Annual Report & Accounts 2025
CVC Capital Partners plc Annual Report & Accounts 2025
Strong performance in 2025
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Adjusted Total Revenue1
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Adjusted EBITDA1
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Adjusted Profit After Tax1
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Statutory Total Revenue
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Statutory EBITDA
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Statutory Profit After Tax
In addition to the statutory financial results, the Group also presents adjusted measures that help to illustrate the underlying operating performance of the Group. The Company believes that these Alternative Performance Measures (APMs), in addition to IFRS measures, help to provide a fuller understanding of the Group’s results. Comparative figures for the year ended 31 December 2025 include pro forma adjustments to reflect the results of the Group as if the Pre-IPO Reorganisation and acquisition of CVC DIF occurred at the start of the comparative period. This is primarily because 2024 statutory results do not reflect the 2024 pre-IPO reorganisation for the full period and as such only include eight months of CVC Credit and six months of CVC DIF.
2025 was a record year for realisations, delivering very attractive returns, and underpinning future fundraising, including Fund X. Value creation continued to build strongly across our funds. We continued to scale our Credit, Secondaries and Infrastructure platforms and are seeing encouraging momentum with Private Wealth and Insurance, two of our strategic focus areas.
Rob Lucas Chief Executive Officer
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FPAUM
increasing 12% YoY growth across non-Private Equity, decrease in PE following record realisations
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Continued fundraising momentum
Total capital raised across the Group2 in 2025
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Record year for realisations
Realisations in 20253 and 1.3x more capital returned than deployed over the past four years in Private Equity
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Strong continued deployment activity
Deployment in 20254
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Building demand for our Private Wealth offering
total aggregate value5 across CVC-CRED and CVC-PE, CVC-PE US
and CVC-PESEC to launch in Q1-26
What makes CVC successful?
The CVC Network, our unique culture, investment performance and client base underpin our success.
Seven complementary investment strategies
One integrated platform managing €205bn of AUM6
Europe / Americas
Global leader – able to deploy at scale, and consistently performing across multiple cycles.
1996 Launch yearAUM6
Investment professionals7
CVC's Europe/Americas private equity strategy is focused on control or co-control investments in market-leading businesses across these regions
Europe / AmericasAsia
Regional strategy supported by strong long-term market trends.
1999 Launch yearAUM6
84
CVC has one of the largest and longest-established pan-regional office networks of any private equity business in Asia and has been active in the region since 1999
AsiaStrategic Opportunities
Complementary lower-risk, longer-hold strategy, with flexible investment approach.
2014Launch year
AUM6
CVC established its Strategic Opportunities strategy in 2014 to invest in high-quality businesses that may not suit a traditional private equity mandate
Strategic OpportunitiesCatalyst
European focused midmarket buyout strategy, building on our 40-year track record in this area
2025Launch year
AUM6, 8
Investment professionals7
CVC Catalyst is CVC’s mid-market private equity investment strategy.
CatalystSecondaries
Providing tailored liquidity solutions for third-party GPs and LPs.
2006 Launch yearAUM6
CVC Secondary Partners manages and advises five active secondary flagship funds, investing primarily in Europe and North America with a mid-market focus.
SecondariesCredit
Leading global provider of corporate credit solutions.
2006 Launch yearAUM6
CVC Credit invests in companies across the sub-investment grade corporate credit markets in Europe and North America, with a track record of sourcing, underwriting and managing risk.
CreditInfrastructure
Investing specifically in core, core+ and value-add infrastructure.
2005 Launch yearAUM6
Investment professionals
Founded in 2005, CVC DIF (formerly DIF Capital Partners) is an infrastructure fund manager with a leading position in managing mid-market investments, primarily in Europe, North America and Australia.
InfrastructureCase Studies
CVC's ability to bring to bear the full extent of its global resources on any situation gives it a competitive advantage when creating value during CVC's ownership period.
Annual Report & Accounts 2025 Downloads Centre
Download key sections of our Annual Report & Accounts 2025 and related documents here.
Annual Report & Accounts 2025
Annual Report & Accounts 2025 - ESEF
Highlights of the Year
CEO Review
Our Approach
Our Strategies and Performance
Financial Review
Risk Overview
Governance Report
Sustainability Report
Financial Statements
Additional Information
1. Adjusted measures are alternative performance measures (APMs).
2. Total capital commitments made across CVC’s seven strategies in 2025, including commitments accepted to CVC’s private funds, separate accounts, and evergreen
products. Amounts shown may, in respect of private credit strategies, include leverage.
3. Signed realisations as of 31 December 2025, across Private Equity, Secondaries and Infrastructure (excludes Credit).
4. Includes signed but not yet closed investments as at 31 December 2025, across Private Equity, Secondaries and Infrastructure, and movement in Credit FPAUM by
vehicle (excluding FX and exits).
5. Including 2 January 2026 subscriptions and corresponding leverage, as applicable.
6. Including CVC sponsored funds, together with their parallel vehicles and co-invest vehicles.
7. The Europe / Americas team invests across both the Europe / Americas and Catalyst Funds.
8. Represents AUM of the Growth platform, which is no longer investing.
Note: for information purposes only. As at 31 December 2025. Totals may not sum due to rounding.