Donald Mackenzie, Co-Founder and Co-Chair of CVC, has decided to step back from an active role with the business, Europe’s largest buyout firm, to focus on his private interests ahead of the company’s long-awaited public listing.
Mackenzie was part of a small group of Citibank executives who spun out in 1993 to form CVC which, with €188bn in AUM, is now one of Europe’s biggest private equity firms.
Last year, CVC, which is currently preparing for an initial public offering having postponed its original plan to list in November, due to market uncertainty, closed the largest buyout fund on record with €26bn in capital commitments.
Mackenzie will now become Honorary Co-Chair at CVC with Steve Koltes and will remain on the firm’s board of directors in a non-executive capacity.
In a press statement, Mackenzie said: “When we founded CVC in the early 90s, it was our ambition to create a multi-generational business that would continue to flourish long after the founders had gone. I believe we have achieved that. The business is in very good shape and in good hands.”
