CVC raises $18 billion for U.S. and European investments
CVC Capital Partners has concluded fundraising for the firm’s seventh fund, CVC Capital Partners VII. The fund has garnered approximately $18 billion in capital commitments for private equity investments in Europe and North America.
Fund VII received backing from CVC itself and its employees. CVC’s preceding fund, CVC Capital Partners VI, closed with approximately $14.9 billion in capital. The firm currently manages $38 billion in active private equity funds across all four of its investment strategies, which includes: CVC Capital Partners Asia Pacific, the firm’s Asian private equity platform; CVC Strategic Opportunities Platform, which focuses on stable, long-term investment opportunities; and CVC Growth Partners, which invests in high-growth middle-market companies across the software and technology-enabled business services sectors.
Founded in 1981, CVC is a private equity and investment firm based in London. The PE firm has raised more than $65 billion in capital commitments since its inception and has completed over 300 investments. CVC announced the purchase of PDC Brands, which makes a line of personal care products, on June 1. The firm expects to close the acquisition of luxury watch brand Breitling by the end of June.
The firm is currently invested in a variety of companies such as BJ’s Wholesale Club and Petco. In 2016, CVC agreed to buy bottle packaging company Anchor Glass Container Corp. for more than $1 billion; in February the firm raised a $1 billion middle-market investment fund to invest in tech companies; and then CVC-backed Avast Software made a $1.3 billion deal to acquire AVG Technologies NV (NYSE: AVG) for its security software services.
Private equity firms have been active about raising capital. Private Advisors raised a $164 million co-investment fund, while Ardian and Constitution Capital Partners also raised similar funds. Other fundraises include: the Riverside Co.’s first minority investment fund in April 2017; The Carlyle Group’s (Nasdaq: CG) fourth distressed capital raise; Vector Capital’s fifth PE fund; Monroe Capital LLC’s $800 million credit fund; and NXT Capital LLC’s fourth debt fund with $900 million. In 2016, the Carlyle Group (Nasdaq: CG) closed its fourth CLO fund at $507 million and Littlejohn's Wellfleet closed a $406 million fund.