Key Highlights
Full-Year 2025 Activity Update
- Another record year for realisations (€21.9bn or +67% vs. 2024) at highly attractive gross returns (3.2x MOIC and 23% IRR1). Private Equity realisations increased 77%, and over the past 4 years, CVC has returned more capital than deployed2, underpinning our confidence in future fundraising
- Gross inflows of €23bn in 2025 (including €9bn in Q4-25) reflect broad based momentum, and a strong fundraising calendar for 2026 supports future growth:
- Credit: having closed €10.4bn3 for EUDL IV in Sep-25, we now expect to launch EUDL V in mid-2026 given the strength of our deployment pipeline
- Secondaries: SOF VI at >$8bn4 ($5.8bn for SOF V) with final close in 2026
- Infrastructure: DIF VIII / VA IV activated in Q4-25, €3.5bn raised with strong fundraising momentum moving into 2026 towards €8bn combined target
- Private Equity: pre-marketing of Fund X progressing well, ahead of formal launch in Q1-27. We activated Catalyst III in Q4-25
- Strong momentum in the Private Wealth and Insurance channels:
- Private Wealth: c.€3.6bn of aggregate value5 (nearly 5x vs. c.€0.8bn at Dec24), with broadening of products and distributors to drive growth in 2026
- Insurance: our recent announcements regarding the $3.5bn partnership with AIG and our acquisition of Marathon, position us strongly for accelerated growth in the Insurance channel
- FPAUM reached €148bn at Dec-25 with Credit, Secondaries and Infrastructure comprising >50%, with 12% growth YoY. This offset a reduction in PE FPAUM, driven by our success in realisations. Future growth will be driven by major fundraises over the next 24 months
- Deployment remained strong at €25.7bn driven by Credit, Secondaries and Infrastructure; PE deployment was consistent with our 3-4-year fund cycle Strong value creation across all our material funds at 11% (excl. FX) in 2025 across PE and Infrastructure, and underlying LTM EBITDA growth accelerating to 14% (incl. FX) across PE (vs. 10% LTM at Jun-25)
- CVC's focus on running highly diversified portfolios underpins our long-term investment track record. Software represents 7% of FPAUM, well below the industry average, with most of these investments made post 2021
Rob Lucas, CEO comments: "2025 saw record realisations at attractive returns underpinning our confidence in future fundraising, including Fund X. More than half of our FPAUM now comprises Credit, Secondaries and Infrastructure, which delivered 12% growth in 2025. Private Wealth aggregate value increased almost 5x, and our partnership with AIG and announced acquisition of Marathon position us strongly for accelerated growth, including in the Insurance channel. We are highly confident in our ability to build on this momentum in 2026."
1. Weighted average by invested capital for Private Equity signed exits in 2025.
2. Across CVC’s Private Equity funds.
3. Including leverage, co-invest and SMAs.
4. Including GP commitment, SOOF III and co-invest.
5. Including 1 January 2026 subscriptions and corresponding leverage, as applicable.