CVC Capital Partners (CVC) H1 2024 earnings summary

Executive summary

• Delivered strong H1 2024 results, with fee-paying AUM up 45% to €142.4bn and total AUM at €193bn, driven by new fund activations, robust fundraising, and key acquisitions including CVC DIF and CVC Secondary Partners.

• Achieved record fundraising and deployment, with flagship Fund IX becoming the largest PE fund ever raised at €26.8bn.

• All material funds performed on or above plan, supported by a resilient, diversified portfolio and strong client relationships.

• Listed on Euronext Amsterdam in April 2024, marking a significant milestone and new growth phase.

• Headcount increased from 913 to over 1,200, reflecting investment in talent and platform expansion.

Financial highlights

• Management fee revenue up 13% year-over-year to €1,080m, with adjusted pro forma EBITDA up 16% to €732m and margin of 63%.

• Fee-paying AUM grew 45% to €142.4bn; like-for-like growth (excluding DIF acquisition) was 27%.

• Deployment increased 63% year-over-year to €13.4bn, with over 12 private equity investments made.

• Realisations more than doubled year-over-year, with strong returns: 3.6x gross MOIC and 28% gross IRR across private equity in the last 12 months.

• Statutory total revenue rose to €638m in H1 2024, with adjusted pro forma profit after tax up 16% to €340m.

Outlook and guidance

• Guidance for management fee revenues of €1.3bn–1.5bn and margin uplift remains unchanged, with IPO guidance confirmed.

• Full impact of recent fund activations and acquisitions to materialise in H2 2024 and 2025.

• PRE guidance unchanged; 2024 PRE expected to be below medium-term run rate of €400–700m.

• Successor infrastructure funds (DIF Eight, CIF Four) to launch in H1 2025, with activation in 2026.

• Margins expected to expand further in H2 2024 as new funds drive operating leverage.