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CVC Capital Management Reports 2025
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Management Reports
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Q3 Activity Update
14 November 2025
CVC
Key Highlights
- Gross inflows of €17.8bn LTM Sep-25, resulting in an increase in FPAUM to €142bn in Q3 (vs. €140bn in Q2), with fundraising success driving continued momentum in Q4:
- Credit: strong deployment and fundraising, with €10.4bn of total investable capital raised for EUDL IV vs. €6bn target
- Secondaries: SOF VI fundraising now above target ($7bn), with an expected final close in 2026 materially above the target
- Infrastructure: we expect accelerated growth, with the activation of DIF VIII and VA IV in Q4
-
Private Equity: our record level of realisations and step-downs on legacy funds have driven a reduction in FPAUM YoY
-
Record level of realisations at highly attractive gross returns (3.2x MOIC and 25% IRR¹):
- Second consecutive year of strong growth: 2023 €6.1bn, 2024 €13.1bn, LTM Sep-25 €17.6bn; momentum continues into Q4 (€3bn+ of Private Equity exits already signed)
- CVC has returned more capital than deployed over the past 3 years², underpinning our confidence in future Private Equity fundraising, ahead of the launch of Fund X in Q1-27
-
Confidence in delivering €240m-250m of full-year PRE (c.+35% YoY)
-
LTM Sep-25 deployment of €22.8bn driven by strong growth in Credit, with Private Equity deployment remaining consistent with a 3-4 year fund cycle
- Strong value creation across all our material funds, with 3% value growth in Q3-25 across Private Equity and Infrastructure and 12% LTM Sep-25 EBITDA growth across Private Equity
- Accelerating momentum in the Private Wealth and Insurance channels:
- Private Wealth: c.€3bn of aggregate value³ (+69% vs. Q2-25)
- Insurance: significant progress across multiple fronts
> CVC had a strong third quarter with record realisations at very attractive returns, driving material growth in PRE and underpinning future fundraising. Encouragingly, value creation continued to build strongly, with 12% LTM EBITDA growth across Private Equity. We continue to deliver strong growth across our Credit and Secondaries platforms, we expect accelerated growth in Infrastructure as we activate the latest fund vintages, and we are seeing ever greater momentum in Private Wealth.
> Rob Lucas, Chief Executive Officer
FPAUM Development
Realisations⁴
Deployment⁸
- Weighted average by invested capital for Private Equity signed exits in LTM Sep-25.
- Across CVC's Private Equity funds.
- Including 1 October 2025 subscriptions and corresponding leverage, as applicable.
- Signed realisations as at 30 September 2025, across Private Equity, Secondaries and Infrastructure (excludes Credit).
- Pro forma for acquisition of CVC DIF, signed in September 2023 and completed
on 1 July 2024.
- Secondaries deployment is net investment exposure which represents the initial funded equity purchase price plus unfunded commitments reasonably expected to be called over the life of the transaction.
- Credit deployment based on movement in FPAUM by vehicle (excl. FX and exits).
- Includes signed but not yet closed investments as at 30 September 2025.
