Janus Henderson Acquisition, Valuation & Financials

Janus Henderson was acquired by General Catalyst for $7.4B in December 2025, a 6.7x multiple on $1.1B of revenue.

Janus Henderson acquisition price

$7.4B

Acquired by General Catalyst · Dec 2025

Janus Henderson revenue at acquisition

$1.1B

Last twelve months · Dec 2025

Janus Henderson revenue multiple at acquisition

6.7x

EV/Revenue · Dec 2025

Janus Henderson EBITDA multiple at acquisition

7.4x

EV/EBITDA · Dec 2025

Janus Henderson Overview

About Janus Henderson

Janus Henderson Group provides investment management services to retail intermediary (50% of managed assets), self-directed (20%) and institutional (30%) clients. At the end of September 2025, active equities (52%), fixed-income (32%), balanced (12%) and alternative (4%) investment platforms constituted the company's $484 billion in assets under management. Janus Henderson sources most of its managed assets from clients in North America (67%), with customers from Europe, the Middle East, Africa, and Latin America (25%) and the Asia-Pacific region (8%) accounting for the remainder.


Founded

1934

HQ

United StatesLondon

Status

Acquired

Customer focus

B2B

Revenue model

Investment management

Revenue

$1.1B (Dec 2025)

Valuation

$7.4B (acquired Dec 2025)

Janus Henderson Acquisition

Janus Henderson was acquired by General Catalyst for $7.4B on 22 December 2025.

The acquisition price implies a 6.7x revenue and 7.4x EBITDA multiple on $1.1B of revenue.

Trian Fund Management and General Catalyst agreed to acquire Janus Henderson Group plc in an all-cash transaction valued at approximately $7.4 billion, with shareholders receiving $49 per share, representing an 18% premium to the closing price on October 24, 2025. Janus Henderson is a global investment management firm managing approximately $500 billion in assets, with major operations in London and Denver, offering asset management services across equities, fixed income, and alternative strategies. The transaction reflects General Catalyst's focus on applying artificial intelligence and operational transformation to enhance business value, while Trian—which had owned 20.6% of Janus Henderson since 2020 with board representation since 2022—sought to accelerate growth investments in technology, product offerings, and talent; the deal was unanimously approved by Janus Henderson's Board and a Special Committee of independent directors, with the transaction expected to close in mid-2026 under the leadership of current CEO Ali Dibadj, and the company will continue operating as a private firm while maintaining its existing strategic direction focused on protecting and growing its core business, amplifying strengths, and diversifying into areas like thematic investing and small-cap strategies.

Janus Henderson acquisition details
AcquirerDateTypePriceEV/RevenueEV/EBITDA
  • General Catalyst
22 Dec 2025PE buyout$7.4B6.7x7.4x

Janus Henderson as a Public Company

Janus Henderson traded as FRA: HDJA before it was taken private. Its acquisition was announced in December 2025. July 2026 is its last month on record as a listed company, with a market cap of $8B and an enterprise value of $5.8B.

Last-twelve-month revenue was $2.8B, with EBITDA of $1B (38% margin), and the shares traded at 2.1x EV/Revenue and 5.6x EV/EBITDA.

Over the 4 years before that, its market cap grew from $4.3B in July 2022 to $8B, while revenue grew from $2.4B to $2.8B.

Janus Henderson market cap while listed

Janus Henderson EV/Revenue (LTM) while listed

Janus Henderson financials and trading multiples by year while listed
As ofMarket capRevenue (LTM)EBITDA (LTM)EBITDA marginEV/RevenueEV/EBITDA
Jul 2026$8B$2.8B$1B38%2.1x5.6x
Jul 2025$6.8B$2.5B$718M29%1.9x6.7x
Jul 2024$5.9B$2.2B$605M27%2.0x7.6x
Jul 2023$4.9B$2.1B$548M26%1.6x6.3x
Jul 2022$4.3B$2.4B$765M32%1.0x3.1x

Market cap, enterprise value and last-twelve-month figures are month-end values, up to the last month Janus Henderson traded.

