Blackstone has made a gain of more than $400m from its minority investment in Marathon Asset Management, following CVC Capital Partners’ $1.2bn acquisition of the US credit investor, according to sources cited by Bloomberg.

Blackstone’s GP stakes platform generated more than three times its original investment in Marathon, which it first backed in 2016. The return includes $280m in cash proceeds from the sale of its entire stake, alongside capital returned by Marathon over the past decade.

Blackstone may also earn additional incentive fees and yield linked to the investment, according to the people.

Marathon has undergone a significant transformation since Blackstone’s initial investment, repositioning itself from a liquid hedge fund manager into a diversified credit platform. A majority of its capital is now invested in private market strategies, reflecting broader shifts across the credit industry.

Recent transactions include Goldman Sachs and Blue Owl Capital acquiring minority stakes in large investment managers, while firms such as Wafra have targeted smaller platforms.

CVC’s acquisition of Marathon marks one of the largest GP-led transactions in the private credit sector and highlights sustained investor appetite for scaled alternative asset managers with recurring fee income.

A spokesperson for Blackstone declined to comment.

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