Q3 Activity Update
14 November 2025
CVC
FPAUM Evolution
- Gross inflows of €17.8bn in LTM Sep-25, resulting in an increase in FPAUM to €142bn in Q3-25 (vs. €140bn in Q2-25), and with continued momentum in Q4-25
- Credit / Secondaries: +€6.4bn or 13% YoY, driven by strong fundraising and deployment
- Infrastructure: we expect accelerated growth, with the activation of DIF VIII and VA IV in Q4
- Private Equity: our record level of realisations and step-downs on legacy funds have driven a reduction in FPAUM YoY
Fundraising
Credit
- EUDL IV held its final close at €10.4bn of total investable capital¹, exceeding its €6bn target and representing a significant increase over the predecessor vintage EUDL III, which raised €6.3bn in 2022. Launch of EUDL V expected in mid-2026
- CLO Equity IV has raised over $800m² and we expect to reach $1bn fund size by Q1-26, supporting c.$15bn of future CLO issuance
Secondaries
- SOF VI has raised $7.1bn³, exceeding its $7bn target and with an expected final close in 2026 materially above the target size
- Launch of Credit Secondaries platform announced today, and Infrastructure Secondaries planned for 2026
Infrastructure
- Commenced initial closings for DIF VIII and VA IV, with strong momentum ahead of year-end (€8bn combined target for final close in 2026)
Private Wealth
- c.€3bn of aggregate value⁴ across CVC-PE and CVC-CRED (+69% vs. c.€2bn at Q2-25), and CVC-PE expected to launch in the US in Q1-26
- Catherine Keating will become a Non-Executive Director of CVC Capital Partners plc with effect from 1 January 2026, bringing extensive experience in Private Wealth helping to drive our growth in this channel
- On track to launch two additional products for the Private Wealth channel - Secondaries and Infrastructure - in 2026
Insurance
- Continued progress with (a) insurers accounting for 25% of EUDL IV, (b) $1.1bn insurance structure (CFO⁵) raised in the US for CVC Secondary Partners, and (c) multiple managed account discussions
Realisations⁶
- Record LTM Sep-25 realisations of €17.6bn at highly attractive gross returns of 3.2x MOIC and 25% IRR⁷
- CVC has returned more capital than deployed over the past 3 years⁸, underpinning our confidence in future Private Equity fundraising, ahead of the launch of Fund X in Q1-27
- Confidence in delivering €240m-250m of full-year PRE (c.+35% YoY)
- Strong exit momentum has continued into Q4-25, with over €3bn of exits already signed across Private Equity
Deployment⁹
- LTM Sep-25 deployment of €22.8bn driven by strong growth in Credit, with Private Equity deployment remaining consistent with a 3-4 year fund cycle
- DIF VIII signed its first investments and was activated on 1 October, and we expect to activate VA IV before year-end
Fund Performance
- Strong value creation across all our material funds, with 8% LTM Sep-25 (3% in Q3-25) value growth across Private Equity and Infrastructure and 12% LTM Sep-25 EBITDA growth across Private Equity (up vs. 10% LTM Jun-25 EBITDA growth)
- Credit also continues to perform well, with a diversified portfolio and no change to our track record of extremely low loss rates
- All material funds are performing on or above plan¹⁰
As at 30 September 2025, unless otherwise stated.
- Including leverage, co-invest and SMAs.
- Including GP commitment.
- Including GP commitment, SOOF III and co-invest.
- Including 1 October 2025 subscriptions and corresponding leverage, as applicable.
-
Collateralised Fund Obligation or CFO.
-
Signed realisations as at 30 September 2025, across Private Equity, Secondaries and Infrastructure (excludes Credit).
- Weighted average by invested capital for Private Equity signed exits.
- Across CVC's Private Equity funds.
- Includes signed but not yet closed investments as at 30 September 2025.
- List of material funds and definition of "on plan" and "above plan" as per p.3.
Q3 Activity Update
14 November 2025
CVC
Fund Performance
Gross MOIC by Strategy (for the most recent vintages)
Performance (vs. target¹)
- For Europe / Americas, "on plan" is expected end-of-life Gross MOIC of 2.5-3.0x for Funds VI and VII, and 2.0-3.0x for Funds VIII and IX. For Asia, "on plan" is expected end-of-life Gross MOIC of 2.0-3.0x. For StratOps, "on plan" is expected end-of-life Gross MOIC of 2.5x. For Growth, "on plan" is expected end-of-life Gross MOIC of 2.0-3.0x. For Secondaries, "on plan" is expected end-of-life Gross MOIC of 1.5-2.0x. For Credit, "on plan" is expected end-of-life Net IRR of 6.0-8.0%. For Infrastructure, "on plan" is expected end-of-life Gross MOIC of 1.6-2.2x.
