CVC Capital Partners is preparing new products to capture a share of the US retirement savings market after Donald Trump’s executive order last month opened 401k plans to private equity, according to sources cited by the Financial Times.

“The changes in legislation around the 401k plans [are] very exciting for the alternates market generally,” said CVC Chief Executive Rob Lucas. “We are in the process of developing products that will be very appropriate for this market and building out our business within the US to be able to take full advantage of it.” He added that brand would be critical in the race for market share.

The firm, which manages €200bn in assets, reported €13.2bn in realised investments over the past year, up 20% year-on-year. Despite this, first-half realisations rose just 2% and slowed in private equity, from €4.9bn in Q1 to €3.8bn in Q2, reflecting dealmaking pauses linked to trade tariffs.

Performance-related earnings fell 16% to €96m for the first half, below analyst forecasts. CVC had already signalled that such earnings would be weighted towards the second half of the year. Analysts are watching whether the firm can meet its medium-term guidance of €400m–€700m annually.

Fee-paying assets under management rose 10% to €140bn, while management fees climbed 20% to €705m, slightly under consensus. Shares fell 4.4% in Amsterdam trading, bringing CVC’s market value to €17.2bn.

CVC, which listed in April 2024, will launch its next flagship private equity fund in early 2027.

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