CVC Capital Partners agreed on 26 January to acquire Marathon Asset Management, a US credit investor, for base consideration of up to $1.2bn in cash and CVC equity.
Why CVC Capital Partners is buying Marathon Asset Management
CVC said Marathon's positions in asset-based, real estate, opportunistic and public credit would significantly widen its access to the US credit market and complement its liquid credit and European direct-lending franchises.
“This is a highly strategic transaction that accelerates our growth and reinforces the strength of our platform.”
Deal terms and financing
CVC pays $400m in cash at closing, of which $280m goes to Marathon's minority partner, and up to 45 million SubCo units exchangeable one-for-one into CVC shares. An earn-out of up to $200m in cash and 11 million units, payable only to Marathon partners and employees, depends on performance from FY2027 to FY2029. Bruce Richards joins CVC's partner board and co-manages the combined credit business with Andrew Davies.
Regulatory approvals and timing
The deal was subject to regulatory and other consents. CVC announced completion on 1 July 2026.
Market context
Large alternative managers have been buying credit specialists to tap insurance and institutional demand for private credit. CVC Credit's fee-paying assets rise to about €61bn on a combined basis as at 30 September 2025.
