CVC Capital Partners (CVC) Q2 2025 TU earnings summary

Executive summary

• Fundraising momentum remained strong in H1-25, with significant inflows across all active strategies and robust support from institutional clients, wealth, and insurance channels.

• FPAUM grew 10% year-over-year, driven by infrastructure inclusion and €20bn gross LTM inflows across Credit, Private Equity, and Secondaries.

• LTM deployment increased 22% year-over-year, led by rapid scaling in Private Credit.

• LTM realisations rose 20% year-over-year, with gross realised returns of 3.3x MOIC and 27% IRR.

• Portfolio operating performance remained resilient, with 10% LTM EBITDA growth in Private Equity.

Financial highlights

• EUDL IV raised over €10bn, exceeding its €6bn target, and is now a top 3 manager in European Private Credit.

• SOF VI is on track to exceed its $7bn target, a significant increase from previous funds.

• CLO Equity IV raised over $700m, supporting future CLO issuances of ~$15bn.

• Infrastructure fundraising (DIF VIII and VA IV) progressing toward €8bn combined target, with first closings expected before year-end.

• Private Equity deployment for LTM to June 2025 was €10.7bn; Credit deployment reached €10.3bn.

Outlook and guidance

• H2-25 FPAUM growth expected from continued Credit expansion, further SOF VI inflows, activation of successor Infrastructure funds, and additional Wealth inflows.

• No material fund step-downs anticipated in H2-25.

• Anticipated launches of new Credit, Infrastructure, and Secondaries strategies over the next 12-18 months.

• Final close for EUDL IV expected in late Q3 2025; EUDL V launch planned for 2026.