CVC closes second long-term fund

CVC is the first of the multi-product managers to raise a second-generation long-term capital fund. KKR, Blackstone, Apollo and Carlyle are among the firms to have raised a first but CVC now has the largest platform for this strategy, taking both vintages into account.

The vehicle will have an average holding period of 6-12 years and a total life of 15 years.

Since 2016, CVC has deployed €3.6bn in this strategy across seven investments.

Unquote recently explored the pros and cons of longer lifespan funds in a panel discussion at its European fundraising event Allocate.

Investors
CVC said the fund has a global investor base made up of sovereign wealth, public and private pensions, financial institutions, endowments and family offices.

Canada Pension Plan Investment Board and New York State Retirement Fund made investments of €250m and €200m respectively, according to Unquote Data.

Investments
The vehicle targets large-cap companies with tickets of €250-750m throughout western Europe and North America. It seeks stable opportunities that require a longer-term outlook and aims to hold investments for 6-12 years.

People
CVC Capital Partners – Lorne Sommerville, Jan Reinier Voûte (co-heads Strategic Opportunities).

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