M&G Investments has deepened its push into private equity secondaries through a $1.1bn managed fund transaction with CVC Secondary Partners.

Under the strategic partnership, funds advised by CVC committed $1.1bn to M&G’s 2025 PE Secondary Fund to acquire a portfolio of private equity interests, primarily in mature North American mid-market buyout funds. 

The structure also allows for future co-investments alongside the underlying managers, adding a forward deployment angle to what is effectively a large-scale secondary capital injection. M&G will retain management of the portfolio and maintain direct relationships with the general partners. 

The transaction delivers immediate access to a diversified portfolio of US private equity funds and strengthens both firms’ ability to deploy capital through secondary and co-investment structures. It also broadens M&G’s private assets platform at a time when institutional investors are increasingly using secondaries to access seasoned portfolios and manage liquidity.

Emmanuel Deblanc, Chief Investment Officer, Private Markets at M&G, framed the deal as an extension of a long-standing relationship. “Having worked with CVC for more than two decades supporting the growth of private companies globally, this new mandate builds on a relationship rooted in investment excellence, aligned philosophies and a shared commitment to disciplined portfolio construction,” he said.

For CVC Secondary Partners, the deal provides its investors with access to a seasoned portfolio managed by established private equity firms. “We are pleased to be partnering with M&G again in this landmark transaction,” said Louise Boothby, Managing Partner at CVC Secondary Partners. “This represents an exciting expansion of our long-standing relationship with M&G and importantly provides our investors with exposure to a seasoned and diversified portfolio, managed by some of the highest quality private equity managers.”

Completed on 31 December 2025, the transaction signals how large asset managers are using secondary structures as strategic growth levers to scale private equity exposure in a more capital-efficient way.

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