Varagon Capital Partners, L.P.

Varagon Capital Partners, L.P. is an SEC‑registered investment manager that primarily oversees pooled investment vehicles and separately managed accounts focused on directly originated middle‑market credit. It provides both discretionary and non‑discretionary advisory services to institutional investors, including insurance companies and pension plans, and participates in a sponsored senior direct lending program (SDLP).

The firm’s investment process centers on direct origination of term loans, active portfolio management and committee‑level approval of investments, supported by in‑house valuation processes and the use of unaffiliated third‑party pricing services. It evaluates opportunities across the debt capital structure, routinely engages in syndications and co‑investment arrangements, and may provide short‑term bridge financing and receive transaction‑related origination fees in connection with its lending activities.

Recent brochure amendments disclosed changes to fee and compensation practices and to an SEC exemptive order that affects negotiated co‑investment allocations and related procedures. Distinctive features relative to many peers include a substantial share of non‑discretionary AUM, formal relationships with an affiliated broker‑dealer and commodity‑related affiliates, operation from five or more offices, and majority ownership and integration with the Man Group platform alongside a joint venture arrangement with Ares that can influence allocation decisions.