Connecticut firm acquires Keystone National Group of Salt Lake City

Virtus Investment Partners Inc. of Hartford, Connecticut has entered into an agreement to acquire a majority interest in Keystone National Group, an investment manager specializing in asset-centric private credit based in Salt Lake City. 

Virtus said the transaction expands its offerings into private markets with the addition of a differentiated asset-backed lending capability. 

Founded in 2006, Keystone has over two decades of experience managing private credit assets, offering differentiated exposure to private markets primarily through its diversified asset-backed lending strategies, which include equipment finance, real estate finance, financial assets and corporate loans. Since its founding, Keystone, which managed $2.5 billion as of Oct. 31, has deployed over $6 billion of capital in more than 750 transactions. In addition, Keystone also manages two private real estate investment trusts specializing in real estate bridge lending and real estate equity.

“Partnering with Keystone allows us to offer strategies of an innovative asset-centric private credit manager that has delivered attractive, uncorrelated returns to meet the needs of clients who are increasingly looking for alternative sources of income as well as to diversify their private credit exposure beyond direct lending,” said George R. Aylward, president and CEO of Virtus. “John Earl and Brandon Nielson, Keystone’s co-founders, and their team have built a high quality, client-focused business and we welcome them to our family of investment managers.”

Under the agreement, Virtus would purchase a majority interest in Keystone for consideration of $200 million at closing and up to an additional $170 million of deferred consideration, including earnout payments subject to the achievement of future revenue targets.

Keystone’s management team will retain meaningful equity in Keystone, and the managing partners will enter into long-term employment agreements, Virtus said. As a Virtus investment manager, Keystone will retain autonomy over its investment process and day-to-day activities, as well as preserve its culture and brand identity.

“We are excited to be partnering with Virtus, who we view as an ideal strategic partner to support our next stage of growth and evolution for the firm,” said Earl. “We are proud of our consistent track record over the last two decades as an early pioneer in asset-backed private credit and grateful for the support of our investors, team and partners who have all contributed to our shared success. We look forward to continuing to deliver outstanding service for our clients as part of the Virtus platform.”

The transaction is expected to close in the first quarter of 2026.