CVC Capital Partners is looking to sell its 68.35% stake in Malaysia’s AHAM Asset Management Bhd (AHAM Capital), around three years after becoming the company’s largest shareholder.

The private equity firm’s exit, held via Starlight Asset Sdn Bhd, could value AHAM Capital at between $565m and $652m, according to sources familiar with the matter. At least one potential buyer has already shown interest.

CVC acquired the stake in 2022 for $345m, purchasing 63% from Affin Bank for $314m and 5.35% from management for $27m. The deal at the time valued the business at $503m, a price-to-assets-under-management ratio of 3.08%, above the sector’s average of 2.64% since 2014.

Led by founder and managing director Datuk Teng Chee Wai, AHAM Capital oversees about $19bn in assets under administration and $12.1bn in net asset value across 132 funds as of June 2025. In FY2024, revenue rose 28% year on year to $105m, while net profit reached $25m.

Other shareholders include Nikko Asset Management (20%), the Armed Forces Fund Board (7%), and management (4.65%). AHAM also owns AIIMAN Asset Management and a 51% stake in Bintang Capital Partners, a Southeast Asia-focused impact investing private equity firm.

The move comes amid CVC’s broader global deal activity, including its sale of a majority stake in India’s Healthcare Global Enterprises to KKR and acquisitions in Australia, Abu Dhabi, and the gaming compliance sector.

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