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Alternative Market Briefing

British buyout firm CVC to acquire secondaries manager Glendower Capital

Tuesday, September 14, 2021

Laxman Pai, Opalesque Asia:

UK private equity giant CVC Capital Partners agreed to acquire secondaries manager Glendower Capital in a deal, creating a combined company with total assets under management of about 113 billion euros ($134.2 billion).

The terms of the deal were not disclosed. Glendower, which manages and advises around $8 billion, will continue to operate under its current name and leadership after the deal closes. Glendower was founded as an independent PE secondaries firm in 2017 after its founders spun out the secondary business they set up at Deutsche Asset Management in 2006.

CVC's Co-Founder, Rolly van Rappard said: "Glendower has a very similar investment-led culture to CVC as well as the operational and financial scale to address what we see as a compelling market opportunity within secondaries in the coming years. Their established platform perfectly complements our existing family of private equity and credit strategies and we look forward to supporting Carlo and Charles in growing their business further."

Headquartered in London with an office in New York, Glendower's team includes nearly 60 professionals. It is led by a senior team who have worked together in the secondaries space for nearly 20 years.

Carlo Pirzio-Biroli, CEO and Managing Partner at Glendower Capital said: "CVC is an excellent partner for a business like ours and we are excited to be joining forces with them as we enter a new chapter in our growth sto......................

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