Marathon Asset Management

What Marathon Asset Management does

Marathon Asset Management is a global credit-focused investment manager founded in 1998 by Bruce Richards and Lou Hanover, operating an integrated platform spanning public credit (High Yield, Leveraged Loans & CLOs, Emerging Markets, Structured Credit) and private credit (Direct Lending, Opportunistic Credit, Asset-Based Lending, plus specialty verticals in Transportation, Healthcare, CRE, Residential, Consumer, and Specialty Finance). The firm manages $24B+ in current AUM with $250B+ invested since inception across 1.5K+ companies in 100+ countries, employing 190+ professionals across five offices (New York HQ, Miami, Los Angeles/Marina Del Rey, London, Luxembourg).

The investment platform is differentiated by M2PT (Marathon Machine-Learning Proprietary Technology), a proprietary suite of ML models refined since the Global Financial Crisis and trained on 36M+ consumer loans, 50K+ residential loans, and three decades of loan-level observations, which informs cash flow forecasting, probabilistic credit projections, and portfolio construction across consumer, residential, structured, and commercial real estate strategies. The firm also operates a dedicated CLO issuance program (Bryant Park Funding shelf with 22 CLOs issued and $25B+ invested), an aviation ABS program (MAST series), and sub-advisory relationships with John Hancock Investment Management for the JHHY ETF and ABLFX closed-end fund.

Revenue is generated through management and incentive fees on $24B+ AUM, CLO structuring and management fees, sub-advisory fees on white-label products, and interest income from direct lending and opportunistic credit deployment. Distribution is anchored by 750+ institutional Limited Partners across public pensions, sovereign wealth funds, corporate pensions, insurance companies, endowments, foundations, asset managers, OCIOs, family offices, and private bank wealth platforms, supplemented by intermediary channel partnerships (John Hancock, iCapital Marketplace, Webster Bank joint venture). On January 26, 2026, CVC Capital Partners agreed to acquire 100% of Marathon for up to $1.2 billion; the combined entity with CVC Credit will operate as CVC-Marathon with approximately €61 billion in Fee-Paying AUM, expected to close in Q3 2026.

Name

Marathon Asset Management

Legal name

Marathon Asset Management, LP

Website

http://www.marathonfund.com

Company type

Private

Founded year

1998

Operating status

Acquired

Headcount range

101–250 employees

Short description

Marathon Asset Management is a global credit-focused investment manager founded in 1998, operating integrated public and private credit strategies across $24B+ AUM for 750+ institutional LPs (pensions, sovereign wealth funds, insurers, endowments). Pending Q3 2026 close of CVC Capital Partners' $1.2B acquisition, the firm will rebrand as CVC-Marathon with ~€61B Fee-Paying AUM.

Ownership category

akta.pro rank

Product category

Credit Asset Management

NAICS

Portfolio Management and Investment Advice (523940), Funds, Trusts, and Other Financial Vehicles (525), Other Investment Pools and Funds (5259)

SIC

Investment Advice (6282), Asset-Backed Securities (6189)

akta.pro primary industry

Leveraged Loans & CLOs (FSAAAHAF)

akta.pro secondary industries

Private Credit — Structured Credit (CLOs, ABS, Private Securitizations) (FSAHAJAH), Collateralized Loan Obligations (CLO) (FSACACAC)

Keywords

• Credit asset management
• Collateralized loan obligations
• Private credit investing
• Institutional credit strategies
• Leveraged loan management

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Asset Management Fees: Recurring management fees on $24B+ AUM across commingled funds and separately managed accounts; percentage-based fees on Fee-Paying AUM (combined entity with CVC expected at approximately €61 billion).
2. CLO Management and Structuring Fees: Fees from managing Collateralized Loan Obligations (22 CLOs issued, $25B+ invested in CLOs since inception), including new issue CLO equity/debt tranche structuring and ongoing CLO equity management through Bryant Park Funding shelf.
3. Sub-Advisory and Customized Solution Fees: Fees from sub-advisory mandates (e.g., John Hancock High Yield ETF, John Hancock Asset-Based Lending Fund) and customized Fund of One / Separately Managed Account solutions.
4. Direct Lending Origination and Interest Income: Interest income and origination-related economics from senior loans, unitranche loans, junior loans, and equity co-investments across Direct Lending, Opportunistic Credit (DIP financing, rescue capital, exit financings), and Asset-Based Lending platforms.

