CVC Capital Partners (CVC) Q4 2025 TU earnings summary

Executive summary

• Achieved record realisations of €21.9bn in 2025, up 67% year-over-year, with gross returns of 3.2x MOIC and 23% IRR, driven primarily by Private Equity realisations which grew 77% year-over-year.

• Gross inflows reached €23bn, with FPAUM at €148bn at year-end, reflecting 12% growth year-over-year in Credit, Secondaries, and Infrastructure, now comprising over half of FPAUM.

• Strong fundraising momentum across strategies, including the launch of new funds and platforms in Credit, Secondaries, Infrastructure, and Private Wealth channels.

• Strategic partnership with AIG and acquisition of Marathon significantly enhance growth prospects, especially in Insurance and US Credit markets.

Financial highlights

• FPAUM increased from €140bn at June 2025 to €148bn at December 2025.

• Record deployment of €25.7bn in 2025, up from €24.9bn in 2024, led by Credit, Secondaries, and Infrastructure.

• Private Wealth aggregate value grew nearly 5x to €3.6bn year-over-year.

• All material funds performed on or above plan, with 11% LTM value creation (excl. FX) and 14% LTM EBITDA growth in Private Equity.

Outlook and guidance

• Major fundraises planned over the next 24 months, including EUDL V in Credit (mid-2026), SOF VI final close in Secondaries (2026), and pre-marketing for Private Equity Fund X (formal launch Q1-27).

• Continued expansion in Private Wealth and Insurance channels, with new product launches and broader distribution expected in 2026.