CVC Capital Partners closes second Growth Fund with commitments of $1.6 billion
This is the second above-target fundraise for CVC's Growth platform following the previous $1 billion raised for Fund I in 2016
Nov 13, 2019, 09:00 ET
NEW YORK, Nov. 13, 2019 /PRNewswire/ -- CVC Capital Partners ("CVC"), one of the world's largest private equity and investment advisory firms, is pleased to announce the closing of CVC Growth Partners Fund II ("Fund II"). Fund II will continue the same investment strategy as its predecessor fund, investing in high-growth, mid-market companies in the software and technology-enabled business services sectors.
Fund II exceeded its $1 billion target and, including a sidecar co-investment vehicle, has secured commitments of $1.6 billion. Fund II enjoys a diverse global investor base, spread across North America, Europe, the Middle-East and Asia.
CVC's Growth Partners platform invests primarily in North America and Europe, focusing on a variety of sectors including software, SaaS, managed services, cloud computing, mobility, payments, security, financial technology, healthcare information technology and other tech-enabled business services. The target equity investment size is $50 million to $250 million.
John Clark, Managing Partner and Head of the CVC Growth Partners team, said: "We are grateful to our existing global investor base, who have strongly supported Fund II, and to our new investors, for helping us to secure $1.6 billion for CVC's second Growth Fund raise."
"As part of CVC's global network we enjoy access to a broad and deep pipeline of exciting investment opportunities. The companies we partner with often operate in competitive markets and face significant challenges on their journey to success. That is where we come in; we collaborate with their management teams to help them overcome obstacles to growth, and to successfully execute their strategy, so that they can become leaders in their field."
Recent investments by CVC Growth Partners Fund I include: SheerID, a leading identity marketing solution provider, based in Portland, Oregon, US; ironSource, a global market leader in the high-growth mobile advertising and mobile gaming technology markets headquartered in Tel Aviv; and, Vitech, a leading provider of cloud-based financial administration solutions based in New York.
About CVC Capital Partners
CVC is a leading private equity and investment advisory firm. Founded in 1981, CVC today has a network of 24 offices and over 500 employees throughout Europe, Asia and the US. To date, CVC has secured commitments of over US$129 billion from some of the world's leading institutional investors across its private equity and credit strategies. In total, CVC currently manages approximately US$83 billion of assets. Today, funds managed or advised by CVC are invested in 73 companies worldwide, employing over 300,000 people in numerous countries. Together, these companies have combined annual sales of approximately US$100 billion. For further information about CVC please visit: www.cvc.com.
About the CVC Growth Partners
Launched in 2014, CVC Growth Partners is the growth-oriented middle-market technology investment arm of CVC Capital Partners. CVC Growth Partners primarily targets equity investments between $50mn and $200mn in North America and Europe and manages over US$2.5 billion in assets across two dedicated funds. For further information about CVC Growth Partners please visit: www.cvc.com/growth.
SOURCE CVC Capital Partners
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