Virtus Investment Partners, Inc. completed the acquisition of a 56% equity stake in Keystone National Group, LLC on March 1, 2026. The acquisition was made through Virtus's wholly owned subsidiary, Virtus Private Markets Holdings, LLC. Virtus has an option to acquire an additional 19% of Keystone's equity through put/call options. The total purchase price includes $200 million in cash at closing, $65 million payable on the first anniversary, $30 million on the second anniversary, and up to $75 million in contingent consideration based on revenue targets over two to three years. The acquisition was financed using existing balance sheet resources. Keystone, founded in 2006, specializes in asset-centric private credit, managing $2.5 billion as of December 31, 2025, and has invested over $6.0 billion across more than 750 transactions. Keystone's management team will maintain autonomy over investment processes, brand, and culture, and retain a significant equity stake.