We are advising Varagon Capital Partners on the transaction

Davis Polk is advising Varagon Capital Partners, L.P. on the acquisition of a controlling interest by Man Group plc. Aflac Inc., Corebridge Financial, Inc. and American International Group, Inc., which account for over half of Varagon’s client commitments, have agreed to continue their existing multi-year investment management agreements. The transaction is subject to regulatory approvals and is expected to be completed in the third quarter of 2023.

Founded in 2014, Varagon is a leader in the core U.S. middle market, having completed $24.5 billion 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.

Man Group is a global, technology-empowered active investment management firm focused on delivering alpha and portfolio solutions for clients. Headquartered in London, Man Group manages $144.7 billion and operates across multiple offices globally. Man Group plc is listed on the London Stock Exchange under the ticker “EMG” and is a constituent of the FTSE 250 Index.

The Davis Polk corporate team includes partner Michael Davis, counsel Ajay B. Lele and associate Samuel Liebmann. Partner Adam Kaminsky and counsel Kevin A. Brown are providing executive compensation advice. Partner Leor Landa, counsel Jennifer Grant Cooper and associate Alisan Oliver-Li are providing investment management advice. Partner David H. Schnabel and counsel Aliza Slansky are providing tax advice. Members of the Davis Polk team are based in the New York and Washington DC offices.

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