Key Highlights
Q1 2026 Activity Update
- Fee-paying AUM increased €2.4bn QoQ (+2%), €8.9bn YoY (+6%), to €151bn; with our non-PE strategies (now 52% of total FPAUM) growing 14% YoY
- Fundraising: broad-based momentum by platform and client channel
- Institutional: fundraising momentum continued across multiple products including (i) PE – our European mid-market PE fund Catalyst which is oversubscribed for its $2bn target, (ii) Secondaries – SOF VI has now raised $8.7bn1 (vs. $7bn target), and (iii) Credit – we have closed our latest CLO equity fund (CVC CLO Equity IV) at $1bn2, a 25% increase vs. CVC CLO Equity III
- Private Wealth: CVC Private Wealth now at €5.2bn3 of aggregate value (up €1.6bn or >40% QoQ), with continued growth in the established CVCCRED and CVC-PE vehicles, plus successful launches of CVC-PESEC, and CVC-PEF in the US. Performance remains strong at ~10%4 annualised IRR since inception for CVC-CRED and >20%5 for CVC-PE, with minimal redemptions
- Realisations: continued high levels of realisations following a record year in 2025 with €5.0bn in Q1-26, and LTM PE realisations of €18.6bn delivered at highly attractive realised returns of 2.9x gross MOIC and 22% IRR6, underpinning our confidence in future fundraising
- Value creation: strong, despite the impact of lower public valuation multiples
- LTM value creation of 11% ex. FX7 across Private Equity and Infrastructure, in line with Dec-25 levels
- Q1 value creation of 3.5% across Europe / America funds, 5.0% for Fund VIII
- CVC-CRED has delivered positive returns in every month since inception, including each month YTD2
- Marathon Asset Management remains on track for Q3-26 closing
Rob Lucas, CEO, comments: "CVC delivered a strong first quarter of 2026. Fundraising momentum in Q1 was broad-based and included further encouraging progress with our Institutional and Insurance clients, as well as more than 40% quarterly growth in Private Wealth. Realisations continued at high levels following a record year in 2025, and at attractive returns, underpinning our confidence in future fundraising. Value creation across our funds showed continued healthy progress, driven by strong portfolio company fundamentals. We look forward to building on this momentum through 2026 and beyond."
1. Including GP commitment, SOOF III and co-invest.
2. Including GP commitment.
3. Including 1 April 2026 subscriptions and corresponding leverage, as applicable.
4. CVC-CRED Class I EUR accumulating and Class I EUR distributing shares, since inception date (15 May 2024), as of 28 February 2026.
5. CVC-PE Class I EUR accumulating shares, since inception date (20 February 2025), as of 28 February 2026.
6. Weighted average by invested capital for Private Equity signed exits.
7. 9% including FX