(Sharecast News) – Man Group said on Thursday that it has agreed to buy a controlling interest in Varagon, a US middle market private credit manager, in a $183m deal.
Varagon has $11.8bn of assets under management and $15.4bn of total client commitments.
Man Group said the deal is expected to be “meaningfully accretive” to management fee and total earnings per share in the first full year following completion.
Robyn Grew, incoming chief executive of the London-listed hedge fund, said: “We are thrilled to have Varagon join Man Group as an additional investment engine. This acquisition is indicative of our commitment to diversifying our client offering and our strategic expansion ambitions in the US.
“Varagon has built a high-quality investment platform and shares our vision to deliver outperformance for clients. Our extensive distribution network and operational expertise will support Varagon with its continued growth and delivery for clients, and we very much look forward to working with such a strong team.”
