September 24, 2025 — LONDON & CHICAGO — Janus Henderson Group (NYSE: JHG; “Janus Henderson”), a leading global asset manager, and Victory Park Capital Advisors, LLC (“VPC”), a leading global alternative investment firm specializing in private asset-backed credit and a majority-owned affiliate of Janus Henderson, jointly announced today that CNO Financial Group, Inc. (NYSE: CNO; “CNO”), a nationwide life and health insurer and financial services provider, will acquire a minority interest in VPC. In addition, CNO 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 a nearly two decade-long track record of providing customized private credit solutions to both established and emerging businesses. The firm was acquired by Janus Henderson in 2024, expanding Janus Henderson’s private credit and institutional capabilities. VPC has specialized in private asset-backed lending since 2010, across consumer credit, small business financing, real estate, litigation finance, and physical assets. Its suite of investment capabilities also includes custom investment sourcing and management for insurance companies. Since inception, VPC has invested over $11 billion across over 235 investments (1).
Headquartered in Carmel, Indiana, CNO provides life and health insurance, annuities, financial services, and workforce benefits solutions through its family of brands, including Bankers Life, Colonial Penn, Optavise, and Washington National. CNO manages 3.2 million policies and $37.3 billion in total assets to help protect its customers’ health, income, and retirement needs (2). “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. By partnering with like-minded institutions, we are continuing to strengthen our ability to deliver client-led solutions aligned with our strategy to amplify our strengths,” said Ali Dibadj, Chief Executive Officer of Janus Henderson.
“We are excited to partner with CNO to further accelerate the growth of VPC and to expand and scale our investment capabilities for the benefit of our clients. CNO’s investment speaks to VPC’s strong track record of providing private credit solutions across industries, our differentiated expertise and highly developed sourcing channels, and the significant value we bring to our investors and portfolio companies,” said Richard Levy, Chief Executive Officer and Founder of Victory Park Capital.
“Our investment alongside Janus Henderson in VPC underscores CNO’s strategic focus on collaborating with partners that complement our investment capabilities. This partnership allows us to benefit from VPC’s unique and differentiated asset-backed credit expertise both as an investor and strategic partner while supporting our ROE objectives. We look forward to working with their highly experienced and well-regarded management teams,” added Gary C. Bhojwani, Chief Executive Officer of CNO Financial Group.
This transaction builds on Janus Henderson’s recent momentum in the insurance space with Janus Henderson’s previously announced multi-faceted, strategic partnership with Guardian.
At the completion of this transaction, Janus Henderson Group will remain the majority owner of VPC.
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.
1 As of June 30, 2025.
2 As of June 30, 2025.
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Media Contacts:
Janus Henderson
Candice Sun
Global Head of Media Relations
+1 303-336-5452
candice.sun@janushenderson.com
CNO Financial Group
Valerie Dolenga
Director, Communications
Valerie.Dolenga@CNOinc.com
Investor Relations Contact:
Janus Henderson
Jim Kurtz
Head of Investor Relations
+1 303-336-4529
jim.kurtz@janushenderson.com
CNO Financial Group
Adam Auvil
Vice President, Investor Relations & Sustainability
Adam.Auvil@CNOinc.com
Notes to editors
About Janus Henderson
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, 2025, Janus Henderson had approximately US$457 billion in assets under management, more than 2,000 employees, and offices in 25 cities worldwide. The firm helps millions of people globally invest in a brighter future together. Headquartered in London, Janus Henderson is listed on the New York Stock Exchange.
Source: Janus Henderson Group plc
About Victory Park Capital
Victory Park Capital Advisors, LLC (“VPC” or the “Firm”) is a global alternative asset manager that specializes in private asset-backed credit. In addition, the Firm offers comprehensive structured financing and capital markets solutions through its affiliate platform, Triumph Capital Markets. The Firm was founded in 2007 and is headquartered in Chicago. Victory Park Capital has specialized in asset-backed lending since 2010. In 2024, VPC became a majority-owned affiliate of Janus Henderson Group. The Firm leverages the broader resources of Janus Henderson’s 2,000+ employees across offices in 25 cities worldwide. Victory Park Capital is a Registered Investment Advisor with the SEC*. For more information, please visit www.victoryparkcapital.com. *Registration with the SEC does not imply a certain level of skill or training.
About CNO Financial Group
CNO Financial Group, Inc. (NYSE: CNO) secures the future of middle-income America. CNO provides life and health insurance, annuities, financial services and workforce benefits solutions through our family of brands, including Bankers Life, Colonial Penn, Optavise and Washington National. Our customers work hard to save for the future, and we help protect their health, income and retirement needs with 3.2 million policies and $37.3 billion in total assets. Our 3,400 associates, 4,900 exclusive agents and more than 6,000 independent partner agents guide individuals, families and businesses through a lifetime of financial decisions. For more information, visit CNOinc.com.
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