CVC is stepping up succession planning as chief executive Rob Lucas weighs leaving his role within the next two years, with senior partner Peter Rutland emerging as a leading candidate to succeed him, according to sources cited by the Financial Times.

Lucas took the firm public on the Amsterdam exchange in April 2024 and became CEO at the time of the listing. He has been with CVC since 1996 and also serves as lead managing partner of its investment committee for Europe and the Americas. His stake in the firm was valued at more than €530m at IPO.

Rutland, who heads financial services buyouts, has been identified internally as a frontrunner to take over. He oversaw CVC’s investment in Pension Insurance Corporation, recently sold in a £5.7bn deal to an Apollo-backed insurer. His track record in insurance and financial services is seen as aligning with CVC’s ambitions to diversify further as a listed asset manager.

CVC, which manages €200bn across private equity, credit, and infrastructure, is expected to launch its next flagship buyout fundraising in 2027. The timing of Lucas’s departure is likely to be shaped by those plans, though insiders cautioned that he may still extend his tenure.

The move highlights CVC’s efforts to manage leadership transition as the private equity industry places greater emphasis on insurance-linked capital and diversified platforms, following similar strategies at rivals such as Apollo and KKR.

If you think we missed any important news, please do not hesitate to contact us at news@pe-insights.com.

Can`t stop reading? Read more.