Man Group to acquire $11.8bn US private credit manager

Varagon Capital Partners

Man Group has entered into an agreement to acquire the US credit manager Varagon Capital Partners, which will become known as Man Varagon.

Under the terms of the agreement, the alternatives asset manager will pay $183m in cash to selling interest holders Aflac, Corebridge Financial, American International Group, and former members of Varagon's management team. The transaction, subject to regulatory approval, is expected to close on Q3 2023 and once completed, Varagon CEO Walter Owens will continue to manage the business, supported by its existing staff across offices in New York, Fort Worth and Chicago.  BlackRock acquires private debt manager Kreos Capital in credit platform boost Varagon's investment committee, inve...