CVC has acquired global credit manager Marathon for $1.2bn (£877.7m) as it continues to expand its presence in the US.

The private markets firm, which has €201bn (£174bn) of assets under management,  said it would benefit from Marathon’s $24bn footprint across the US asset-based, real estate, opportunistic and public credit markets. It added that the acquisition would help it serve clients across institutional, private wealth and insurance channels globally.

Following completion, the combination of CVC Credit and Marathon will increase CVC Credit’s fee-paying assets under management to approximately €61bn.

Read more: CVC Credit prices seventh CLO of 2025 at €400m 

“This is a highly strategic transaction that accelerates our growth and reinforces the strength of our platform,” said CVC’s chief executive Rob Lucas. “Expanding credit capability in the US to complement our market-leading European platform has been a clear priority for CVC, and we are delighted to partner with Bruce, Lou, and the team. Marathon’s outstanding track record across multiple cycles, combined with its performance and investment-led culture, aligns perfectly with CVC’s approach.”

Bruce Richards and Lou Hanover will continue to co-head Marathon’s credit strategies, and the firm will be rebranded CVC-Marathon, the firm said. Richards will also join CVC’s partner board.

Read more: CVC Credit closes latest European direct lending fund in double digits

“CVC’s focus on delivering exceptional investment returns, integrity, collaboration, and client partnership closely aligns with Marathon’s culture,” said Richards. “CVC’s global reach and its investment insights across multiple asset classes and geographies will deliver a powerful partnership, and we greatly look forward to growing our world-class credit platform together with CVC.”

The $1.2bn base consideration for Marathon comprises $400m in cash and up to $800m in CVC equity.

The transaction is subject to regulatory and other approvals and is expected to close in the third quarter of 2026.

The move comes as CVC announced this month that it will manage insurance-focused private credit mandates for American International Group (AIG) under a new strategic partnership between the two companies.