Acquisitions by Janus Henderson

Janus Henderson has acquired 5 companies to date.

Last acquisition by Janus Henderson was on June 8th 2026. Janus Henderson acquired Rantum Capital for undisclosed valuation.


Latest Acquisitions by Janus Henderson

Rantum Capital
Richard Bernstein Advisors
NBK Capital Partners
Victory Park Capital
Description
Rantum Capital is a mid-market financier providing investment and asset management services.
Richard Bernstein Advisors is an investment management firm delivering research-driven strategies centered on macroeconomic analysis and quantitative portfolio construction. It caters to investors seeking long-term, top-down approaches blending global economic insights with data-informed asset allocation. New York-headquartered, the firm draws on founder Richard Bernstein's extensive Wall Street experience.
NBK Capital Partners is an asset management firm based in Kuwait City investing in private equity, private credit, and real estate opportunities across Middle East, Turkey, and North Africa regions through funds and direct deals.
Victory Park Capital is an alternative investment firm providing asset-backed credit solutions to middle-market companies and consumers. The Chicago-headquartered manager deploys capital into small business loans, consumer finance receivables, structured settlements, and real estate bridge financing. With a focus on non-bank lending, Victory Park Capital originates over $1 billion annually across funds managed for institutional limited partners. The firm maintains offices in New York and London to support North American and European transactions.
HQ CountryGermanyUnited StatesUnited Arab EmiratesUnited States
HQ City
Frankfurt
-
Dubai
Chicago, IL
Deal Date8 Jun 202623 Jan 202619 Sep 202412 Aug 2024
Valuationundisclosedundisclosedundisclosedundisclosed
EV/Revenue
EV/EBITDA

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Investments by Janus Henderson

Janus Henderson has invested in 101 companies to date.

Latest investment by Janus Henderson was on September 16th 2026. Janus Henderson invested in Tare in their $13M Seed round.


Latest Investments by Janus Henderson

Tare
Encoded Therapeutics
Epicrispr Biotechnologies
Claris Biotherapeutics
Description
Tare is a blockchain software developer building tools on the Avalanche network to automate administrative tasks and create digital loan records.
Encoded Therapeutics is a South San Francisco-based clinical-stage biotech developing AAV gene therapies for genetic disorders. Its lead candidate ET-001 targets Dravet syndrome via SCN1A gene augmentation, with Phase 1/2 trials ongoing. Pipeline addresses neurogenetic diseases like CNKSR2 deficiency. Founded in 2017, Encoded partners with Roche and has dosed first patients in 2023.
Epicrispr Biotechnologies is a South San Francisco-headquartered developer of the Gene Expression Modulation System technology. Founded in 2020, the company engineers DNA-binding proteins and guide RNAs to modulate gene expression for treating genetic diseases, with preclinical programs targeting cardiac and neuromuscular disorders.
Claris Biotherapeutics is a late-stage biopharmaceutical company based in Jersey City, New Jersey, that develops therapies for corneal diseases such as limbal stem cell deficiency and neurotrophic keratopathy. Its lead candidate, CSB-001 (oremepermin-alfa), is a topical ocular biologic built on a recombinant human variant hepatocyte growth factor designed to restore structural and functional integrity to the cornea through epitheliotropic, neurotrophic, anti-inflammatory, and anti-fibrotic activity. The company's pipeline targets sight-threatening conditions, including corneal scars, injuries, ulcers, and chemical burns, that currently have limited or no approved treatments.
HQ CountryUnited StatesUnited StatesUnited StatesUnited States
HQ City
New York City, NY
San Francisco, CA
San Francisco, CA
-
Deal Date16 Sep 20269 Sep 202611 Aug 202627 Jul 2026
RoundSeedSeries FSeries CSeries B
Raised$13M$275M$90M$118M
InvestorsHenri Stern; The Venture Dept; Neoclassic Capital; The Avalanche Foundation; Blockchain Capital; Strobe Ventures; Phil Potter; Stani KulechovNolan Capital; RTW Investments; Illumina Ventures; SoftBank Vision Fund; GV; Invus; Matrix Capital Management; Venrock; Farallon Capital Management; Braidwell; ARCH Venture PartnersAbrdn; Fidelity; Cormorant Asset Management; Angelini Ventures; Duquesne Family Office; Octagon Capital Advisors; Readout Capital; Sanofi VenturesNovo Holdings; Catalio Capital Management; Adage Capital Management; Sofinnova Investments; Samsara BioCapital; Mass General Brigham Ventures; Aisling Capital; ADAR1 Capital Management
Valuationundisclosedundisclosedundisclosedundisclosed
EV/Revenue
EV/EBITDA

