Aflac Global Investments to Buy Stake in Varagon Capital
January 08 2020 - 5:44AM
Dow Jones News
By Chris Wack
Aflac Global Investments, the asset management subsidiary of
Aflac Inc. (AFL), said Wednesday it is buying a significant
non-controlling minority interest in direct lending asset manager
Varagon Capital Partners L.P.
Aflac Global Investments also said it is making a multiyear
commitment to build a portfolio of up to $3 billion of middle
market loans on behalf of Aflac Japan and Aflac U.S.
Aflac said the transaction doesn't have a material impact on its
2020 capital deployment plans or overall capital and liquidity
position and is expected to close in the first quarter of 2020.
Varagon Capital said it is extending its existing strategic
partnership with American International Group (AIG).
Aflac will acquire the interests in Varagon currently held by
certain former and current partners and affiliates of Oak Hill
Capital Management. The transaction won't reduce ownership of
Varagon by management or AIG, and upon closing, Aflac and AIG will
hold equal ownership stakes.
Varagon said it will continue to operate as an independent
company with no changes to its strategy, investment philosophy,
management team, or day-to-day operations.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
January 08, 2020 06:29 ET (11:29 GMT)
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