Man Group has completed its previously announced acquisition of Varagon Capital Partners, a US middle market private credit manager with $11.8bn of assets under management  and $15.4bn of total client commitments, having received all necessary regulatory approvals.

Founded in 2014, Varagon has completed $24.5bn of financings to over 300 companies and 138 sponsors. The firm focuses on senior secured loans with multiple covenants to cash generative, high-performing sponsor-backed companies in non-cyclical industries, and typically serves as a lead or co-lead lender, with origination capabilities that support enhanced terms and differentiated returns for investors. Varagon offers this strategy through a range of market-validated investment vehicles, including separately managed accounts, private funds, and rated note products.

Walter Owens, CEO of Varagon, continues to manage the Varagon business, supported by its existing 88 team members across offices in New York, Fort Worth and Chicago. Varagon’s investment committee, investment team and investment processes will remain unchanged.