Q3 Activity Update
14 November 2025
CVC
FPAUM evolution over the last twelve months
| By strategy (€bn) | Europe/ Americas | Asia | StratOps | Growth | Secondaries | Credit | Infrastructure | Total |
|---|---|---|---|---|---|---|---|---|
| At Q3-24 | 60.7 | 9.8 | 6.7 | 1.7 | 11.3 | 39.1 | 14.8 | 144.1 |
| Gross inflows | 2.0 | 0.0 | 0.5 | - | 3.9 | 11.3 | 0.3 | 17.8 |
| Step-downs | (4.7) | (0.6) | - | - | (1.4) | - | (0.6) | (7.3) |
| Exits | (3.3) | (0.4) | (0.1) | (0.2) | - | (5.1) | (0.5) | (9.6) |
| FX and other | 0.0 | (0.5) | - | (0.1) | (0.6) | (1.7) | (0.0) | (2.9) |
| At Q3-25 | 54.6 | 8.3 | 7.0 | 1.4 | 13.3 | 43.6 | 14.0 | 142.1 |
FPAUM evolution over the first nine months of 2025
| By strategy (€bn) | Europe/ Americas | Asia | StratOps | Growth | Secondaries | Credit | Infrastructure | Total |
|---|---|---|---|---|---|---|---|---|
| At Q4-24 | 60.0 | 10.5 | 6.7 | 1.8 | 13.6 | 40.6 | 14.1 | 147.3 |
| Gross inflows | 2.0 | 0.0 | 0.4 | - | 2.7 | 8.1 | 0.2 | 13.3 |
| Step-downs | (4.7) | (0.6) | - | - | (1.4) | - | - | (6.7) |
| Exits | (2.6) | (0.4) | (0.1) | (0.2) | - | (3.1) | (0.3) | (6.6) |
| FX and other | 0.0 | (1.2) | - | (0.2) | (1.6) | (2.1) | (0.1) | (5.3) |
| At Q3-25 | 54.6 | 8.3 | 7.0 | 1.4 | 13.3 | 43.6 | 14.0 | 142.1 |
FPAUM evolution over the third quarter of 2025
| By strategy (€bn) | Europe/ Americas | Asia | StratOps | Growth | Secondaries | Credit | Infrastructure | Total |
|---|---|---|---|---|---|---|---|---|
| At Q2-25¹ | 54.9 | 8.5 | 6.7 | 1.4 | 11.8 | 42.8 | 14.1 | 140.1 |
| Gross inflows | 0.1 | - | 0.4 | - | 1.5 | 2.3 | 0.0 | 4.3 |
| Step-downs | - | - | - | - | - | - | - | - |
| Exits | (0.4) | (0.2) | (0.0) | - | - | (1.5) | (0.1) | (2.3) |
| FX and other | 0.0 | (0.0) | - | (0.0) | (0.0) | (0.0) | (0.0) | (0.1) |
| At Q3-25 | 54.6 | 8.3 | 7.0 | 1.4 | 13.3 | 43.6 | 14.0 | 142.1 |
Deployment Summary²
| By strategy (€bn) | 2024 | 2025 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Q1 | Q2 | Q3 | YTD Sep | LTM Sep | FY | Q1 | Q2 | Q3 | YTD Sep | LTM Sep | |
| Private Equity | 2.7 | 5.6 | 4.0 | 12.3 | 14.3 | 13.3 | 1.1 | 4.6 | 1.7 | 7.5 | 8.5 |
| Secondaries² | 0.1 | 0.5 | 0.6 | 1.2 | 2.2 | 1.7 | 0.7 | 0.2 | 0.5 | 1.4 | 1.8 |
| Credit³ | 1.8 | 1.6 | 2.3 | 5.7 | 6.9 | 8.0 | 2.6 | 3.2 | 2.3 | 8.1 | 10.4 |
| Infrastructure | 0.3 | 0.4 | 0.5 | 1.3 | 1.8 | 1.9 | 0.2 | 0.7 | 0.6 | 1.5 | 2.1 |
| Total Deployment | 5.0 | 8.1 | 7.3 | 20.5 | 25.1 | 24.9 | 4.6 | 8.8 | 5.2 | 18.5 | 22.8 |
Realisations Summary⁵
| By strategy (€bn) | 2024 | 2025 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Q1 | Q2 | Q3 | YTD Sep | LTM Sep | FY | Q1 | Q2 | Q3 | YTD Sep | LTM Sep | |
| Private Equity | 3.4 | 4.9 | 0.8 | 9.2 | 9.7 | 11.0 | 4.9 | 3.8 | 4.9 | 13.6 | 15.4 |
| Secondaries | 0.2 | 0.4 | 0.2 | 0.7 | 1.0 | 1.0 | 0.2 | 0.2 | 0.4 | 0.9 | 1.1 |
| Infrastructure | 0.4 | 0.1 | 0.4 | 0.9 | 1.1 | 1.1 | 0.2 | 0.2 | 0.5 | 0.9 | 1.1 |
| Total Realisations | 4.0 | 5.5 | 1.4 | 10.8 | 11.7 | 13.1 | 5.4 | 4.2 | 5.8 | 15.4 | 17.6 |
Figures may not sum due to rounding. Acquisition of CVC DIF signed in September 2023 and completed on 1 July 2024.