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Janus Henderson Competitors

Janus Henderson competitors include listed companies like Migdal Group, Cinda Securities, Compagnie du Cambodge and China Industrial Securities, and private ones like NYDIG and Fourcore Capital.

Public and private companies comparable to Janus Henderson
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Migdal GroupIsraelIsraelPublicly listed$11B$1.1B$7.5B-
Cinda SecuritiesChinaChinaPublicly listed$601M-$7.5B-
Compagnie du CambodgeFranceFrancePublicly listed$158M$16M$7.3B-
China Industrial SecuritiesChinaChinaPublicly listed$1.8B-$7.5B3.8x
NYDIGUnited StatesNew York City, NYPrivate$100M-$7B70.0x
Fourcore CapitalUnited StatesAtlanta, GAPrivate--$5B-
Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Migdal Group$11B$1.1B----
Cinda Securities$601M-12.5x---
Compagnie du Cambodge$158M$16M48.2x-482.6x-
China Industrial Securities$1.8B-4.3x3.8x--
Intermediate Capital Group$1.4B$801M10.2x10.7x18.2x18.3x
St James's Place$40B$1.8B----
TPG$4.8B$1.1B2.6x5.0x10.8x9.4x
Janus Living$771M$59M8.4x7.5x109.5x24.9x

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Common questions about Janus Henderson

When was Janus Henderson founded?Janus Henderson was founded in 1934.
Where is Janus Henderson headquartered?Janus Henderson is headquartered in London, United States.
Is Janus Henderson publicly listed?No, Janus Henderson was acquired by General Catalyst in December 2025.
Who acquired Janus Henderson?Janus Henderson was acquired by General Catalyst in December 2025.
How much was Janus Henderson acquired for?Janus Henderson was acquired for $7.4B in December 2025, a 6.7x revenue multiple.
Which companies are comparable to Janus Henderson?Companies comparable to Janus Henderson include Migdal Group, Cinda Securities, Compagnie du Cambodge, China Industrial Securities, NYDIG and Fourcore Capital.
What was Janus Henderson's market cap before the acquisition?Janus Henderson had a market cap of $8B in July 2026, its last month on record as a listed company, trading at 2.1x EV/Revenue.
What was Janus Henderson's revenue as a public company?Janus Henderson's last reported twelve-month revenue was $2.8B (July 2026), with EBITDA of $1B.
How many companies has Janus Henderson acquired?Janus Henderson has acquired 5 companies, including Rantum Capital, Richard Bernstein Advisors, NBK Capital Partners, Victory Park Capital and Perennial Fixed Interest Partners.
How many companies has Janus Henderson invested in?Janus Henderson has invested in 101 companies, including Tare, Encoded Therapeutics, Epicrispr Biotechnologies, Claris Biotherapeutics, Mentari Therapeutics, Draig Therapeutics, Lycia Therapeutics and Triveni Bio.
What was Janus Henderson's last investment?In September 2026, Janus Henderson invested in Tare's $13M seed round alongside Henri Stern, The Venture Dept, Neoclassic Capital and 5 other investors.

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