CVC raises record $10bn for latest secondaries fund
CVC Capital Partners has raised $10bn for its latest secondaries vehicle, marking the largest fund the firm has assembled to invest in the secondary market for private equity assets, according to a report by Bloomberg.
The Secondary Opportunities Fund VI attracted more than 200 new and existing investors, significantly increasing the scale of CVC’s secondaries strategy. Its predecessor funds raised $5.8bn in 2023 and $2.7bn in 2019.
The fundraising comes as the private equity secondaries market continues to expand, driven by sponsors seeking liquidity for mature assets and investors looking for ways to manage increasingly long holding periods. Transactions reached a record $121bn in the first half of the year, according to Evercore.
Carlo Pirzio-Biroli, head of CVC’s secondaries strategy, said investor support for the asset class was continuing to increase as institutions raised their allocations.
He also pointed to the large volume of capital tied up in private equity investments that have yet to be realised, creating what CVC sees as a substantial pipeline of potential secondary transactions.
CVC entered the secondaries market through its 2021 acquisition of specialist Glendower Capital. The deal expanded the firm’s capabilities in the sector while providing access to a broader investor base and an additional source of recurring management fees.
CVC now manages approximately €20bn across its private equity and credit secondaries strategies.
