CVC Europe / Americas Fund X initial target set at €26bn

CVC has today set the initial target size for Europe / Americas Fund X (“Fund X”) at EUR 26bn of fee-paying commitments⁽¹⁾, in line with previous indications. The final fund size is dependent on the outcome of the fundraising process and the final hard cap amount for Fund X will be set at a later date. Fund X’s investment strategy is expected to be materially in line with its predecessor Europe / Americas IX (“Fund IX”).  

The formal fundraising process, starting in January 2027, follows a period of extensive pre-marketing over the past 18 months with LPs globally, providing confidence in this target, along with CVC’s outstanding investment and realisation track record. For reference, predecessors Europe / Americas VII, VIII and IX closed meaningfully above their initial targets⁽²⁾. 

Rob Lucas, CEO at CVC said: “Our Europe / Americas strategy has an unparalleled track record of returning capital to clients, with over €56 billion of total gross proceeds returned since 2021, at highly attractive investment returns of 3.8x Gross MOIC and 26% Gross IRR. This is why we are so confident in our ability to deliver Europe / Americas Fund X at the same size or larger than Fund IX, the largest private equity fund ever raised.” 

Investors are concentrating their capital with a smaller number of managers. The depth of CVC’s long-standing client relationships and the breadth of our platform are powerful advantages and underpin our ability to raise institutional capital at scale. 

The initial Fund X target is fully consistent with our previously stated ambition of double-digit CAGR in FPAUM to 2028 for the group. We continue to see attractive growth in our private equity platform across our Asia, Strategic Opportunities and Catalyst institutional offerings, in addition to the growth in Europe / Americas, as well as the substantial scaling potential in our Private Wealth offering.  

Activation of Fund X will follow the end of the commitment period of Fund IX which typically ends when this fund has invested 90-95% of its committed capital. As at the end of June 2026, Fund IX was 60-65% invested.  

^{1 excluding GP commitment}

^{2 Europe / Americas IX set an initial target size of €25bn including GP commitment (or €23.7bn of fee-paying commitments after deducting final GP commitment of €1.3bn) and closed 9% above, at €27.3bn, including GP commitment. Europe / Americas VIII set an initial target size of €17.5bn and closed 27% above, at €22.3bn, including GP commitment. Europe / Americas VII set an initial target size of €12.5bn and closed 31% above, at €16.4bn.}