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Unquote
  • Funds

CVC hits €21.3bn close for eighth buyout fund

  • Alessia Argentieri and Greg Gille
  • 06 July 2020
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CVC Capital Partners has closed its eighth buyout mega-fund on €21.3bn, Unquote understands.

The fund, which was launched at the beginning of the year, has surpassed its initial target of €17.5bn.

The CVC investment team for Fund VIII consists of 109 investment professionals in Europe and the Americas.

CVC Capital Partners VIII

  • Target:

    €17.5bn

  • Launched:

    Jan 2020

  • Closed on:

    €21.3bn, Jun 2019

  • Focus:

    Buyouts

  • Fund manager:

    CVC Capital Partners

The GP commitment is currently set at 3%. The management fee is set at 1.425% of total commitment during the investment period, lowering to 1.25% of unreturned cost after the investment period. Carry is set at 20%, but CVC opted for a lower hurdle rate of 6% (compared to the industry standard 8%).

The fund is larger then its predecessor, CVC Capital Partners VII, which closed on its €15.5bn hard-cap in mid-2017. The fund originally targeted €12.5bn.

CVC VIII is the largest European buyout fund ever raised, according to Unquote Data:

Top 10 largest European PE funds

Fund Manager Country Vintage Amount raised (€m)
CVC Capital Partners VIII CVC Capital Partners United Kingdom 2020 21300
CVC Capital Partners VII CVC Capital Partners United Kingdom 2017 15500
Advent International GPE IX Advent International United Kingdom 2019 15445
Advent International GPE VIII Advent International United Kingdom 2016 11589
Apax Europe VII Apax Partners United Kingdom 2007 11200
Permira VII Permira United Kingdom 2019 11000
Permira IV Permira United Kingdom 2006 11000
CVC Capital Partners VI CVC Capital Partners United Kingdom 2013 10907
EQT VIII EQT Sweden 2017 10750
CVC European Equity Partners V CVC Capital Partners United Kingdom 2008 10749

Source: Unquote Data

The firm has raised significant amounts of capital across various strategies this year, most recently securing total commitments of $657m for its second US-focused direct lending fund, CVC Credit Partners US Direct Lending Fund II, in excess of its $500m target.

It also closed its fifth-generation Asia-Pacific fund on $4.5bn last April. The fund had a target of $4bn, while the fund's predecessor closed on $3.5bn.

CVC also closed its second growth vehicle, CVC Growth Partners Fund II, on $1.6bn (including a sidecar co-investment vehicle) at the end of last year. Launched in August 2018 with a $1bn target, the fund held a first close in August 2019 on $1.048bn. The vehicle targets mid-market technology businesses and intends to pursue the same investment strategy as its predecessor, CVC Growth Partners Fund I, which closed on $1bn in February 2016.

Investors
The vehicle attracted a number of large US institutional investors in the last few months, with commitments of €50-100m.

The board of the Pennsylvania State Employees' Retirement System (SERS) notably approved a follow-on commitment of up to €50m to the vehicle in a meeting on 21 April. 

The investment division of the state of New Jersey proposed an investment of up to €100m in the fund to the State Investment Council, according to a document seen by Unquote.

Last March, Hamilton Lane told the Teachers' Retirement System of Louisiana that it planned to commit up to €70m to CVC VIII on behalf of the pension fund.

Investments
The fund targets North American and European companies. It would typically invest in 30-40 companies in its lifetime, with enterprise values of around €1-5bn. Equity ticket sizes would be in the range of €200m-1bn. 

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