CVC Capital Partners, a private markets major with approximately €186bn in AUM, has revived plans for an initial public offering in Amsterdam, which could raise between €1bn and €1.5bn and give the business a valuation of €13bn to €15bn.
According to a press release, the company will apply for admission to listing and trading of its ordinary shares on Euronext exchange, the regulated market operated by Euronext Amsterdam.
The offering is expected to consist of new shares issued by CVC and existing shares offered by existing shareholders including Danube Investment, a nominated investment vehicle of GIC Special Investments; Kuwait Investment Authority; and Stratosphere Finance Company, a company owned by the Hong Kong government.
The offering is expected to take place in the coming weeks.
According to the press release, certain funds managed by Blue Owl’s GP Strategic Capital Platform, formerly known as Dyal Capital have committed to invest in up to 10% of the contemplated offering, increasing the shareholding of the Blue Owl GPSC funds from the approximately 8% interest acquired in November 2021.
In a statement, Rob Lucas, Chief Executive Officer of CVC, said: “We have spent more than 40 years building the CVC Network, and developing a unique entrepreneurial culture centred on delivering consistent investment outperformance for our clients. We now manage approximately €186bn of AUM across seven complementary investment strategies, we continue to achieve significant fundraising success across each of our strategies, and at €26.5bn, our latest Europe/Americas Private Equity fund is the largest private equity fund ever raised globally.
“This fundraising success underpins our continued growth, and with approximately €69bn of AUM across secondaries, credit, and infrastructure, we have an ever more scaled, diversified, and differentiated platform. We believe an IPO of CVC provides an enduring long term institutional structure to support further growth, we remain completely focussed on the continued success of CVC, and neither I nor any of my active partners are selling shares as part of this transaction.”
