Luxembourg-based CVC, a private equity and investment advisory firm, announced on Thursday, July 20, that it has closed the CVC Capital Partners IX (“Fund IX”) at €26B, exceeding its €25B target.
This milestone marks a significant achievement as CVC Capital Partners IX now holds the record for the largest-ever private equity fundraising, surpassing Blackstone’s Capital Partners VIII, which raised $26.2 billion in 2019.
The new fund’s predecessor, CVC Capital Partners VIII, raised €22.3 billion in 2020.
Rob Lucas, Managing Partner, says, “We are extremely grateful to our investors for their support during the Fund IX fundraising. Our consistent outperformance across multiple cycles has allowed us to build long-term relationships with the highest quality institutional investors.”
He continues, “Over the last 30 years, CVC has developed an international network of 25 local offices and a global team of over 850 professionals. This provides us with a real competitive advantage in making the best investments and creating sustainable value for our investors.”
With Fund IX and their broader family of funds, CVC looks forward to partnering with entrepreneurs and management teams to foster the growth of outstanding businesses globally.
The announcement comes amid Pitchbook’s report highlighting the European VC dealmaking dropped significantly in the first half of 2023, with deal value down 60.8 per cent compared with H1 2022 and 34.2 per cent lower than H2 2022.
CVC: Private equity and investment advisory firm
CVC is a private equity and investment advisory firm with a network of 25 offices throughout Europe, Asia and the US with approximately €140B of assets under management.
Funds managed or advised by the private equity firm are invested in over 125 companies worldwide, which have combined annual sales of approximately €100B and employ more than 550,000 people.
