CVC Capital Partners (CVC) H1 2024 earnings summary

Executive summary

• Achieved strong H1 2024 growth, meeting IPO guidance with robust fundraising, deployment, and resilient portfolio performance; listed on Euronext Amsterdam in April 2024, marking a new growth phase.

• Fee-paying AUM grew 45% to €142.4bn, total AUM reached €193bn, driven by new fund activations and infrastructure inclusion.

• Completed acquisitions of CVC DIF and final stake in CVC Secondary Partners, expanding platform capabilities and diversification.

• All material funds performing on or above plan, with strong realised returns and a resilient, diversified portfolio.

• Maintained strong client relationships, including major US pension and sovereign wealth funds.

Financial highlights

• Management fee revenue up 13% year-over-year to €1,080m; adjusted pro forma EBITDA up 16% to €732m, with a margin of 63%.

• Fee-paying AUM up 45% to €142.4bn; total AUM at €193bn including CVC DIF.

• Realised returns in the last twelve months: 3.6x gross MOIC and 28% gross IRR; Europe, Americas funds delivered 4.5x gross MOIC and 32% gross IRR in H1.

• Adjusted pro forma profit after tax rose 16% to €340m in H1 2024.

• Statutory total revenue rose to €638m in H1 2024, with cash and cash equivalents at €817m as of 30 June 2024.

Outlook and guidance

• IPO guidance confirmed, with management fees expected at €1.3–1.5bn and MFE margin of 55–60% post-fundraising.

• Full impact of recent fund activations to materialise in H2 2024 and 2025; 2024 is a transition year.

• PRE guidance unchanged; 2024 PRE expected below medium-term run rate of €400–700m.

• Margins expected to expand further in H2 2024 as new funds drive operating leverage.

• Ongoing fundraising in secondaries, credit, and infrastructure to support future growth.