- FPAUM as of 30 June 2025 is pro forma for new Continuation Vehicle.
- Includes signed but not yet closed investments as at 30 September 2025. Methodology for Infrastructure aligned post closing.
- Secondaries deployment is net investment exposure which represents the initial funded equity purchase price plus unfunded commitments reasonably expected to be called over the life of the transaction.
- Credit deployment based on movement in FPAUM by vehicle (excl. FX and exits).
- Signed realisations as at 30 September 2025, across Private Equity, Secondaries and Infrastructure (excludes Credit).
Q3 Activity Update
14 November 2025
CVC
Key performance indicators and investment performance metrics of key Funds as at 30 September 2025
| (€bn, unless otherwise indicated) | Start date | FPAUM | Deploy ment³ % | Invested capital | Value of investments | Q3-25 activity | Gross MOIC⁵ | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total | Realised | Remaining | Total | Realised | Remaining | Deploy. | Realis. | |||||
| Europe/Americas (€bn) | ||||||||||||
| Fund VI | 2014 | - | >100% | 11.0 | 6.0 | 5.0 | 29.2 | 20.0 | 9.1 | - | 1.9 | 2.6x |
| Fund VII | 2018 | 7.2 | >100% | 15.1 | 6.9 | 8.2 | 40.6 | 21.7 | 18.8 | - | 0.6 | 2.7x |
| Fund VIII | 2021 | 18.0 | 95-100% | 19.7 | 0.7 | 19.0 | 25.3 | 0.4 | 24.9 | - | - | 1.3x |
| Fund IX | 2024 | 26.0 | 40-45% | 7.5 | - | 7.5 | 8.7 | - | 8.7 | 0.5 | - | 1.2x |
| Asia ($bn) | ||||||||||||
| Asia IV | 2014 | - | 95-100% | 2.9 | 2.3 | 0.6 | 6.5 | 4.9 | 1.6 | - | 0.6 | 2.3x |
| Asia V | 2020 | 3.1 | 95-100% | 3.7 | 0.5 | 3.2 | 6.5 | 1.3 | 5.2 | - | 0.4 | 1.8x |
| Asia VI | 2024 | 6.6 | 30-35% | 1.7 | 0.1 | 1.6 | 2.1 | 0.1 | 2.0 | 0.7 | 0.1 | 1.2x |
| StratOps (€bn) | ||||||||||||
| StratOps I | 2016 | 2.7 | 90-95% | 3.4 | 1.6 | 1.8 | 8.1 | 2.4 | 5.7 | - | 1.2 | 2.4x |
| StratOps II | 2019 | 3.9 | >100% | 4.3 | 0.8 | 3.5 | 7.0 | 1.2 | 5.8 | - | 0.2 | 1.6x |
| StratOps III | 2024 | 0.4 | 25-30% | 0.4 | - | 0.4 | 0.5 | - | 0.5 | - | - | 1.2x |
| Growth ($bn) | ||||||||||||
| Growth I | 2015 | 0.1 | >100% | 0.9 | 0.8 | 0.1 | 2.1 | 1.4 | 0.7 | - | - | 2.3x |
| Growth II | 2019 | 1.5 | >100% | 1.2 | 0.2 | 1.0 | 2.1 | 0.2 | 1.9 | 0.3 | - | 1.8x |
| Secondaries ($bn)³ | ||||||||||||
| SOF II/III/IV | Various | 3.3 | >100% | 4.9 | 4.0 | 0.9 | 7.8 | 5.4 | 2.4 | - | 0.1 | 1.6x |
| SOF V | 2021 | 5.6 | >100% | 5.3 | 1.7 | 3.6 | 7.9 | 1.8 | 6.1 | 0.2 | 0.4 | 1.5x |
| SOF VI | 2024 | 6.2 | 25-30% | 1.2 | - | 1.1 | 1.5 | 0.1 | 1.4 | 0.4 | - | 1.3x |
| Infrastructure (€bn) | ||||||||||||
| DIF V | 2017 | 1.6 | 95-100% | 1.6 | 0.2 | 1.5 | 2.9 | 0.2 | 2.7 | - | - | 1.7x |
| DIF VI | 2020 | 2.6 | 95-100% | 2.4 | - | 2.3 | 3.7 | 0.1 | 3.6 | - | 0.2 | 1.6x |
| DIF VII | 2022 | 4.4 | 90-95% | 3.2 | - | 3.2 | 3.8 | - | 3.8 | 0.2 | - | 1.2x |
| Value Add I | 2017 | 0.3 | 95-100% | 0.4 | 0.1 | 0.3 | 0.7 | 0.2 | 0.5 | - | 0.1 | 1.6x |
| Value Add II | 2019 | 0.8 | 95-100% | 0.8 | 0.1 | 0.8 | 1.4 | 0.1 | 1.3 | - | - | 1.7x |
| Value Add III | 2022 | 1.6 | 75-80% | 1.0 | - | 1.0 | 1.4 | - | 1.4 | - | - | 1.5x |
