CVC Capital Partners (CVC) Q3 2024 TU earnings summary

Executive summary

• FPAUM rose 47% to €144.1bn as of 30 September 2024, with total AUM reaching €191bn, reflecting strong fundraising and portfolio resilience.

• Deployment activity nearly doubled year-over-year, driven by Private Equity, with €20.7bn deployed YTD Sep-24.

• Realisation volumes increased 106% YTD Sep-24 vs. prior year, though H2 is expected to be lower than H1.

• Fundraising momentum remains strong, with new Infrastructure and Private Equity Wealth offerings planned for H1 2025.

• Strategic acquisitions in Infrastructure and Secondaries completed, positioning for future growth.

Financial highlights

• FPAUM increased from €98.2bn at end-2023 to €144.1bn at Q3-24, mainly from new fund activations and acquisitions.

• Deployment YTD Sep-24: €20.7bn (+97% YoY), with Private Equity at €12.3bn (+435% YoY), Secondaries at €1.5bn (+193% YoY), Credit at €5.7bn (+5% YoY), and Infrastructure at €1.3bn.

• Realisations YTD Sep-24: €11.7bn (+106% YoY), with Private Equity at €9.1bn, Secondaries at €0.7bn, and Infrastructure at €0.9bn.

• Europe/Americas portfolio values grew 9% YTD Sep-24.

Outlook and guidance

• Guidance for strong year-on-year earnings growth remains unchanged, driven by higher management fee earnings.

• 2024 performance-related earnings (PRE) expected to remain well below medium-term run-rate and slightly lower than prior year.

• Full-year deployment and realisations expected to remain significantly ahead of 2023, but H2 realisations to be lower than H1.