CVC Secondary Partners and M&G Investments have finalized a $1.1bn strategic partnership to deepen their private equity secondaries focus, targeting mature North American mid-market buyout opportunities. The transaction involves CVC committing capital to M&G’s 2025 PE Secondary Fund, which will acquire stakes in existing private equity funds managed by seasoned US-based general partners. This structure enables future co-investments alongside original fund managers, enhancing liquidity and capital efficiency for both firms while broadening M&G’s private assets platform.

The deal capitalizes on growing institutional demand for secondaries to access stabilized portfolios and manage illiquid assets. Emmanuel Deblanc, M&G’s CIO, emphasized the partnership’s foundation in decades of collaboration, calling it an extension of aligned philosophies and disciplined portfolio construction. Louise Boothby of CVC Secondary Partners highlighted the value of deploying capital into established private equity managers, offering investors exposure to diversified, seasoned portfolios.

Completed on 31 December 2025, the transaction reflects a strategic shift toward secondaries as a growth lever. The move allows CVC to scale its North American footprint while M&G strengthens its secondary expertise amid rising capital constraints. Both firms position themselves to capitalize on market trends favoring secondary transactions for risk mitigation and liquidity.

This partnership underscores the sector’s evolution, with CVC and M&G leveraging secondary structures to optimize deployment in a competitive landscape. By combining CVC’s capital with M&G’s operational expertise, the firms aim to deliver value through targeted co-investments and portfolio enhancements.