Man Group Buys Stake in Varagon in Private Credit Market Push

Man Group Plc is buying a controlling stake in private credit manager Varagon Capital Partners, signaling a major push into the booming market.

The world’s largest publicly listed hedge fund firm will pay $183 million in cash for US-based Varagon, which has $11.8 billion of assets and $15.4 billion of total client commitments, according to a statement Thursday. Varagon CEO Walter Owens will continue to manage the business after the deal is completed.

Man Group is diversifying its range of money pools that span hedge funds, quant funds and long-only investment products. Varagon focuses on senior secured loans to private ...