Annual Report & Accounts 2025 (CVC Capital Partners)

Summary

• Fee-Paying Assets Under Management (FPAUM) reached €148bn at year-end 2025, driven by €23bn in gross inflows across strategies.p.4
• CVC recorded €21.9bn in total realisations during 2025, returning 1.3x more capital than deployed over the past four years in Private Equity.p.4
• Total deployment across CVC investment platforms reached €25.7bn for the year ended 31 December 2025.p.4
• Total Assets Under Management (AUM) expanded to €205bn across 29 office locations globally on six continents.p.5
• Adjusted Total Revenue grew 13% year-on-year to €1,707m, while Adjusted EBITDA reached €1,091m in 2025.p.6
• Private Equity exits generated €19.5bn of proceeds across 26 portfolio companies at a 3.2x gross MOIC and a 23% gross IRR.p.10

Key insights

1. Credit, Secondaries, and Infrastructure platforms grew FPAUM by 12% year-on-year and now represent over half of total Fee-Paying AUM.p.4
2. European Direct Lending Fund IV (EUDL IV) held its final close at €10.4bn of total investable capital, surpassing its €6bn target.p.34
3. Private Equity portfolio performance remained resilient, delivering 10% revenue growth and 14% EBITDA growth in 2025.p.10
4. Secondaries fund SOF VI raised over $8bn by year-end 2025, exceeding its target of $7bn.p.8
5. A strategic partnership with AIG includes a $2bn Separately Managed Account (SMA) across CVC credit capabilities.p.9
6. CVC announced the acquisition of US credit manager Marathon Asset Management to expand its presence in US credit markets.p.10