Figures may not sum due to rounding. Carried interest contribution to the Company is 30% of total carried interest except for Fund VI (0%), Fund VII (15%), SOF II-V (0%) and DIF V-VII / Value Add I-III (0%). Carried interest rates are 20% except for StratOps I and StratOps II (12.5% – headline rate), StratOps III (15%) and SOF funds (12.5%).
- Includes investments that have been signed but have not yet closed as at 30 September 2025 (figures are presented on a committed basis, e.g. upon signing or announcement of a new investment or investment exit, which may include estimated cashflows that may differ to actual cashflows that eventuate at closing). Deployment percentages include fees and expenses for which capital has been called from LP clients.
- Gross MOIC calculated as total value of investments divided by total invested capital. Total value and invested capital for Infrastructure includes committed but not yet funded capital of closed investments as at 30 September 2025.
- Secondaries includes overflow fund.
Q3 Activity Update
14 November 2025
CVC
Financial Calendar
12 February 2026
2025 Full-Year Activity Update
10 March 2026
2025 Full-Year Results
30 April 2026
Q1 2026 Activity Update
12 May 2026
Shareholder AGM
Other information
As announced as part of our Half-Year Results on 4 September 2025, an interim dividend of €250m has been paid on 6 October 2025 to shareholders on the register as at 12 September 2025.
On 2 October 2025, we hosted a CVC Credit Deep Dive session. We expect to host similar sessions for our other strategies in due course.
In October 2025, we launched Capital Solutions IV with a target size of €2bn.
In October 2025, DIF VIII and Catalyst III were activated.
On 14 November, we announced the appointment of Catherine Keating as a Non-Executive Director of the Company with effect from 1 January 2026. Catherine Keating is an experienced financial services executive and brings over two decades of leadership experience in wealth and institutional asset management, which will be invaluable to the Board as CVC continues to grow its institutional, wealth and insurance platforms. Most recently, Catherine led the Global Wealth Management division at The Bank of New York Mellon Corporation ("BNY"), where she was responsible for over $300 billion in assets for clients around the world.
On 14 November, we also announced that CVC Secondary Partners has expanded into the rapidly growing credit secondaries market, with the launch of a dedicated global Credit Secondaries platform. Building on over 20 years of secondaries and credit experience, this expansion reflects CVC's continued commitment to offering investors diversified access to high-quality private market opportunities. The CVC Credit Secondaries strategy will seek to generate strong returns through a diversified portfolio of credit related investments across geographies, fund vintages and transaction types (both LP-led and GP-led) leveraging the $1.7 trillion growing private credit industry.
