CVC Capital Partners披露上半年业绩，EBITDA增长12%

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Introduction & Market Context
CVC Capital Partners presented its first-half 2026 results on July 30, showcasing record realisations and broad-based growth across its diversified private markets platform. The Luxembourg-based firm reported fee-paying assets under management of €153 billion, up 9% year-over-year, while EBITDA climbed 12% to €554 million. Shares rose 3.68% to $14.94 following the announcement, reflecting investor approval of the firm’s continued momentum in returning capital to clients and expanding beyond traditional private equity.
The results demonstrated CVC’s successful evolution into a multi-strategy platform, with credit, secondaries and infrastructure now representing over 55% of total FPAUM. This diversification, combined with what the firm described as "unparalleled" capital return capabilities, positioned CVC to capitalize on structural trends favoring European-focused managers with proven track records.
Financial Performance Highlights
CVC’s first-half financial performance showed double-digit growth across key profitability metrics. As illustrated in the following summary of H1 2026 key highlights, the firm achieved significant year-over-year improvements across multiple dimensions.
Fee-related revenues increased 9% to €771 million, while fee-related earnings grew 11% to €442 million, producing a 57% FRE margin. Performance-related earnings rose 15% to €110 million, in line with prior guidance. Total EBITDA reached €554 million, up 12% from the prior year period, while earnings per share grew 11% to €0.40.
The following charts detail the firm’s strong operating performance, with particular emphasis on the dramatic acceleration in realisations activity.
Last twelve months realisations surged 79% year-over-year to €23.8 billion, driven primarily by private equity exits totaling €20.7 billion. These realisations were achieved at highly attractive returns of 2.8x gross MOIC and 21% gross IRR for the private equity portfolio. Meanwhile, deployment remained consistent at €25.9 billion on an LTM basis, supported by what management described as a "strong pipeline" despite muted first-half new deal volume across the broader industry.
The translation of operational strength into financial results is evident in the following breakdown of FPAUM growth, revenue expansion and EBITDA improvement.
Credit, secondaries and infrastructure collectively grew 19% year-over-year, offsetting modest declines in private equity FPAUM as strong realisations exceeded new fundraising in that segment. This diversification strategy has materially altered CVC’s business mix, reducing reliance on traditional buyout funds while expanding into faster-growing segments with different return profiles and fee structures.
Record Realisations Drive Capital Returns
The standout feature of CVC’s first-half performance was the acceleration in exit activity. The following detailed breakdown illustrates the 79% year-over-year increase in LTM realisations.
Notable H1 2026 exits included Rayner, WWEX Group, Naturgy, Republic Finance, Hermes, Skroutz and Syntegon in the Europe/Americas portfolio, along with infrastructure assets American Roads and Trapil, and Asian holdings Finetoday and Fast. The breadth of exits across geographies and sectors demonstrated what management characterized as "portfolio quality, exit flexibility, and conservative marks."
The firm’s track record of returning capital has been particularly strong in recent years. As shown in the following cumulative comparison of private equity deployment versus realisations since January 2022, CVC has returned 33% more capital than it called across its private equity platform.
Within the Europe/Americas franchise specifically, the firm returned 40% more capital than called over this period—a metric management described as "unusual among peers." This performance validates CVC’s investment approach and provides a powerful marketing tool for upcoming fundraising efforts, particularly for Fund X, which is expected to launch within approximately six months.
Portfolio Company Performance and Value Creation
Underlying portfolio company performance remained robust throughout the first half. The following charts illustrate consistent revenue and EBITDA growth across the private equity platform, with particular strength in the flagship Fund VIII.
LTM revenue growth across all private equity funds held steady at 9%, while EBITDA growth reached 13% as of May 2026. Fund VIII specifically showed accelerating momentum, with EBITDA growth of 14% and value creation excluding foreign exchange effects reaching 16% on an LTM basis—up from just 5% a year earlier.
Management emphasized its focus on artificial intelligence adoption across portfolio companies, describing AI as an "enormous technological change" and noting the firm is putting "material resources" into preparing companies for this transition. This active ownership approach, combined with operational improvements and strategic initiatives, drove the 11% LTM value creation across the combined private equity and infrastructure platforms.
Platform Diversification and Deployment Activity
CVC’s deployment activity in the first half reflected the firm’s increasingly diversified platform. The following breakdown shows broad-based investment momentum across asset classes.
Private equity deployment totaled €6.9 billion in H1 2026, while credit contributed €4.3 billion, secondaries €1.3 billion and infrastructure €1.0 billion. Notable first-half investments included Equine Network, PPC, IFF Food Ingredients, Chess.com, IRCA, DSM-Firmenich Animal Nutrition & Health, Subcom and Clevertech in the Europe/Americas portfolio, along with strategic opportunities, Asia, infrastructure and private credit deals.
Management described its sourcing capabilities as a key competitive advantage, highlighting an "extensive global network of 30 offices and specialist teams" and "deep deal-origination funnel within each platform." This infrastructure supports what the firm characterized as a "3-4 year investment cycle" with healthy pipeline visibility.
Strategic Fundraising and Capital Formation
CVC’s fundraising momentum continued in the first half, with multiple funds progressing toward final closes or actively marketing. The following overview details the status of the firm’s closed-end institutional capital raising efforts.
Secondaries Opportunities Fund VI reached $9.3 billion against a $7 billion target, with final close expected in Q3 2026. Infrastructure Value Add IV stood at €1.9 billion versus a €2 billion target, targeting Q4 2026 for final close. Catalyst III closed at $3.4 billion, representing a 70% increase over target, while CLO Equity IV achieved $1.0 billion, up 25% from the previous fund.
