🔒Hartford-based Virtus takes minority stake in San Francisco private credit firm

Virtus Investment Partners Inc. has acquired a 35% minority interest in a San Francisco-based private credit firm that lends to middle-market technology companies, according to the company. The Hartford-based asset manager said the firm, Crescent Cove LP, manages about $1 billion in assets and focuses on providing private capital to technology companies, including those in defense technology, autonomous driving, artificial intelligence and financial technology. Crescent Cove was founded in 2016. Virtus said the deal was funded with existing resources, and financial terms were not disclosed. Virtus Investment Partners is a publicly traded asset manager headquartered in downtown Hartford’s Gold Building. As of Dec. 31, 2024, the company employed 805 people and operated offices across the U.S., as well as in the United Kingdom and Singapore. Virtus reported $169.3 billion in assets under management at the end of September.