By Charlie Conchie
Buyout giant CVC has raised a record-breaking $26bn for its latest fund making it the single biggest buyout vehicle in history.
In a statement today, the Luxembourg-based firm said it had exceeded its €25bn target for Fund IX, which launched in January 2023 and will target firms on both sides of the Atlantic.
The raise had experienced “strong demand from a global blue chip investor base” made up of both new and returning institutional backers, CVC said.
“We are extremely grateful to our investors for their support during the Fund IX fundraising,” said Rob Lucas, Managing Partner. “Our consistent outperformance across multiple cycles has allowed us to build long-term relationships with the highest quality institutional investors.”
The fund marks CVC’s ninth vehicle in North America and Europe and follows its predecessor, which closed at €22.3bn in 2020.CVC now manages some €140bn of assets globally across six investment strategies.
The latest raise comes amid a still subdued period for private equity dealmakers who have sat out the turbulence in the market over the past 12 months.
Deal value continued to decline in the second quarter of this year with an overall deal value of €144.5bn, down 3.4 per cent compared with the first quarter of the year, according to figures from Pitchbook.
