<!-- Swiftype Variables -->

Alternatives

Pacific Current Group acquires passive stake in Victory Park Capital

Pacific Current Group acquired a 24.9% stake in credit specialist Victory Park Capital for $70 million.

Pacific Current Group’s stake is passive and provides Victory Park Capital with permanent capital, said Jessica Rettig, spokeswoman for Pacific Current Group.

VPC manages $3.2 billion in direct lending, distressed and opportunistic credit strategies. The firm's transactions typically are between $5 million and $100 million, according to its website.

"Our alignment on strategic initiatives, shared vision for VPC's long-term growth trajectory and positive group dynamics makes PAC the ideal partner for us in the next phase of our firm's growth," said Richard Levy, VPC's founder and CEO, in a joint news release.

Pacific Current Group Chairman Michael Fitzpatrick noted in the release that the company's investment in VPC is "further evidence of our team's ability to secure attractive investments across the size and asset class spectrum. Additionally, the firm's product offerings have already attracted a global following among sophisticated institutional investors and we believe that will only continue to grow."

The deal closed Tuesday, said Karolina Kmiecik, a VPC spokeswoman.

Pacific Current Group, a multiboutique asset management company listed on the Australian Securities Exchange, has acquired passive minority stakes in 16 boutique investment firms, which managed a total of $51.7 billion as of March 31.