CVC Capital Partners achieved a historic €21.9bn in realized exits in 2025, driven by private equity (€19.5bn, a 77% surge from 2024) and infrastructure deals. The Luxembourg-based firm maintained consistent exit momentum, with 90% of returns stemming from PE. CEO Rob Lucas emphasized this performance positions CVC to launch Fund X, targeting a size equal to or exceeding its predecessor.

2025 returns included 5% from IPOs/public market sales, 46% from sponsor sales, and 35% from strategic exits. CVC’s €46bn in four-year PE proceeds saw healthcare (16%) and financial services/consumer sectors (15% each) dominate. Despite a 27% drop in PE deployment to €9.7bn, credit, secondaries, and infrastructure investments rose slightly.

Lucas highlighted CVC’s low software exposure (7%) amid AI disruption fears, attributing this to cautious selection and lower-than-market acquisition prices. The firm’s €148bn fee-paying AUM grew marginally, with a target of €200bn by 2028.

CVC’s secondaries vehicle, Glendower Secondary Opportunities Fund VI, surpassed its $7bn target, raising over $8bn and aiming for a final close by mid-2026. Regional exposure shows UK and Nordics each contributing 15% of total assets.