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

bfinance: Fees Falling Across Asset Classes, Yet Overall Investor Costs Still Climbing

May 16 2017 | 9:53pm ET

Despite unprecedented attention on fees, new research from investment consultancy...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Risk-Based Compliance: Why Oversight Of Outsourcing Is Critical

May 10 2017 | 7:02pm ET

Compliance is notoriously one of the trickiest middle office functions for funds...

 

From the current issue of