CVC Capital Partners has elevated long-time dealmaker Peter Rutland to the newly created role of president as the publicly listed private equity group completes the largest promotions round in its history, according to sources cited by Bloomberg. 

The firm has promoted about 218 employees across its global platform, including seven new managing partners. The move strengthens CVC’s leadership bench less than two years after its stock market listing. Søren Vestergaard-Poulsen, a managing partner who co-chairs the private equity board, has also been appointed chief investment officer of the private equity business.

Industry observers view Rutland as a leading internal contender to succeed chief executive Rob Lucas, although no formal succession process is underway. Succession planning remains a priority for private capital firms, where investor commitments span a decade or more.

CVC oversees roughly €200bn in assets across private equity, credit, and infrastructure. The firm raised €26bn in 2023 for what was then the world’s largest buyout fund and is expected to begin fundraising for its next flagship vehicle in 2027.

Rutland joined CVC in 2007 and leads its financial services buyout strategy. Transactions under his leadership include Domestic & General, UK retirement savings firm Pension Insurance Corp., and Paysafe. Vestergaard-Poulsen, who joined in 1998, has been central to CVC’s activity in the Nordics, backing companies such as Stark Group, health-care provider Mehiläinen, and technical wholesaler Ahlsell.

CVC’s shares, which nearly doubled at their peak last year, have since stabilised around their IPO level, giving the firm a market capitalisation of €14.7bn.

The promotions mark another step in the firm’s evolution as a listed private equity manager, reinforcing its senior ranks ahead of its next phase of capital raising and dealmaking.

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