Two and a half years after its acquisition, private credit firm Czech Asset Management on Jan. 6 spun out from Voya Investment Management, becoming an independent firm led by its founder and CIO Stephen J. Czech, a CAM news release and a Voya spokesman said.
Voya Investment Management and CAM made the decision to transfer the private credit business back to its founder and CIO, said Kristopher Kagel, Voya IM spokesman.
"Both sides felt this agreement is in the best interest of both businesses, the employees, and clients," Kagel said. "The terms of the transaction are not material to Voya Financial’s financial position."
Voya Investment Management is the asset management business of Voya Financial.
Voya Investment Management acquired Czech Asset Management in 2022. At the time, Czech Asset Management had $5 billion in committed capital in first- and second-lien floating-rate senior-secured loans primarily to U.S. middle-market companies.
CAM has had about $5.5 billion in capital under management since inception, the news release said.
Voya Investment Management has more than $340 billion in assets under management.