Active marketing efforts include Infrastructure Fund DIF VIII (€3.3 billion raised toward a €6 billion target), Capital Solutions IV (€515 million toward €2 billion), European Direct Lending V (targeting €5 billion) and a new secondaries credit strategy (targeting $500 million). The firm expects to launch Europe/Americas Fund X and a secondaries infrastructure fund within the next 12 months.
The step-change in gross inflows over recent years reflects the successful scaling of CVC’s platform, as illustrated in the following chart of half-yearly FPAUM gross inflows since 2022.
Management highlighted several structural trends supporting continued fundraising momentum: concentration of GP relationships among institutional investors, focus on managers consistently generating alpha, emphasis on cash-on-cash returns and DPI, and rebalancing toward Europe. The firm characterized itself as "well placed for Fund X fundraising given performance, capital returns, and rebalancing towards Europe."
Private Wealth and Insurance Expansion
CVC’s private wealth initiative showed dramatic growth, with total aggregate value reaching €6.7 billion in H1 2026—more than four times the level from a year earlier. The following chart illustrates this rapid expansion across multiple evergreen structures.
All CVC platforms now have active evergreen structures: CVC-PE and CVC-PEF US for private equity, CVC-CRED for credit, CVC-PESEC Lux and CVC-PESEC US for secondaries, and CVC-INFRA for infrastructure. Management reported that market-leading performance is driving further gains, with CVC-CRED delivering a 9% annualized return since inception and CVC-PE achieving 22% annualized returns since inception.
The firm’s credit and insurance capabilities have shown particularly strong historical growth, as detailed in the following FPAUM evolution chart.
Credit FPAUM reached €47 billion as of June 2026, representing a 16% compound annual growth rate since December 2020. Private credit specifically grew at a 30% CAGR over this period, while liquid credit expanded at 12% annually. This growth was underpinned by strong investment performance and a 0.2% loss rate across multiple cycles.
CVC highlighted its position as a top-three European private credit manager, the number one CLO manager in Europe and ninth globally, with a 0.2% CLO loss rate since inception. The firm raised over €18 billion from insurance clients since 2021, including a $3.5 billion strategic partnership with AIG and a $1 billion insurance structure for secondaries.
FPAUM Composition and Evolution
The detailed evolution of fee-paying assets under management showed the shifting composition of CVC’s platform. The following waterfall chart illustrates the key drivers of FPAUM growth over the last twelve months.
Gross inflows of €26.0 billion were partially offset by €13.7 billion in exits, with modest step-downs of €0.6 billion and positive foreign exchange effects of €1.4 billion. The net result was €13.1 billion in FPAUM growth, bringing the total to €153.2 billion as of June 30, 2026.
Within this total, private equity FPAUM held relatively steady at €71.3 billion as strong realisations offset new commitments. Credit grew to €46.7 billion, secondaries expanded to €16.5 billion, and infrastructure reached €18.8 billion. This composition reflects the ongoing strategic shift toward diversification, with the three non-PE platforms now collectively representing 54% of total FPAUM.
Profit and Loss Performance
CVC’s income statement showed balanced growth across fee-related and performance-related earnings. The following charts detail the evolution of revenues and EBITDA in the first half.
Fee-related revenues of €771 million included €22 million in catch-up fees, up from €8 million in the prior year period. Fee-related earnings reached €442 million, producing a 57% FRE margin—up from 56% a year earlier. Performance-related earnings of €110 million increased 15% year-over-year, contributing to total EBITDA of €554 million. After depreciation, amortization, interest and taxes, profit after tax reached €434 million, up 10% from H1 2025.
Operating expenses increased 7% to €329 million, with personnel costs rising 13% to €241 million while non-people costs declined to €88 million. Management indicated that full-year 2026 cost growth should be slightly below 10%, with higher growth expected in the second half due to hiring timing. From 2027 onward, cost growth is expected to return to the mid-to-high single-digit range.
Forward Guidance and Long-Term Outlook
CVC reaffirmed its full-year 2026 guidance, expecting aggregate performance-related earnings of approximately €600-700 million across 2026 and 2027, with 2026 likely to remain around 2025 levels of €254 million before an initial step-up in 2027. Looking further ahead, the firm projected a substantial build in PRE over 2028-2029, with aggregate earnings of €1.2-1.5 billion in those two years as Fund VIII begins recognizing initial IFRS carry at a 30% contribution to the IPO perimeter, compared to 0% for Fund VI and 15% for Fund VII.
The firm’s future carry potential was estimated at €5 billion, representing the midpoint of a €3.3-7.2 billion range. This calculation excludes €0.8 billion of carry already recognized as of June 30, 2026, and reflects net carried interest after tax, employee profit share and non-controlling interests.
Management outlined several key growth drivers underpinning its expectation for double-digit CAGR in FPAUM to 2028: market share gains reflecting consistent outperformance and investor appetite for Europe, attractive growth in private equity with fast scaling in credit, secondaries and infrastructure, and significant potential with established institutional clients plus substantial runway with insurance and private wealth channels.
The firm emphasized its balance sheet strength, with €645 million in cash, €1,932 million in long-term debt with a 9-year weighted average tenor and 3.06% weighted average fixed interest rate, and net debt leverage of 1.2x. This financial flexibility supports both organic growth investments and growing distributions to shareholders, including the 12% increase in interim dividend per share to approximately €0.26 and an ongoing share buyback program of up to €350 million, with €194 million already completed.
Chief Executive Rob Lucas emphasized the firm’s track record, stating that CVC had delivered "record realisations at highly attractive returns" and that the performance record "remains second to none." President Peter Rutland highlighted the credit business strength, noting CVC’s position as a top-three manager in European private credit and number-one CLO manager in Europe with very low default and loss rates.
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