December 5, 2025
Willkie is representing Keystone National Group, an investment manager specializing in asset-centric private credit, in its sale of a majority stake to Virtus Investment Partners, Inc. (NYSE: VRTS), which operates a multi-manager asset management business.
On December 5, Virtus announced that it entered into a definitive agreement to acquire a majority interest in Keystone National Group for $200 million at closing and up to an additional $170 million of deferred consideration.
The transaction expands Virtus’s offerings into private markets with the addition of a differentiated asset-backed lending capability. 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 asset-backed corporate loans.
The Willkie team is led by partners David Boston and Samir Patel and includes partners Geri Anne McEvoy, James Anderson, Brian Baltz and Christopher Peters.
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