the private credit market, aimed at growing its footprint in the growing asset-based finance sector.
Victory Park, which manages $6bn in assets, will bolster Janus Henderson’s existing $36bn securitised asset portfolio. The acquisition introduces Janus Henderson to more specialised private financings, including consumer debt and music royalties.
In a statement, Ali Dibadj, CEO of Janus Henderson, highlighted the strategic value of the acquisition, noting that it would provide the firm with “much more differentiated access” to assets behind both public and private deals. This move aligns with broader industry trends where major asset managers are increasingly investing in private credit as the sector expands.
The private credit market, valued at $1.7tn, includes asset-based finance, where funds provide debt backed by streams of contractual cash flows tied to specific assets. This can encompass everything from real estate to auto loans and equipment leases.
Financial details of the transaction have not been disclosed although recent industry deals provide context, with Blue Owl Capital’s acquisition of Atalaya Capital Management last month involving an upfront payment of $450m, with potential additional payments based on performance.
Similarly, Man Group’s acquisition of Varagon Capital Partners last year was valued at $183m.
The acquisition represents a significant step for Janus Henderson in expanding its private credit capabilities, following its recent acquisition of the National Bank of Kuwait Group’s emerging markets private investments team.
Janus Henderson has a notable presence in the liquid credit markets through securitised debt, including a significant position in exchange-traded funds tracking collateralised loan obligations.
