Key Highlights
Q3 2025 Activity Update
- Gross inflows of €17.8bn LTM Sep-25, resulting in an increase in FPAUM to €142bn in Q3 (vs. €140bn in Q2), with fundraising success driving continued momentum in Q4:
- Credit: strong deployment and fundraising, with €10.4bn of total investable capital raised for EUDL IV vs. €6bn target
- Secondaries: SOF VI fundraising now above target ($7bn), with an expected final close in 2026 materially above the target
- Infrastructure: we expect accelerated growth, with the activation of DIF VIII and VA IV in Q4
- Private Equity: our record level of realisations and step-downs on legacy funds have driven a reduction in FPAUM YoY
- Record level of realisations at highly attractive gross returns (3.2x MOIC and 25% IRR1):
- Second consecutive year of strong growth: 2023 €6.1bn, 2024 €13.1bn, LTM Sep-25 €17.6bn; momentum continues into Q4 (€3bn+ of Private Equity exits already signed)
- CVC has returned more capital than deployed over the past 3 years2, underpinning our confidence in future Private Equity fundraising, ahead of the launch of Fund X in Q1-27
- Confidence in delivering €240m-250m of full-year PRE (c.+35% YoY)
- LTM Sep-25 deployment of €22.8bn driven by strong growth in Credit, with Private Equity deployment remaining consistent with a 3-4 year fund cycle
- Strong value creation across all our material funds, with 3% value growth in Q3-25 across Private Equity and Infrastructure and 12% LTM Sep-25 EBITDA growth across Private Equity
- Accelerating momentum in the Private Wealth and Insurance channels:
- Private Wealth: c.€3bn of aggregate value3 (+69% vs. Q2-25)
- Insurance: significant progress across multiple fronts
Rob Lucas, CEO, comments: “CVC had a strong third quarter with record realisations at very attractive returns, driving material growth in PRE and underpinning future fundraising. Encouragingly, value creation continued to build strongly, with 12% LTM EBITDA growth across Private Equity. We continue to deliver strong growth across our Credit and Secondaries platforms, we expect accelerated growth in Infrastructure as we activate the latest fund vintages, and we are seeing ever greater momentum in Private Wealth”.
1. Weighted average by invested capital for Private Equity signed exits in LTM Sep-25.
2. Across CVC’s Private Equity funds.
3. Including 1 October 2025 subscriptions and corresponding leverage, as applicable