Clairvest (CVG) Q2 2027 earnings summary

Executive summary

• Q2 FY2027 net income was $27.8M, driven by a net increase in private equity portfolio valuations; book value rose 2.1% QoQ to $1.356B.

• CEP III received its remaining escrow proceeds and was dissolved, delivering a final 2.5x net return for third-party investors, ranked top quartile for its North American buyout vintage.

Financial highlights

• Q2 net income was $27.8M, or $2.08/share, versus a $76.8M loss, or $5.43/share, in the prior-year quarter.

• H1 net income was $76.2M, or $5.69/share, versus a $55.4M loss, or $3.92/share, in H1 FY2026.

• Net investment gain was $24.8M in Q2 and $80.6M in H1, compared with losses of $94.5M and $58.5M in the prior-year periods.

• Total expenses excluding income taxes were $15.7M in Q2 and $35.4M in H1, versus $4.2M and $29.2M in the respective prior-year periods.

Outlook and guidance

• CEP VII is expected to substantially complete its investment program in 2027; it had made eight investments since 2024 and was 35% invested as of the release date.

• An active pipeline of opportunities was in diligence as CEP VII continued building its portfolio.