CVC Capital Partners (CVC) H1 2024 TU earnings summary

Executive summary

• FPAUM rose 45% to €142.4bn as of 30 June 2024, driven by new fund activations and infrastructure addition.

• Total AUM reached €193bn, reflecting strong fundraising and portfolio expansion.

• H1 2024 saw a 63% increase in deployment and a 108% rise in realisations year-over-year, led by private equity and M&A activity.

• Portfolio performance remains resilient, with all material funds performing on or above plan.

Financial highlights

• Private Equity deployment in H1 2024 was €8.3bn, up from €1.8bn in H1 2023.

• Secondaries deployment reached €0.9bn (+110% year-over-year); Credit deployment was €3.4bn, down from €4.4bn due to timing.

• Private Equity realisations doubled to €8.4bn in H1 2024; realised returns at 4.5x MOIC and 32% IRR.

• €7.4bn of capital raised in H1 2024 across all strategies.

Outlook and guidance

• Fundraising is progressing according to plan, with six funds currently in the market.

• Next generation of infrastructure funds expected to launch in H1 2025 with an aggregate target size of €8bn.

• Medium-term PRE realisation run-rate expected at €400-700m, with 2024 below this range.