CVC Capital Partners (CVC) Q1 2025 TU earnings summary

Executive summary

• FPAUM grew 42% year-over-year to €141.8bn, driven by new fund activations and strong fundraising across strategies.

• LTM deployment increased 44% year-over-year, with Private Equity deployment up 94% and Credit up 41%.

• LTM realisations rose 49% year-over-year, with strong Q1-25 realisations supporting expectations for full-year realisations at or above 2024 levels.

• Value creation of approximately 10% across Private Equity and Infrastructure portfolios over the LTM period, despite economic uncertainty.

• Fundraising momentum remains robust, with several funds exceeding or on track to meet targets.

Financial highlights

• FPAUM at €141.8bn as of Q1-25, up from €100.0bn a year earlier.

• Private Equity deployment reached €13.3bn LTM Mar-25; Credit deployment at €8.0bn; Secondaries at €2.8bn.

• Realisations totaled €14.5bn LTM Mar-25, with €11.0bn from Private Equity.

• EBITDA growth of 10% across Private Equity over the LTM period.

Outlook and guidance

• Management expects continued strong FPAUM and Management Fee Revenue growth in 2025, benefiting from full-year impact of new funds.

• Realisations for 2025 anticipated to be at or slightly above 2024 levels, with growth in PRE expected to be weighted toward H2.

• Fundraising targets for SOF VI ($7bn) and Infrastructure funds (€8bn aggregate) remain on track.