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Alternative Market Briefing

CVC Capital Partners raises $5.2bn for second long-term fund

Friday, July 19, 2019

Laxman Pai, Opalesque Asia:

CVC Capital Partners has closed its second long-life fund at €4.6bn ($5.2bn), exceeding its target, exceeding its target by €600m.

The UK-based private equity and investment advisory firm said in a press release that the fund CVC Strategic Opportunities II (SO II), like its predecessor, invests in long-term capital appreciation opportunities across Western Europe and North America that fall outside of the firm's traditional strategies.

The fund attracted commitments from sovereign wealth, public and private pension funds, financial institutions, foundations, endowments, and family offices, CVC said. The firm's maiden vehicle had raised €3.9bn in 2016.

The Strategic Opportunities platform seeks out stable opportunities with attractive risk-reward profiles which require a longer-term outlook to unlock growth.

Since 2016, €3.6bn has been committed by the platform in seven opportunities, the latest of which, GEMS Education, the world's largest provider of private K-12 education by revenue, was announced last week.

Lorne Somerville, Co-Head CVC Strategic Opportunities said: "We are delighted to have closed CVC Strategic Opportunities II. We continue to believe this is an attractive and growing market, a belief that is shared by our investors, given the success of this capital raising with a closing well above the €4bn target."

Jan Reinier Voûte, Co-Head CVC Strategic Opportunities added: "The Strategic Opportunitie......................

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