Freshfields, Fried Frank steer CVC’s $1.6bn US private credit deal

Freshfields and Fried Frank advised CVC on its acquisition of US credit firm Marathon Asset Management in a deal valued at $1.6 billion.

Sidley Austin acted for Marathon, a global credit investment manager with more than $20 billion under management across corporate debt, direct lending and structured credit strategies, expanding Amsterdam-listed CVC’s access to the booming US private credit market.

Consolidation gathers pace

The transaction adds to a growing wave of private equity interest in private credit managers. Similar sponsor-led investments in established credit managers include TPG’s acquisition of Angelo Gordon in 2023 and BlackRock’s $12 billion acquisition of HPS in 2024, a deal that saw Clifford Chance, Skadden and Fried Frank advising.

Private credit, once a relatively niche area, has become a significant allocation for many institutional investors like pension funds and insurers. The shift has been driven by higher interest rates, constrained bank lending and better downside protection for investors.

CVC chief executive Rob Lucas said: “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”.

Advising

Freshfields and Fried Frank advised CVC on the acquisition, with the Freshfield team led by London partners Andy Robinson, David Sonter, Charles Hayes and New York-based Neal Reenan. Hayes and Sonter also led CVC's €14 billion IPO and listing on Euronext Amsterdam in 2024. 

The Fried Frank team was led by London partners Kate Downey, Aranpreet Randhawa and Karen Henderson.

Sidley Austin acted for Marathon, led by New York partners Andrew Colosimo, Patrick Greeley, and Ryan McNagny, David Form and Christian Brause.