CVC Capital puts up EUR10.5 billion for a European buyout fund
CVC Capital Partners raised approximately EUR10.5 billion for a European buyout fund. The fund is considered to be the biggest fund for European buyouts ever since the Eurozone financial crisis. CVC Capital Partners is the private equity owner of Formula One, a motor racing championship sport.
The group's marketing thrust had emphasized the binary characteristics of the private equity fundraising sector since 2008, the end of the credit bubble. Since then, investors have rushed to invest in a smaller group of large fund managers, leaving the rest to shrink.
CVC Capital executives told investors during the weekend that it formally accepted around EUR10.25 billion in commitments from investors. They said another EUR250 million was curently in the process of being accepted by the third quarter.
"They timed it very well, saying 'lads, we're going to get this done before'. The deadline provided an anchor," a representative from Hamilton Lane, one of the investors in the CVC fund, said.