About CVC
CVC is a global leader in private markets with seven complementary strategies across Private Equity, Secondaries, Credit and Infrastructure and approximately €200 billion of assets under management. Since 1993, CVC has diversified and scaled the CVC Network, and built on its strong foundations in Europe to create a global platform comprising 30 local office locations across six continents. CVC believes that the breadth and depth of this global platform provides it with a strong competitive advantage when originating investment opportunities and levering its collective resources for the benefit of its portfolio companies and clients. CVC Capital Partners plc is listed on Euronext Amsterdam. For further information about CVC please visit: https://www.cvc.com/. Follow us on LinkedIn.
Key Contacts
Patrick Humphris
Head of Corporate Affairs
Tel: +44 204 576 9526
Email: [email protected]
Shareholder Relations
Email: [email protected]
Q3 Activity Update
14 November 2025
CVC
Glossary
ASIA IV: CVC Capital Partners Asia Pacific IV, a Fund in CVC's Asia Private Equity strategy.
ASIA V: CVC Capital Partners Asia V, a Fund in CVC's Asia Private Equity strategy.
ASIA VI: CVC Capital Partners Asia VI, a Fund in CVC's Asia Private Equity strategy.
ASSETS UNDER MANAGEMENT: Assets under management. For Private Equity and Infrastructure Funds in the investment period and Secondary Funds, AUM represents the total value of assets under management including commitments by clients that have yet to be deployed. For Private Equity Funds in the harvesting period, AUM represents the total value of assets under management excluding any commitments that have not been deployed. CVC Credit AUM represents the net asset value of each credit vehicle. AUM includes non-fee paying AUM and the fair value uplift in investments where relevant.
CATALYST III: CVC Catalyst III, a Fund in CVC's Catalyst Private Equity strategy.
CIF I or VALUE-ADD I or VA I: DIF Core Infrastructure Fund I Coöperatief U.A., any feeder entity and any parallel fund entities that may be established, and operating under the name DIF Core Infrastructure Fund I.
CIF II or VALUE-ADD II or VA II: DIF Core Infrastructure Fund II Coöperatief U.A., DIF Core Infrastructure Fund II SCSp, any feeder entity and any parallel fund entities that may be established, and operating under the name DIF Core Infrastructure Fund II.
CIF III or VALUE-ADD III or VA III: DIF Core-plus Infrastructure Fund III Coöperatief U.A., DIF Core-plus Infrastructure Fund III SCSp, any feeder entity and any parallel fund entities that may be established, and operating under the name DIF Core Infrastructure Fund III.
COMPANY: CVC Capital Partners plc.
CVC: CVC Capital Partners plc together with each of its controlled undertakings.
CVC-CRED: First evergreen Credit vehicle.
CVC-PE: First evergreen Private Equity vehicle.
DIF V: DIF Infrastructure V Coöperatief U.A., DIF Infrastructure V SCS, any feeder entity and any parallel fund entities that may be established, and operating under the name DIF Infrastructure V.
DIF VI: DIF Infrastructure VI Coöperatief U.A., DIF Infrastructure VI SCSp, any feeder entity and any parallel fund entities that may be established, and operating under the name DIF Infrastructure VI.
DIF VII: DIF Infrastructure VII Coöperatief U.A., DIF Infrastructure VII SCSp, any feeder entity and any parallel fund entities that may be established, and operating under the name DIF Infrastructure VII.
DIF VIII: DIF Infrastructure VIII Coöperatief U.A., DIF Infrastructure VIII SCSp, any feeder entity and any parallel fund entities that may be established, and operating under the name DIF Infrastructure VIII.
EUDL II: CVC Credit Partners European Direct Lending Fund II
EUDL III: CVC Credit Partners European Direct Lending Fund III
EUDL IV: CVC Credit Partners European Direct Lending Fund IV
FEE-PAYING ASSETS UNDER MANAGEMENT (FPAUM): FPAUM represents the total value of assets under management on which management fees are charged. Private Equity (other than Strategic Opportunities) and Infrastructure Funds charge management fees on committed capital or invested capital, the Strategic Opportunities Funds charge management fees on invested capital, the Secondaries funds generally charge management fees on committed capital throughout the life of each fund, but at a lower rate that reduces over time, following the end of the investment period. Credit vehicles generally charge management fees by reference to invested assets or net asset value of each vehicle. FPAUM for Growth Funds and certain Credit vehicles includes the committed capital or invested capital of co-invest sidecars.
