CVC - Marathon

Opportunistic, distressed credit that turns market dislocation into return.

CVC-Marathon, formerly Marathon Asset Management, is a leading global credit investment manager. In July 2026, CVC Capital Partners completed its acquisition of the firm, which is being rebranded CVC-Marathon; co-founders Bruce Richards and Lou Hanover continue to lead its credit strategies. We are a limited partner in the Marathon Distressed Credit Fund, which held its final close at $2.5 billion in early 2021, part of the opportunistic credit allocation within our portfolio.

Why we hold it

A well-built portfolio needs positions that behave differently from the rest. Distressed credit is one of them. It seeks return by investing in the debt of companies and situations under stress, often when other investors are forced to sell, which means its best opportunities tend to appear precisely when markets are dislocated. That counter-cyclical quality makes it a useful complement to the steadier, income-focused holdings elsewhere in our portfolio. Marathon is a seasoned operator in this space, with deep experience across credit cycles and a large team dedicated to sourcing, analyzing, and working out complex situations. This is a return-seeking allocation, not a mission-first one, and we hold it as part of building a resilient, diversified portfolio strong enough to support our mission over the long term.

What Marathon does

Marathon invests across the global credit markets, with strategies spanning distressed and opportunistic credit, corporate credit, structured products, real estate, and emerging markets. The Distressed Credit Fund focuses on buying stressed and distressed debt at attractive prices and creating value through active management and restructuring, aiming to generate strong returns through periods of volatility. The fund's 2021 final close at $2.5 billion positioned Marathon to invest into the dislocations created by the COVID-19 crisis, a classic distressed-credit opportunity set. With the CVC combination, the credit strategies now sit within a substantially larger global platform, adding institutional scale while keeping the same senior team in place.

Why it matters to us

Marathon does a specific job in our portfolio: pursuing return where dislocation creates opportunity, in a way that diversifies our other holdings. It is the kind of experienced, disciplined manager we want handling a strategy this complex, and it helps keep the overall portfolio resilient enough for us to take patient, intentional risk in our more mission-forward work.

Our role: Investor (limited partner in the Marathon Distressed Credit Fund)

Type: Global credit investment manager

Focus: Distressed and opportunistic credit

Figures reflect publicly reported data. Investing involves risk, including possible loss of principal, and past performance is not indicative of future results. This page is informational and not an offer of, or solicitation for, investment.