CVC Capital Partners announces 2024 results: €200b assets under management

CVC Capital Partners plc has released its financial results for the full year 2024, reporting a profit after tax of €830m (up 36% from the year before), and a 50% year-on-year hike in its total Fee Paying Assets Under Management (FAUM) at €147b.

With its total Assets Under Management (AUM) at €200b in 2024, CVC said its strong performance was driven by the activation of Europe / Americas Fund IX and Asia VI, continued growth across Credit and Secondaries, and the inclusion of Infrastructure.

Other highlights:

• Management fees of €1.328m, +23% vs. FY 2023
• Management fee earnings (MFE) of €780m, +40% vs. FY 2023
• MFE margin of 59%
• Performance related earnings (PRE) of €182m, +5% vs. FY 2023
• EBITDA of €966m, +31% vs. FY 2023
• Profit after tax of €830m, +36% vs. FY 2023
• Recommended half-year dividend of €0.21 per share (€225m in total) to be paid on 18 June 2025 to shareholders registered on 23 May 2025, subject to shareholder approval.

It also reported strong recovery in deployment activity: €25.6b or +71% vs. FY 2023, primarily driven by a significant increase in Private Equity investing together with record levels of deployment across Credit and Secondaries. “The CVC Network continues to be critical in generating attractive investment opportunities across all asset classes, while maintaining our highly disciplined investment approach,” the private equity and investment advisory firm said in its announcement.

CVC said its realisations more than doubled year-on-year to €13.1b or +114%, “as we selectively harvest our existing portfolio and return cash to our clients, and we continue to generate very strong realised returns of 4.0 x Gross Multiple of Money (MOIC) and 30% Gross Internal Rate of Return (IRR) in 2024”. Based on current market conditions, it added, “we anticipate realisations in 2025 at, or slightly above, 2024 levels”.

EBITDA growth of c.10% across Private Equity portfolio

“Our investment portfolios continue to be resilient across all strategies, with EBITDA growth of c.10% across our Private Equity portfolio, consistent value creation of +12% across our combined Private Equity and Infrastructure portfolios, and all material CVC funds remain on or above plan.

We expect further strong growth in MFE in 2025 underpinned by our ongoing fundraising, and the full year impact of funds activated in 2024. We currently expect PRE in 2025 to show material growth vs. 2024, and whilst we expect 2025 PRE to remain well below the medium-term range, the overall carry potential from key funds remains unchanged.”

As a firm, CVC said it has made significant progress towards embedding AI-driven solutions to optimise knowledge sharing, further improve its investment origination and investment selection, and enhance operational productivity. “In addition, we are focused on rolling out AI across our investment portfolio, including product R&D, software engineering and augmenting customer service”.

The firm said it continued to successfully execute on its fundraising targets with c.€16b of capital raised in 2024.

And it is accelerating growth in Private Wealth and Insurance with the launch of its first two evergreen products: CVC-CRED and CVC-PE. It raised c.€1.5b from the wealth channel in 2024 – more than double 2023. In addition, it has raised over €15b of capital from insurance clients over the past five years, and sees a significant opportunity for growth as it further increases its focus on this channel.

CEO Rob Lucas: 2024 was a landmark year for CVC

Rob Lucas, CEO said: "2024 was a landmark year for CVC, in which we successfully completed our IPO, delivered continued growth and made significant strategic progress. Our strong performance has been driven by the unique CVC Network, our deep and longstanding client relationships, and the quality of the team we have built.

Whilst the economic and geopolitical environment remains uncertain, our experience shows that these conditions can provide some of our most attractive investment opportunities. Following our recent fundraising success, we have over €40bn of capital available to invest prudently across our seven strategies, and we are excited about our opportunities for future growth."

The 2024 Annual Report and Accounts for CVC Capital Partners plc in the European single electronic reporting format and also in PDF format can be found here