The Group considers FPAUM to be a meaningful measure of the Group's capital base upon which it earns management fees and uses the measure in assessing the operating, budgeting and other strategic decisions. FPAUM is an operational performance measure, is not defined or recognised under IFRS and may not be directly comparable with similarly titled measures used by other companies.
FUND VI: CVC Capital Partners VI, a Fund in CVC's Europe / Americas Private Equity strategy.
FUND VII: CVC Capital Partners VII, a Fund in CVC's Europe / Americas Private Equity strategy.
FUND VIII: CVC Capital Partners VIII, a Fund in CVC's Europe / Americas Private Equity strategy.
FUND IX: CVC Capital Partners IX, a Fund in CVC's Europe / Americas Private Equity strategy.
GROWTH I: CVC Growth Partners I, a Fund in CVC's Growth Private Equity strategy.
GROWTH II: CVC Growth Partners II, a Fund in CVC's Growth Private Equity strategy.
GROSS MULTIPLE OF INVESTED CAPITAL (MOIC): MOIC reflects the return that an investor receives (or is expected to receive) before deduction of fees and carry, expressed as a multiple of the amount of capital invested.
IRR: internal rate of return.
SOF FUNDS INFORMATION: The SOF Funds account for their investments using a three-month lag, updated for the SOF Funds share of capital contributions to and distributions from the underlying investments and material look through public company exposure. The three-month lag is due to the timing of financial information received from the investments held by the SOF Funds. The SOF Funds primarily invest in private equity funds, which generally require at least 90 days following the calendar year end and 60 days following quarter end to present financial information. The amounts presented herein represent management's best estimates as of the reporting date. Actual issued results may differ from the amounts reported herein once final information is received from the underlying managers and the reporting process is completed.
PRE: Performance-related earnings.
SOF II: Secondary Opportunities Fund II, a Fund in CVC's Secondaries strategy.
SOF III: Secondary Opportunities Fund III, a Fund in CVC's Secondaries strategy.
SOF IV: Glendower Capital Secondary Opportunities Fund IV, a Fund in CVC's Secondaries strategy.
SOF V: Glendower Capital Secondary Opportunities Fund V, a Fund in CVC's Secondaries strategy.
SOF VI: CVC Secondary Opportunities Fund VI, a Fund in CVC's Secondaries strategy.
STRATEGIC OPPORTUNITIES I or STRATOPS I: CVC Capital Partners Strategic Opportunities I, a Fund in CVC's Strategic Opportunities Private Equity strategy.
STRATEGIC OPPORTUNITIES II or STRATOPS II: CVC Capital Partners Strategic Opportunities II, a Fund in CVC's Strategic Opportunities Private Equity strategy.
STRATEGIC OPPORTUNITIES III or STRATOPS III: CVC Capital Partners Strategic Opportunities III, a Fund in CVC's Strategic Opportunities Private Equity strategy.
VALUE-ADD IV or VA IV: DIF Core-plus Infrastructure Fund IV Coöperatief U.A., DIF Core-plus Infrastructure Fund IV SCSp, any feeder entity and any parallel fund entities that may be established, and operating under the name DIF Core Infrastructure Fund IV.
Forward looking statements and other important information
This document may contain inside information within the meaning of Article 7(1) of Regulation (EU) 596/2014 (Market Abuse Regulation).
This document contains forward-looking statements, which are statements that are not historical facts and that reflect CVC's beliefs and expectations with respect to future events and financial and operational performance. These forward-looking statements involve known and unknown risks, uncertainties, assumptions, estimates and other factors, which may be beyond the control of CVC and which may cause actual results or performance to differ materially from those expressed or implied from such forward-looking statements, which should therefore be treated with caution. Nothing contained within this document is or should be relied upon as a warranty, promise or representation, express or implied, as to the future performance of CVC or its business. Any historical information contained in this statistical information is not indicative of future performance. The information contained in this document is provided as at the dates shown and, except as required by law, CVC assumes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or for any other reason. Nothing in this document should be construed as legal, tax, investment, financial, or accounting advice, or solicitation for or an offer to invest in CVC. No statement in this communication is intended to be a profit forecast.
Figures in this document are unaudited.