CVC hits €10.5bn hard-cap

The successful close comes after only sixth months on the road, having launched the fund in January this year.

Investors
Nearly the entire fund, 90%, came from existing investors.

The fund's predecessor, CVC Capital Partners V received 46% of commitments from the US; 17% from Europe, 16% from the UK 9% from Asia Pacific; 6% from the Middle East and 5% from Canadian investors.

Investors by type were made up of public pension funds committing 40%; 19% from fund-of-funds; 13% from financial institutions; another 13% from Sovereign Wealth Funds; 8% from private pensions; 4% from private individuals; 2% from Endowments and a final 1% from family offices and foundations. 

Investments
The latest fund will keep CVC's investment strategy from previous funds, investing in companies across Europe and the US, targeting minimum equity investments of $150m.

Previous funds
CVC's 2008 buyout fund, which reached a total of €10.8bn, achieved an IRR of 10.4%, according to Bloomberg data.

The fund close comes just weeks after the firm decided to scrap its €2bn infrastructure fund, which was launched in 2008 and failed to gain traction with investors.

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• Topics
• Fundraising
• CVC Capital Partners