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Laxman Pai, Opalesque Asia:

Luxembourg-based global private equity firm CVC Capital Partners closed its latest buyout fund, CVC Capital Partners IX, at €26 billion ($29.2 billion), above its target of €25 billion.

The European and Americas Fund IX is the largest global private equity buyout fund on record, defying a broader fundraising drought that has left many rivals struggling to raise cash.

CVC launched Fund IX in January 2023 and has experienced strong demand from a global blue chip investor base of returning and new institutional investors. Among investors was the $72.7 billion Los Angeles County Employees Retirement Association, Pasadena, and the $10.3 billion Rhode Island Employees' Retirement System, Providence.

Rob Lucas, Managing Partner, said: "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.

"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 our wider family of funds, we look forward to partnering with entrepreneurs and management teams to build better businesses around the world."

Predecessor fund CVC Capita......................

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