Virtus Investment Partners to Acquire Majority Stake in Private Credit Manager Keystone National Group 

Virtus Investment Partners, Inc. has signed an agreement to acquire a majority interest in Keystone National Group, a private-credit investment manager focused on delivering alternative income solutions to the wealth distribution channel. The acquisition marks Virtus’ entry into private markets and adds a scalable asset-backed lending platform to its portfolio of investment capabilities. 

Under the terms of the agreement, Virtus will pay $200 million at closing, with up to $170 million in deferred consideration tied to Keystone’s achievement of future revenue targets. The company intends to fund the acquisition using existing balance-sheet resources. The transaction is expected to close in Q1 2026 and be accretive to earnings in 2026. 

Founded in 2006, Keystone managed $2.5 billion as of October 31, 2025, and has deployed over $6 billion across 750+ transactions. Its flagship fund — the Keystone Private Income Fund (KPIF) — is a $2 billion tender-offer vehicle that provides diversified exposure to asset-centric private credit. Keystone also manages two private REITs focused on real estate bridge lending and equity strategies. 

“Partnering with Keystone allows us to offer strategies of an innovative private credit manager that has delivered attractive, uncorrelated returns — at a time when clients increasingly seek alternative sources of income and broader diversification beyond direct lending,” said George R. Aylward, President and CEO of Virtus. 

Keystone’s leadership team will retain significant equity ownership and enter into long-term employment agreements. Operating as a Virtus investment manager, the firm will maintain full autonomy over its investment process, culture, and brand. 

RBC Capital Markets and Goodwin Procter LLP advised Virtus, while BofA Securities and Willkie Farr & Gallagher LLP advised Keystone National Group on the transaction.