Keystone National Group

Overview

Keystone National Group is a private credit investment firm specializing in asset-backed credit across various industries and asset types. Founded in 2006 and headquartered in Salt Lake City, Utah, the firm has over two decades of experience managing private credit assets, offering diversified exposure to private markets primarily through its asset-backed lending strategies, including equipment finance, real estate finance, financial assets, and asset-backed corporate loans. As of October 31, 2025, Keystone managed $2.5 billion in assets and has deployed over $6 billion of capital in more than 750 transactions. The firm's flagship offering is the $2.0 billion Keystone Private Income Fund (KPIF), a tender offer fund that has garnered strong support from leading wealth managers due to its stable and consistent investment performance relative to other private credit funds and income-oriented funds. Additionally, Keystone manages two private REITs specializing in real estate bridge lending and real estate equity. The firm's investment strategies are implemented with a focus on capital preservation and contractual cash flow, serving pension plans, family offices, and individual investors. In December 2025, Virtus Investment Partners announced a definitive agreement to acquire a majority interest in Keystone National Group, marking a significant expansion of Virtus' capabilities into private markets with the addition of a differentiated asset-backed lending capability. The transaction is expected to close in the first quarter of 2026, subject to customary closing conditions, including approval by the KPIF fund board and fund shareholders, and is expected to be accretive to earnings in 2026.

Investment Focus

• Capital preservation
• Contractual cash flow
• Diversified exposure to private markets