Virtus Investment Partners acquires Keystone National Group

Virtus Investment Partners acquired Keystone National Group for $200 million cash at close plus up to $170 million deferred/earn-out (up to ~$370 million) for a 56% interest, with options to reach up to 75%, a transaction completed in March 2026, structured as cash (existing balance-sheet resources).

Keystone National Group operates in Private markets / private credit, is based in Salt Lake City, UT. Through new subsidiary Virtus Private Markets Holdings, Virtus acquired 56% of the equity of Keystone National Group, a Salt Lake City private-credit manager specializing in asset-backed lending (equipment finance, real-estate finance, financial assets and asset-backed corporate loans). Keystone managed about $2.5 billion and had deployed over $6 billion across more than 750 transactions. Consideration was $200 million cash at closing, $65 million after year one, $30 million after year two, and up to $75 million of revenue-based contingent payments; put/call options allow Virtus to acquire up to an additional 19% (to 75%). Keystone's management retained meaningful equity and long-term employment agreements.

Extended Virtus into private markets with a differentiated asset-centric private-credit capability aimed at the wealth channel, meeting client demand for alternative income and diversification beyond direct lending.

Differentiated asset-backed private-credit platform with wealth-channel distribution and a founder-aligned team. Virtus distribution and support model for Keystone; new private-markets sleeve for the multi-boutique platform. Held through Virtus Private Markets Holdings; Keystone retains autonomy, brand and management equity

Keystone adds a highly specialized private markets capability that aligns well with our multi-boutique model and our clients' growing demand for alternative sources of income and diversification.George R. Aylward, President and CEO, Virtus Investment Partners

Advisory firms were not disclosed for this transaction.

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