CVC beats profit expectations as AUM reaches €200bn

CVC Capital Partners has beaten its profit forecast and reported that its assets under management (AUM) have reached €200bn (£167.6bn).

The private markets manager reported a 36 per cent rise in adjusted after-tax profit to €830m for the financial year ended 31 December 2024, beating the €748m that was expected by analysts.

Fee-paying AUM was up by 50 per cent year-on-year, to reach €147.3bn by 31 December 2024. This was driven by the activation of Europe/Americas Fund IX and Asia VI, continued growth across the firm’s credit and secondaries businesses, and the inclusion of infrastructure, the company said.

CVC also reported core earnings of €966m, representing a 31 per cent increase on 2023.

The firm saw record levels of deployment across its credit and secondaries business last year, resulting in €25.6bn being deployed across 2024 – a 71 per cent year-on-year increase. This was also driven by a significant increase in private equity investing.

Realisations more than doubled year-on-year to €13.1bn, and CVC has predicted that based on current market conditions it expects realisations in 2025 at, or slightly above, 2024 levels.

“2024 was a landmark year for CVC, in which we successfully completed our IPO, delivered continued growth and made significant strategic progress,” said Rob Lucas, chief executive of CVC Capital Partners.

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“Our strong performance has been driven by the unique CVC Network, our deep and longstanding client relationships, and the quality of the team we have built.

“Whilst the economic and geopolitical environment remains uncertain, our experience shows that these conditions can provide some of our most attractive investment opportunities.”

Lucas added that following recent fundraising activity, the firm has more than €40bn of capital available to invest across its seven strategies.

The company added that it is accelerating growth in its private wealth and insurance segments, with the launch of its first two evergreen products: CVC-CRED and CVC-PE. CVC raised approximately €1.5bn from the wealth channel in 2024 – more than double what was raised in 2023.