Private equity firm CVC Capital Partners beat market expectations for its half-year net profit on Thursday, boosted by growth in fundraising and a rise in fee-paying assets under management.
The Amsterdam-listed asset manager exceeded market expectations across all its key metrics, ending the first half of the year with €434 million ($497 million) of adjusted profit after tax, against 407 million forecasted by analysts polled by the company.
The company said it was planning to pay out €275 million, or 26 euro cents per share, in interim dividend, marking a 12% yearly rise.
The company’s fee-paying assets under management grew 9% year-on-year to €153 billion, driven by steady fundraising momentum across all of its funds.
It said that it reached “another record” for realisations, which refers to converting an investment into cash either by sale or an exit, as it managed to return nearly €24 billion to investors in the last twelve months ending on June 30.
Reuters