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels6 records

Core offering

Marathon Asset Management is a global credit-focused alternative asset manager that invests across public and private credit markets on behalf of institutional clients. The firm manages collateralized loan obligations (CLOs), leveraged loan portfolios, private credit strategies, and opportunistic credit mandates, deploying institutional capital across the credit risk spectrum from offices in New York, Miami, Marina Del Rey, London, and Luxembourg.

Product overview

Marathon Asset Management is a leading global asset manager specializing in public and private credit markets, operating a platform-plus-modules architecture built around two integrated platforms—Private Credit (Direct Lending, Opportunistic Credit, and Asset-Based Lending) and Public Credit (Structured Credit, Leveraged Loans & CLOs, High Yield, and Emerging Markets)—that are unified through the Multi-Asset Credit Program and supported by specialized sub-strategies including Transportation Finance, Healthcare Finance, Commercial Real Estate Finance, Residential Real Estate Finance, Consumer Credit, and Specialty Finance. The platform is differentiated by its proprietary machine-learning technology m2PT and includes a dedicated CLO issuance program (Bryant Park Funding shelf), asset-backed securities programs (MAST series for aviation), and externally distributed products such as the John Hancock High Yield ETF (JHHY) and the John Hancock Asset-Based Lending Fund (ABLFX). In January 2026, Marathon was acquired by CVC Capital Partners and is being rebranded as CVC-Marathon.

Differentiator

Problem solved

Functional benefit

Brands

• Bryant Park Funding: Marathon-managed CLO issuance shelf under which Marathon has issued 22 CLOs, with $25B+ invested in CLOs since inception.
• MAST (Marathon Aircraft Securitization Trust)
• CVC-Marathon

Products and services

• Collateralized Loan Obligations (CLOs) Structured credit vehicles that invest in pools of leveraged loans and are managed on behalf of institutional investors seeking diversified exposure to the senior and mezzanine credit tranches.
• Leveraged Loan Management Active management of portfolios of leveraged loans issued by below-investment-grade borrowers, offered to institutional clients seeking income and credit exposure.
• Private Credit Strategies Private credit investment mandates providing institutional investors with direct lending, bespoke financing, and private opportunistic credit solutions outside of broadly syndicated markets.
• Opportunistic Credit Flexible opportunistic credit mandates that invest across both public and private credit markets, allowing the firm to allocate tactically across the credit risk spectrum.
• Sub-Advisory Services Sub-advisory mandates in which Marathon manages credit strategies on behalf of other asset managers, wealth platforms, and distribution partners such as iCapital, extending the firm's reach to a broader institutional and high-net-worth audience.

Quantifiable outcome

• $24B+ AUM and $250B+ invested since 1998 inception across multiple credit cycles
• +6 more outcomes

Named customers16 records

Segments9 records

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

AI capability9 records

Feature4 records

Partnerships

Eight partnerships are on record, tiered flagship, moderate, minor and core.

