Marathon Asset Management
A New York-based alternative investment manager focused on opportunistic credit and fixed-income markets.
Last updated August 22, 2026
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Overview
Marathon Asset Management, LP is an American alternative investment manager specializing in opportunistic investing across global credit and fixed-income markets. The firm was established in January 1998 as Marathon Asset Management, LLC by Bruce Richards and Louis Hanover, investment professionals associated with distressed and situational investing. Its strategy has centered on identifying complex, mispriced, illiquid, or event-driven opportunities in credit markets rather than operating as a conventional long-only bond manager. The firm's investment platform has included hedge funds, separately managed accounts, single-client funds, and vehicles investing in collateralized loan obligations and other debt obligations. This range of structures allows Marathon to serve different institutional capital requirements, including pooled alternative funds, customized mandates, and securitized-credit programs. Its activities have principally involved distressed debt, structured credit, leveraged loans, and other fixed-income opportunities, although the precise allocation of assets and strategies may change over time. Marathon reorganized as a Delaware limited partnership in 2008. During the same year it moved its headquarters to One Bryant Park in New York City, a building noted for its environmental design and high-level LEED certification. The relocation placed the firm in the center of New York's institutional investment and financial-services ecosystem. Following the global financial crisis, Marathon became one of eight private investment firms selected by the United States Department of the Treasury to manage a fund under the Legacy Securities Public-Private Investment Program. The program was designed to support the purchase and financing of legacy securities and to help restore liquidity to markets affected by the crisis. Marathon's participation connected its distressed-credit expertise with a government-sponsored initiative aimed at stabilizing the financial system. The company has maintained an international operating footprint, with its headquarters in New York and investment offices in London and Singapore. It is registered in the United States as an investment adviser under the Investment Advisers Act of 1940 and has also held registrations or regulatory statuses associated with the Commodity Futures Trading Commission, the National Futures Association, the United Kingdom's financial regulator, and the Monetary Authority of Singapore. These arrangements reflect its work with institutional investors and financial products across multiple jurisdictions. Blackstone Strategic Capital Holdings, an investment platform associated with The Blackstone Group, acquired a minority interest in Marathon in June 2016. Marathon remained an independently identified investment-management business rather than being described as a wholly owned Blackstone subsidiary. In January 2026, CVC Capital Partners reportedly agreed to acquire Marathon for up to $1.2 billion. The transaction would represent a significant ownership change, subject to the terms and completion conditions of the agreement. Reference material describes Marathon as managing more than $23 billion of capital and employing approximately 190 people, although the applicable reporting date for those figures is not specified. The firm is therefore best characterized as a specialized, institutionally oriented global credit manager whose identity is built around distressed, opportunistic, and structured fixed-income investing.
History
Marathon Asset Management was created in January 1998 as Marathon Asset Management, LLC by Bruce Richards and Louis Hanover. Both founders were described as having extensive experience in distressed and situational investing, and that background shaped the firm's focus on complex credit opportunities. Rather than building its identity around traditional public-market bond portfolios, Marathon developed as an alternative manager seeking value in distressed, illiquid, event-driven, and structured fixed-income markets. The firm subsequently expanded its platform beyond a single hedge-fund format. Its investment structures came to include hedge funds, managed accounts, single-client funds, and vehicles linked to collateralized loans and debt obligations. This structure-oriented model enabled Marathon to manage capital for different types of institutional investors and to tailor exposure to particular credit markets or client requirements. In 2008, Marathon was reorganized as a Delaware limited partnership. That year it also moved its headquarters to One Bryant Park in New York City. The building was recognized for its environmental performance and high-level LEED certification, and the relocation placed Marathon in a prominent financial district setting during a period of severe stress in global credit markets. The global financial crisis created an important public-sector opportunity for the firm. On July 8, 2009, the United States Department of the Treasury named Marathon as one of eight firms selected to manage a fund in the Legacy Securities Public-Private Investment Program. PPIP sought to use public and private capital to facilitate purchases of legacy securities and improve liquidity in markets disrupted by the financial crisis. Marathon's appointment reflected the relevance of its credit and distressed-investing capabilities to the program. Marathon has also operated internationally. Its headquarters are in New York City, while its investment-office footprint has included London and Singapore. The firm's regulatory profile has included registration with the United States Securities and Exchange Commission as an investment adviser under the Investment Advisers Act of 1940. It has also been associated with the National Futures Association and Commodity Futures Trading Commission in the United States, the United Kingdom's financial regulator, and the Monetary Authority of Singapore. These registrations and notices correspond to the firm's cross-border investment-management activities and use of alternative investment structures. The firm became the subject of public criticism in connection with allegations that it and other companies threatened to block a European effort to protect Greece from default unless they were guaranteed a substantial payment. The available reference identifies the accusation but does not establish a definitive legal finding, settlement, or other resolution, so the episode should be treated as a reported controversy rather than a proven violation. In June 2016, Blackstone Strategic Capital Holdings acquired a minority interest in Marathon. The investment brought an institutional strategic shareholder into the business while Marathon continued to be identified as a distinct asset-management firm. In January 2026, CVC Capital Partners reportedly agreed to buy Marathon for up to $1.2 billion. The available material does not state whether the transaction had closed, nor does it specify the precise ownership arrangements following completion. Reference material describes Marathon as managing more than $23 billion of capital and employing approximately 190 people, but does not identify the date to which those figures apply. The firm is therefore documented as a global, institutionally focused specialist manager with core capabilities in opportunistic credit, distressed debt, structured finance, and fixed-income investing.
