CVC Capital Partners (CVC) Q3 2025 TU earnings summary

Executive summary

• Gross inflows reached €17.8bn in the last twelve months to September 2025, increasing FPAUM to €142bn in Q3, with strong fundraising momentum expected to continue into Q4.

• Record realisations of €17.6bn at highly attractive gross returns (3.2x MOIC, 25% IRR) over the LTM, with over €3bn of Private Equity exits already signed for Q4.

• More capital has been returned than deployed over the past three years, supporting confidence in future Private Equity fundraising ahead of Fund X launch in Q1-27.

• Value creation remains robust, with 12% LTM EBITDA growth across Private Equity and 3% value growth in Q3-25 across Private Equity and Infrastructure.

• Private Wealth and Insurance channels are accelerating, with Private Wealth assets up 69% vs. Q2-25 and significant insurance fundraising progress.

Financial highlights

• FPAUM increased to €142bn in Q3-25 from €140bn in Q2-25, driven by €17.8bn gross inflows over LTM.

• LTM Sep-25 deployment totaled €22.8bn, led by strong growth in Credit; Private Equity deployment consistent with a 3-4 year fund cycle.

• Record LTM Sep-25 realisations of €17.6bn, with strong exit momentum continuing into Q4-25.

• PRE (performance-related earnings) guidance for full-year: €240m–250m, up ~35% YoY.

Outlook and guidance

• Continued fundraising momentum expected in Q4-25, with new fund launches in Credit (EUDL V) and Private Equity (Fund X in Q1-27).

• Infrastructure growth to accelerate with activation of DIF VIII and VA IV.

• Private Wealth and Insurance channels to expand with new product launches in 2026.