CVC Capital Partners (CVC) H1 2024 earnings summary

Executive summary

• Delivered strong H1 2024 results, with fee-paying AUM up 45% to €142.4bn and total AUM at €193bn, driven by new fund activations, acquisitions, and robust fundraising momentum.

• Completed acquisitions of CVC DIF and CVC Secondary Partners, expanding and diversifying the platform.

• Achieved record fundraising and deployment, with flagship Fund IX becoming the largest PE fund ever raised at €26.8bn.

• Maintained resilience and strong performance across a diversified portfolio, with all material funds on or above plan.

• Listed on Euronext Amsterdam in April 2024, marking a significant milestone and new growth phase.

Financial highlights

• Management fee revenue up 13% year-over-year to €1,080m and adjusted pro forma EBITDA up 16% to €732m in H1 2024, with a margin of 63%.

• Statutory total revenue rose to €638m in H1 2024, while adjusted pro forma profit after tax increased to €340m.

• Realized returns in the last twelve months were 3.6x gross MOIC and 28% gross IRR across private equity.

• Fee-paying AUM grew 45% to €142.4bn; like-for-like growth (excluding DIF acquisition) was 27%.

• Cash and cash equivalents at €817m as of 30 June 2024, up from €100m at year-end 2023.

Outlook and guidance

• IPO guidance confirmed, with management fees expected at €1.3–1.5bn and MFE margin of 55–60% post-fundraising.

• Full impact of recent fund activations and acquisitions to materialize in H2 2024 and 2025.

• Medium-term PRE run-rate expected at €400–700m, with 2024 below this range due to realization timing.

• Successor infrastructure funds (DIF Eight, CIF Four) to launch in H1 2025, with activation in 2026.