CVC Nets €10.5B For New Fund As Investors Clamor For More

Jun 28 2013 | 12:16pm ET

CVC Capital Partners has raised so much for its latest private-equity fund in just six months it will have to turn down some investors.

The firm had sought €9 billion for CVC European Equity Partners VI with a hard-cap of €10.5 billion. It attracted pledges in excess of €14 billion, the Financial Times reports.

London-based CVC can only accept more money if it gets consent from the fund's existing investors.

But even having to turn away more than €3.5 billion, CVC European VI is the second-largest p.e. fund raised since the financial crisis. The Blackstone Group raised US$16 billion last year—but took four long years of fundraising to do it.

CVC did sweeten the pot for early investors in the fund, offering to waive fees on the first 5% of commitments received before its first close.

CVC raised €10.8 billion for its last fund, in 2008.


In Depth

Debunking Conventional Investment Wisdom

Feb 8 2017 | 3:22pm ET

Due diligence in the hedge fund world has long involved some combination of the...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

The Future of Private Equity: New Opportunities, New Challenges

Feb 3 2017 | 6:41pm ET

The private equity industry’s astonishing rebound since the financial crisis has...

 

From the current issue of