- 2026
CVC agrees to acquire Marathon
[1]CVC Capital Partners reportedly agrees to acquire Marathon for up to $1.2 billion; completion status is not specified in the available material.
- 2016
Blackstone takes a minority stake
[1]Blackstone Strategic Capital Holdings acquires a minority interest in Marathon Asset Management.
- 2009
Selection for the Treasury's PPIP program
[1]The U.S. Treasury selects Marathon as one of eight managers for a Legacy Securities Public-Private Investment Program fund.
- 2008
Corporate reorganization and New York relocation
[1]The firm is reorganized as a Delaware limited partnership and relocates its headquarters to One Bryant Park in New York City.
- 1998
Marathon is established
[1]Marathon Asset Management, LLC is formed in January by Bruce Richards and Louis Hanover, with a focus on distressed and situational investing.
Products and positioning
A specialist alternative asset manager positioned around global opportunistic credit, distressed debt, structured finance, and complex fixed-income investments for institutional and sophisticated investors.
Alternative investment strategy · 1998
Opportunistic credit strategies
Marathon's core offering involves seeking returns from global credit and fixed-income markets where securities may be mispriced because of financial distress, complexity, illiquidity, or market dislocation. The approach is associated with event-driven and situational analysis rather than a purely benchmark-oriented bond strategy.
Alternative investment fund
Hedge funds
The firm manages hedge-fund structures that provide investors with access to its opportunistic credit and fixed-income capabilities. These funds form part of a broader platform that has also included separately managed accounts and client-specific vehicles.
Institutional investment mandate
Managed accounts and single-client funds
Marathon offers customized investment arrangements for individual institutional clients through managed accounts and single-client funds. Such structures can provide tailored mandates, reporting, risk parameters, and exposure to selected credit or fixed-income opportunities.
Structured credit
Collateralized loan and debt obligation vehicles
The firm's platform includes vehicles investing in collateralized loans and debt obligations, including collateralized loan obligation structures. These products connect Marathon's credit-investing expertise with securitized and structured-finance markets.
Controversies
Allegations relating to Greece's debt crisis
Marathon was reported among companies accused of threatening to obstruct a European attempt to prevent Greece from defaulting unless they received a significant guaranteed payout. The available reference does not document a conclusive legal determination or final resolution.
Brand decisions
2026
Proposed acquisition by CVC Capital PartnersM&ABackground
CVC Capital Partners agreed to acquire the specialist credit manager as part of a reported ownership transaction.
Action taken
CVC agreed to purchase Marathon for consideration of up to $1.2 billion.
Aftermath
The available reference does not confirm closing, regulatory approval, or the final ownership structure.
Reported maximum acquisition consideration. Up to $1.2 billion (January 2026 agreement)
2016
Minority investment by Blackstone Strategic Capital HoldingsM&ABackground
Marathon brought in a strategic institutional investor while continuing to operate as a distinct investment-management firm.
Action taken
Blackstone Strategic Capital Holdings acquired a minority interest in Marathon Asset Management.
Aftermath
Blackstone became a minority shareholder; the available material does not specify the stake size or subsequent ownership changes.
2009
Participation in the Legacy Securities Public-Private Investment ProgramStrategyBackground
The financial crisis created a government-backed effort to restore liquidity to markets for legacy securities.
Action taken
The U.S. Treasury selected Marathon as one of eight private firms to manage a PPIP fund.
Aftermath
Marathon became a manager within a major public-private response to post-crisis credit-market dislocation.
2008
Reorganization as a Delaware limited partnershipStrategyBackground
Marathon changed its legal organizational form after operating as a limited liability company since its 1998 formation.
Action taken
The firm was reorganized as Marathon Asset Management, LP, a Delaware limited partnership.
Aftermath
The reorganization established the partnership structure under which the firm has subsequently been identified.
Recent events
Marathon closes $155 million credit facility for Brown Jordan[2]
Marathon Asset Management announced that it closed a $155 million credit facility for Brown Jordan Inc. The financing consisted of first-lien and second-lien term loans and repaid Brown Jordan's existing loan in full.
Sources2 sources
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