On December 5, 2025, Virtus Investment Partners announced its agreement to acquire a majority interest in Keystone National Group.
Virtus Investment Partners (“Virtus”) announced on December 5, 2025, its agreement to acquire a majority interest in Keystone National Group (“Keystone”). Under the terms of the transaction, which is expected to close in the first quarter of 2026, Virtus will pay $200 million at closing and up to $170 million of additional deferred consideration. Keystone’s management team will retain meaningful equity in Keystone and the majority investment will not impact day-to-day operations. Further terms of the deal were not disclosed.
Virtus (NYSE: VRTS), based in Hartford, Connecticut, is a registered investment advisor offering asset management services. As of November 2025, Virtus had approximately $166 billion in client assets. RBC Capital Markets served as financial advisor to Virtus.
Keystone, based in Salt Lake City, Utah, is a registered investment advisor specializing in asset-backed private credit, including equipment finance, consumer finance, real estate lending, and corporate lending. As of October 2025, Keystone had approximately $2.5 billion in assets under management. BofA Securities acted as financial advisor to Keystone on the transaction.
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