MELBOURNE: Australia’s Pacific Current Group (PAC.AX) said on Thursday it has agreed to sell a portion of its stake in U.S.-based asset manager Victory Park Capital (VPC) to insurer CNO Financial Group (CNO.N) for $5.5 million.
The deal involves the sale of 18% of PAC’s remaining 11.2% equity interest in VPC’s management company and a portion of its future carried interest entitlements. The upfront consideration is $5.5 million before transaction costs.
Following the transaction, Pacific Current’s stake in VPC’s management company will be reduced to 9.2%. Its entitlement to carried interest, a share of investment profits, from future VPC funds will be 18.6%, while its share of carried interest from existing funds remains unchanged at 24.9%.
As of June 30, 2025, the total book and fair value of PAC’s investment in VPC was $65.06 million.
“We are pleased to welcome CNO as a strategic partner to Victory Park, bringing a minimum of $600 million in capital commitments to new and existing Victory Park investment strategies,” said Michael Clarke, PAC’s Executive Director and Acting CEO.
Pacific Current Group, a multi-boutique asset manager, will use the proceeds for general corporate purposes, which may include further investments. The company holds investments in eight asset management firms globally.