CVC Capital Partners reported record financial performance for 2025 as the firm continued to expand its global private markets platform.

The private equity group reported €205bn in assets under management and €148bn in fee-paying assets. Management fees rose 9% year-on-year to €1.5bn, while EBITDA increased 13% to €1.1bn.

Profit after tax reached €873m, reflecting continued growth across the firm’s diversified investment strategies.

The firm attracted €23bn in inflows during the year across institutional, private wealth, and insurance channels. Credit, secondaries, and infrastructure strategies drove much of the growth and now account for more than half of fee-paying assets.

CVC also reported record realisations of €21.9bn in 2025, delivering strong returns for investors. Across private equity exits, the firm generated a 3.2x gross multiple of invested capital and a 23% gross internal rate of return.

Rob Lucas, Chief Executive of CVC, said: “2025 was a year of strong performance and significant strategic progress. We achieved record realisations, delivering very attractive returns which supports our confidence in future fundraising.”

Despite the strong operational results, CVC lowered expectations for carried interest generated from exits over the next two years.

The firm said it expects to earn €600m to €700m in performance fee earnings between 2026 and 2027. The guidance falls below analyst forecasts of more than €1bn for the same period.

The adjustment reflects a slower exit environment across private equity following interest rate increases and broader market volatility.

CVC noted that its 2020 flagship buyout fund, which deployed capital heavily during the 2021 dealmaking boom, is expected to generate carried interest later than initially anticipated.

Looking ahead, the firm expects a stronger build-up of performance fees later in the decade. It forecasts €1.8bn to €2.2bn in performance-related earnings between 2026 and 2029.

CVC also outlined ambitious long-term growth targets. The firm expects fee-paying assets under management to reach around €200bn by 2028 as it continues to scale its credit, infrastructure, and secondaries strategies.

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