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CVC Capital Partners: Assets under management generating fees at €177bn ( 24%), 11% organically - Idéal Investisseur

Reported by Ideal-investisseur
Oct 29, 2026· 3 min read
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Key Takeaways
  • • CVC Capital Partners reported assets under management generating fees of €176.6bn at the end of September 2026, up 24% year-on-year, with 11% organic growth excluding the Marathon consolidation.
  • • Marathon, consolidated after the transaction completed on July 1, 2026, contributed €18.4bn to the credit division, and gross inflows were €27bn over twelve months.
  • • Signed exits reached a record €23.1bn over the twelve months to September, up 31%, with private equity exits at a 2.9x gross multiple and 23% gross IRR.
  • • The group targets €26bn or more for its next flagship Europe/Americas fund, Fund X, ahead of a formal launch in January 2027, and SOF VI closed at $10bn against a $7bn target.
  • • CVC reiterated fiscal 2026 performance-related earnings guidance close to 2025 levels.
Summary
CVC Capital Partners announced on October 29, 2026 that its assets under management generating fees rose 24% year-on-year to €177bn at the end of September, according to the company's third-quarter update. Excluding the consolidation of Marathon, organic growth stood at 11%. Within the quarter alone, the figure climbed from €153bn at end-June to €176.6bn at end-September, a 15% rise. Marathon, consolidated following the completion of the transaction on July 1, 2026, contributed €18.4bn to the credit division. Excluding that scope effect, growth was driven by €27bn of gross inflows over the last twelve months, of which €7.2bn came in the third quarter. Outflows linked to asset disposals reduced the base by €12.4bn over the same period.

The business mix has shifted considerably. Credit, secondaries and infrastructure now total €105bn, up 21% organically over one year and representing 60% of group AUM generating fees. Credit reached €67.4bn, up 55%, while secondaries rose to €17.6bn and infrastructure to €20.1bn. Private equity, the group's historic business, was broadly stable at around €71bn. CVC noted that these fee-generating assets form the base on which management fees are calculated, based on committed capital, invested capital or net asset value depending on the vehicle.

Signed exits reached €23.1bn over the twelve months to September, up 31% and described by the group as a record. Private equity exits were realised at a gross multiple of 2.9x invested capital and a gross IRR of 23%. Since the start of 2022, private equity funds have returned €60bn to investors, 36% more than capital called, at a gross multiple of 3.3x and gross IRR of 24%. Deployment reached €28.8bn over twelve months, up 26%, including €4.3bn in secondaries and €3.3bn in infrastructure, while private equity deployed €11.7bn. The group reiterated that fiscal 2026 performance-related earnings are expected to be close to 2025 levels.

Fundraising momentum continued. CVC set an initial target of €26bn or more for Fund X, its next major Europe/Americas flagship, with a formal launch planned for January 2027. The SOF VI secondaries fund closed at $10bn against a $7bn target, with insurers making up 30% of commitments. Infrastructure funds DIF VIII and VA IV total €6.3bn in commitments against a combined €8bn target, and the five open-ended vehicles reached €8.2bn. CVC also announced a pension risk transfer joint venture with Standard Life on August 20, 2026, backed by a consortium including Prudential Financial, with initial commitments of up to £2bn. Governance changes include Todd Sisitsky and Peter Rutland becoming co-chief executives by the first quarter of 2028, and John Hourican taking up the chief financial officer role on September 1. A private equity day is scheduled for November 24, 2026 in London.

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Sources

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AlphaMaven summarised this story from the reporting below. Each link opens the original article.

Ideal-investisseur CVC Capital Partners: Assets under management generating fees at €177bn ( 24%), 11% organically - Idéal Investisseur