• SimCorpflagshipTechnology or Integration · 3 June 2026Marathon expanded its partnership with SimCorp by adopting the SimCorp One investment management platform to consolidate front-to-back investment infrastructure, retiring legacy systems and establishing a single data layer across the firm.
• CBRE (National Senior Housing team)moderateImplementation/ SI/ Consulting Partner · 18 February 2026CBRE's National Senior Housing team advised on the $235 million senior mortgage loan Marathon provided to Lone Star Real Estate Fund VI for an 11-property senior housing portfolio.
• Discovery Senior LivingminorOthers · 18 February 2026Discovery Senior Living is the operator across the 11-property, 1,564-unit senior housing portfolio refinanced with Marathon's $235M senior mortgage loan; Discovery manages over 46,000 senior housing units across the United States.
• Orix Aviation Systems LimitedmoderateImplementation/ SI/ Consulting Partner · 9 February 2026Orix Aviation Systems Limited is the servicer for MAST 2026-1 Limited and MAST 2026-1 LLC, Marathon's second ABS issuance and the inaugural aviation ABS transaction for Orix. The portfolio includes 27 narrowbody aircraft on lease to 18 lessees across 15 jurisdictions.
• iCapitalcoreChannel Partner/ Reseller/ Distributor · 16 September 2025Marathon broadened access to its Asset-Based Lending strategy on the iCapital Marketplace in September 2025, expanding distribution to RIAs and family offices.
• Knighthead Capital ManagementmoderateStrategic or Co-development Partner · 1 August 2025Knighthead and Marathon co-led the take-private merger of ATI Physical Therapy completed August 1, 2025 with total enterprise value of $523.3 million.
• Webster BankcoreStrategic or Co-development Partner · 1 July 2024Marathon and Webster Bank announced intention to combine forces in Middle Market Lending (Private Credit Joint Venture) in July 2024; subsequently co-provided senior secured financing for Littlejohn's acquisitions of Sunbelt Modular and PK Companies.
• John Hancock Investment ManagementcoreOEM/ Whitelabel/ Licensing Partner · 1 January 2022John Hancock Investment Management Distributors LLC distributes Marathon-sub-advised products: John Hancock Asset-Based Lending Fund (ABLFX, Massachusetts business trust closed-end fund launched 2022) and John Hancock High Yield ETF (JHHY, exchange traded fund). Marathon acts as sub-adviser.

Scale indicators25 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Ares Management Corporation: Ares is a leading alternative asset manager with a credit franchise that directly parallels Marathon's, spanning direct lending, CLOs, high yield, structured credit, and asset-based finance — competing head-to-head for the same institutional LPs and sponsor-led financing mandates.
• Oaktree Capital Management: Oaktree, now part of Brookfield, is a direct credit peer specializing in high yield bonds, leveraged loans, CLOs, structured credit (including the PPIP-era RMBS/CMBS book) and opportunistic credit — a product overlap nearly identical to Marathon's public credit platform.
• HPS Investment Partners: HPS is a direct peer in private credit, with core franchises in direct lending, asset-based finance, mezzanine, and strategic capital that closely mirror Marathon's private credit pillars, and a similarly institutional LP base.
• Blue Owl Capital: Blue Owl's Direct Lending and GP Stakes Capital franchises are direct peers to Marathon's Direct Lending and Opportunistic Credit strategies, both targeting middle-market sponsor-led financings and institutional LP capital.
• Sixth Street Partners: Sixth Street operates a global credit and credit-adjacent platform spanning direct lending, asset-based finance, structured credit, and opportunistic credit — closely matching Marathon's strategy set and target institutional client base.
• Golub Capital: Golub is a direct peer in middle-market direct lending, with comparable sponsor coverage and unitranche / one-stop financing products that directly compete with Marathon's Direct Lending platform.

Broad incumbents

• Apollo Global Management: Apollo is a much larger, broadly diversified alternative asset manager whose Athene-anchored credit franchise (direct lending, CLOs, structured credit, hybrid value) competes with Marathon across most of its product set, but Apollo also operates insurance, private equity, and real estate businesses.
• KKR & Co. KKR operates a broad alternative asset management platform with a sizable Credit & Liquid Strategies franchise (leveraged loans, CLOs, direct lending, special situations, real estate credit) that competes with Marathon across multiple product lines.
• Blackstone: Blackstone is a historic strategic investor in Marathon (2016) and a large broadly diversified alternative manager whose Credit & Insurance and Real Estate Debt strategies compete with Marathon's structured credit, direct lending, and CRE finance franchises.
• The Carlyle Group: Carlyle's Global Credit franchise (direct lending, CLOs, structured credit, private credit) is a direct competitor to Marathon's credit platform within a broader alternative asset management firm that also operates private equity, real assets, and investment solutions.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xtwitter.com/Bruce_Markets
• LinkedInlinkedin.com/company/marathon-asset-management

Compliance8 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries2 records

Funding overview

Funding rounds2 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments19 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Marathon Asset Management