CVC Capital Partners (“CVC”) today announced that Steve Koltes, Co-founder and Co-Chair, will be stepping down from an active role effective October 1st, 2022, to focus on his private interests. He will remain on CVC’s Board of Directors in a non-executive capacity, and the business will continue to be managed by CVC’s board and the Managing Partners of the firm.

Steve joined CVC’s predecessor, Citicorp Venture Capital London, in 1988. In 1993, he and his colleagues including his fellow Co-Chairs Donald Mackenzie and Rolly van Rappard established CVC Capital Partners. Since then, CVC has grown into one of the world’s leading private equity and investment advisory firms with a network of 25 offices and approximately US$125 billion of assets under management across six private equity, secondary and credit strategies. 

The CVC  Board said: “In all his years with the firm Steve has been a tower of both wisdom and determination and will be missed by all of us. He leaves CVC as a world-leading investment firm with a superb team and a wealth of opportunities for further growth.” 

Donald Mackenzie, Co-Founder and Co-Chair of CVC, said: “Steve and I have been good friends, business partners and fellow deal-makers from the very earliest days of CVC. I will greatly miss his balance and his stewardship of the culture of CVC, and I know that everyone in CVC feels the same.” 

Rolly van Rappard, Co-Founder and Co-Chair of CVC, added: “Steve is my close friend and collaborator both inside CVC and on a personal level. Over our 34 years of shared history, my colleagues and I always turned to him as a voice of conscience for the firm. He has chosen to move on with the business in its best condition ever. While his decision is understandable, there is no doubt that we all will miss him very much.” 

Steve Koltes, Co-Founder and Co-Chair of CVC, commented: “CVC outgrew a dependence on any single individual or group of individuals long ago. The firm attracts, motivates and energises a collection of talent second to none. For everything I can do well, there are dozens in the firm who can do it better. After 34 glorious years with this very special place, that’s the best sign that my job is done.”