European $239 Billion Private Markets Manager CVC Capital Partners Buys United States $24 Billion Credit Manager Marathon Asset Management for $1.2 Billion in Cash & Equity Deal ($400 Million Cash & $800 Million CVC Equity, Include Contingent) to Create CVC Credit with $75 Billion AUM (Fee-Paying), Marathon Asset Management Founded in 1998 by Bruce Richards & Louis Hanover, CVC Founded in 1981 by Citigroup as Citicorp Venture Capital, Became Independent (Spinoff) in 1993 to Create CVC Capital Partners Co-founded by Donald Mackenzie, Steve Koltes & Rolly van Rappard, IPO on Netherlands Euronext Amsterdam in 2024 at €14 Billion Valuation (Current €15.7 Billion Market Value / $18.6 Billion), CVC Has $239 Billion AUM in 2025
27th January | Hong Kong
European private markets manager CVC Capital Partners ($239 billion AUM) has announced to buy United States credit manager Marathon Asset Management ($24 billion AUM) for $1.2 billion in cash & equity deal ($400 million cash & $800 million CVC equity, include contingent) to create CVC Credit with $75 billion AUM (Fee-paying). Marathon Asset Management was founded in 1998 by Bruce Richards & Louis Hanover. CVC was founded in 1981 by Citigroup as Citicorp Venture Capital, and became independent (Spinoff) in 1993 to create CVC Capital Partners co-founded by Donald Mackenzie, Steve Koltes & Rolly van Rappard. In 2024, CVC IPO on Netherlands Euronext Amsterdam at €14 billion valuation (Current market value at €15.7 billion / $18.6 billion). In 2025, CVC has $239 billion AUM. Announcement (26/1/26): “CVC, one of the world’s leading private markets investment firms, and Marathon, a leading global credit manager, today announced that CVC has agreed to acquire 100% of Marathon in a cash and equity transaction with a base consideration valued at up to $1.2 billion. The transaction significantly expands CVC’s access to the large and fast-growing US market through Marathon’s market-leading positions in Asset-Based, Real Estate, Opportunistic and Public Credit. These capabilities are highly complementary to CVC’s established market leadership in Liquid Credit, where it is the #1 European CLO manager, and in European Direct Lending, where it is a top-three manager. Following completion, the combination of CVC Credit and Marathon will increase CVC Credit’s Fee-Paying Assets under Management (“FPAUM”) to approximately €61 billion, creating a world-class, multi-asset global credit manager with scaled investment capabilities across both Private and Public Credit. The addition of Marathon materially broadens CVC’s credit offering and significantly enhances its ability to scale and serve clients across Institutional, Private Wealth, and Insurance channels globally. The transaction adds to CVC’s existing plans to deliver double digit growth in FPAUM to €200bn by 2028, as we drive growth across each of our platforms. The $1.2 billion closing consideration comprises $400 million in cash and up to $800 million in CVC equity. The transaction also includes earn-out consideration linked to Marathon’s future financial performance over the period from FY2027 to FY2029, of up to $200 million in cash and $200 million in CVC equity. The acquisition is expected to be EPS neutral in 2027 and EPS accretive from 2028 onwards, before any revenue or cost synergies. Bruce Richards and Lou Hanover will continue to co-head the Marathon credit strategies, and Marathon will be re-branded CVC-Marathon. Bruce Richards will join the Partner Board of CVC, and alongside Andrew Davies, will be responsible for managing the combined CVC Credit business. The transaction is subject to regulatory and other consents and is expected to close in Q3 2026. Advisers to CVC included JP Morgan, Freshfields, Fried Frank and Ernst & Young. Advisers to Marathon included Sidley Austin. Transaction details – CVC will acquire 100% of Marathon in a cash and equity transaction with a base consideration valued at up to $1.2 billion, comprising consideration at closing of $400 million in cash and up to 45 million units of equity to be issued by a wholly-owned subsidiary of CVC (“SubCo Units”), exchangeable on a one-for-one basis into CVC ordinary shares, subject to customary completion accounts adjustments and, in respect of 11 million SubCo Units, FY 2027 Marathon financial performance adjustments. The transaction also includes earn-out consideration linked to Marathon’s future financial performance over the period from FY 2027 to FY 2029, of up to $200 million of cash and 11 million SubCo Units. The earn-out consideration is only payable to Marathon’s partners and employees, increasing long-term alignment and continuity across a broader group. Marathon’s minority partner will receive $280 million of the cash consideration portion of the transaction for 100% of their interest in Marathon. CVC ordinary shares issued in exchange for any SubCo Units will be held subject to substantially the same lock-up restrictions entered into by CVC’s current and former employees (and permitted transferees) as part of CVC’s IPO in April 2024. The cash portion of the transaction will be funded from CVC’s current cash on balance sheet and undrawn credit facilities.”
