CNO Financial Group acquires minority stake in Rialto Capital
CNO Financial Group said that it has acquired a minority stake in Rialto Capital, a Florida-based real estate investment management and asset management company.
The amount paid for the stake acquisition was not disclosed by CNO Financial Group, which is an Indiana-based financial services holding company.
It joins Stone Point Capital-managed funds and the management team of Rialto Capital as continuing owners of the business.
CNO Financial Group has also agreed to invest in various investment vehicles, managed by Rialto Capital, which invests and manages assets across the real estate capital structure in real estate properties, securities, and loans.
As of 31 December 2021, Rialto Capital has nearly $14.2 billion of assets under management.
Jeff Krasnoff — CEO of Rialto Capital said: “We are thrilled to welcome CNO as a strategic partner.
“CNO has a successful track record and we look forward to creating value together.”
CNO Financial Group said that by partnering with Rialto Capital, it will be able to extend the capabilities of its in-house investment platform. Besides, it helps to benefit opportunistically from greater exposure to commercial real estate, as market conditions allow, said the financial services holding company.
Gary C. Bhojwani — CEO of CNO Financial Group said: “This partnership demonstrates CNO’s commitment to allocate capital and diversify our investment portfolio to enhance shareholder returns.
“We are pleased to invest in Rialto and its proven management team, who are leading investors and asset managers in this important sector.”