CVC Secondary Partners has raised $10 billion for its sixth global private equity secondaries fund, more than 70% more than its predecessor, as the private-markets manager capitalises on growing demand for liquidity in mature investments.
Secondary Opportunities Fund VI attracted commitments from more than 200 new and returning institutional investors, with about half of the capital coming from investors new to CVC’s secondaries funds, the firm said.
The fund is focused on the mid-market segment of private equity secondaries, investing in portfolios of interests in buyout funds managed by established general partners as well as GP-led transactions. CVC said the strategy is designed to build a diversified global portfolio across its investment period.
The sixth fund is substantially larger than CVC’s previous secondaries vehicles, which raised $5.8 billion in 2023 and $2.7 billion in 2019.
The fundraising underscores the growing role of secondaries as private-market investors seek ways to generate liquidity without waiting for traditional exits. CVC said its secondary business now manages about 20 billion euros ($23 billion) across private equity and credit strategies, while the broader CVC platform manages 212 billion euros of assets.
The firm is also expanding beyond private equity secondaries into credit and infrastructure, seeking to broaden its exposure to the market as demand for liquidity solutions increases.
“As demand for secondaries solutions continues to grow, CVC Secondary Partners is extremely well-positioned to continue to scale its private equity-focused funds as well as expand into newer attractive adjacencies such as Credit and Infrastructure Secondaries,” CVC CEO Rob Lucas said, citing the strategy’s track record and investor demand.
CVC Secondary Partners, which has a 20-year track record in secondaries, is led by Managing Partner and Head Carlo Pirzio-Biroli. The platform has about 60 dedicated investment professionals.