“ European $239 Billion Private Markets Manager CVC Capital Partners Buys United States $24 Billion Credit Manager Marathon Asset Management for $1.2 Billion in Cash & Equity Deal ($400 Million Cash & $800 Million CVC Equity, Include Contingent) to Create CVC Credit with $75 Billion AUM (Fee-Paying), Marathon Asset Management Founded in 1998 by Bruce Richards & Louis Hanover, CVC Founded in 1981 by Citigroup as Citicorp Venture Capital, Became Independent (Spinoff) in 1993 to Create CVC Capital Partners Co-founded by Donald Mackenzie, Steve Koltes & Rolly van Rappard, IPO on Netherlands Euronext Amsterdam in 2024 at €14 Billion Valuation (Current €15.7 Billion Market Value / $18.6 Billion), CVC Has $239 Billion AUM in 2025 “
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CVC CEO, Rob Lucas: “This is a highly strategic transaction that accelerates our growth and reinforces the strength of our platform. Expanding credit capability in the US to complement our market-leading European platform has been a clear priority for CVC, and we are delighted to partner with Bruce, Lou, and the team. Marathon’s outstanding track record across multiple cycles, combined with its performance and investment-led culture, aligns perfectly with CVC’s approach. Together, the Marathon transaction combined with our recently announced strategic partnership with AIG, means we are even better positioned to deliver for our clients across the Institutional, Private Wealth, and rapidly growing Insurance channels.”
Bruce Richards, Co-Founder of Marathon: “For 28 years, Marathon’s unwavering mission is to deliver exceptional investment performance for clients through our robust origination platform, rigorous investment approach, deep specialization, and disciplined risk-management. CVC’s focus on delivering exceptional investment returns, integrity, collaboration, and client partnership closely aligns with Marathon’s culture. CVC’s global reach and its investment insights across multiple asset classes and geographies will deliver a powerful partnership, and we greatly look forward to growing our world class credit platform together with CVC.”
CVC – CVC is a leading global private markets manager focused on private equity, secondaries, credit and infrastructure with a global network of 30 local offices and €201 billion of assets under management. CVC has seven complementary strategies across private equity, secondaries, credit and infrastructure. CVC’s private equity platform manages €116 billion of assets and comprises four strategies: Europe/Americas, Asia, Strategic Opportunities and Catalyst. CVC’s Secondaries business manages €17 billion assets under management, the Credit platform manages €49 billion and Infrastructure manages €19 billion. CVC’s ability to bring to bear the full extent of its global resources on any situation gives it a competitive advantage when sourcing new investment opportunities and when creating value during CVC’s ownership period. CVC Capital Partners plc is a public limited company listed on Euronext Amsterdam.
Marathon Asset Management – Marathon Asset Management is a leading global asset manager with $24B in AUM specializing in the Public and Private Credit markets with an unwavering focus on exceptional performance, partnership and integrity. Marathon’s integrated global credit platform is driven by our specialized, experienced and disciplined investment teams across Private Credit (Direct Lending, Asset-Based Lending, Opportunistic Credit) and Public Credit (High Yield, Leveraged Loans & CLOs, Emerging Markets, and Structured Credit). Marathon’s investment programs are built on unique origination platform, rigorous fundamental research, and robust risk management to create attractive and resilient portfolios on behalf of our clients. Founded in 1998, Marathon is driven by our mission to deliver exceptional investment performance and cultivating lasting strategic partnership with our clients, including leading institutional investors: public and corporate pension plans, sovereign wealth funds, endowments, foundations, insurance companies, family offices, and RIAs. Marathon’s 190 professionals work from our offices in New York, London, Luxembourg, Miami and Los Angeles. Marathon is registered with the U.S. Securities and Exchange Commission (SEC) and Financial Services Authority (“FSA”) in the UK. Marathon is a signatory of the Principles for Responsible Investment (PRI).
European $239 Billion Private Markets Manager CVC Capital Partners Buys United States $24 Billion Credit Manager Marathon Asset Management for $1.2 Billion in Cash & Equity Deal ($400 Million Cash & $800 Million CVC Equity, Include Contingent) to Create CVC Credit with $75 Billion AUM (Fee-Paying), Marathon Asset Management Founded in 1998 by Bruce Richards & Louis Hanover, CVC Founded in 1981 by Citigroup as Citicorp Venture Capital, Became Independent (Spinoff) in 1993 to Create CVC Capital Partners Co-founded by Donald Mackenzie, Steve Koltes & Rolly van Rappard, IPO on Netherlands Euronext Amsterdam in 2024 at €14 Billion Valuation (Current €15.7 Billion Market Value / $18.6 Billion), CVC Has $239 Billion AUM in 2025
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