UK buyout firm CVC Capital Partners Ltd plans to invest further in both Europe and North America and its flagship fund has now raised EUR10.5bn (USD13.8bn) for the purpose, CVC announced in a press release today.
CVC Capital Partners VI secured EUR10.25bn of the total amount on Friday. The rest has been allocated with a legal closing scheduled for the end of the third quarter. The fund begun raising money in January. Some 90% of the total sum came from investors with commitments to previous CVC funds.
According to co-chairman Steve Koltes, “Europe is home to more globalised, highly competitive and well-managed companies than any other part of the world”. The private equity firm did not specify any potential targets.
An insider told Reuters last month that CVC had lured commitments for more than the hard cap of EUR10.5bn and was required to turn down money.