Key Takeaways
- • CVC Capital Partners increased fee-paying AUM to €150.7bn ($176.5bn) in Q1 2026, up from €148.3bn in the prior quarter, driven by €4.2bn in gross inflows partially offset by €2.4bn in investor exits.
- • Non-private equity strategies—including credit, secondaries, and infrastructure—now represent slightly more than half of total client assets, reflecting CVC's strategic pivot toward diversified alternatives platforms with more stable fee generation.
- • The firm deployed €3.5bn across strategies during the quarter, with approximately half allocated to credit investments, while realisations totalled €5bn, predominantly from private equity exits.
- • CVC maintains guidance for fee-paying AUM to exceed 10% annual growth, targeting approximately €200bn by 2028, with the pending acquisition of Marathon Asset Management (a New York-based private credit specialist) expected to close in Q3 2026.
- • The results demonstrate how large alternative asset managers are systematically expanding beyond traditional private equity into credit and infrastructure strategies to capture more stable, recurring fee revenue streams.
Summary
CVC Capital Partners reported modest quarterly growth in fee-paying assets under management, reaching €150.7bn ($176.5bn) at the end of Q1 2026, compared to €148.3bn in the previous quarter. The increase reflects the Amsterdam-listed firm's continued momentum across its diversified alternatives platform, supported by steady capital inflows and ongoing deployment activity.
Gross inflows totalled €4.2bn during the quarter, though this was partially offset by €2.4bn in investor exits, resulting in net growth of €1.7bn. The update underscores CVC's ability to attract new capital while managing modest redemptions across its multi-strategy platform. During the same period, the firm deployed €3.5bn across its strategies, with roughly half directed toward credit investments, demonstrating active capital employment. Realisations reached €5bn, predominantly generated from private equity exits, reflecting continued portfolio monetisation activity alongside fresh capital deployment.
A significant strategic development reflected in the results is the shift in CVC's asset mix away from traditional private equity. Non-private equity strategies—comprising credit, secondaries, and infrastructure investments—now account for slightly more than half of total client assets. This diversification aligns with industry-wide trends among large alternative managers seeking to expand into asset classes that generate more predictable, recurring fee income compared to traditional buyout businesses dependent on deal cycles and exit timing.
CVC has previously provided guidance for fee-paying AUM to expand at more than 10% annually, with a target of approximately €200bn by 2028. This outlook excludes the planned acquisition of Marathon Asset Management, a New York-based private credit specialist, which remains on schedule to close in Q3 2026. The Marathon acquisition would further strengthen CVC's credit platform and contribute meaningfully to the firm's diversification strategy beyond traditional private equity.
The results illustrate how institutional-scale alternative asset managers are systematically repositioning their business models to balance high-volatility buyout returns with the stable, fee-generating characteristics of credit and infrastructure strategies. This shift reflects both investor demand for diversification and the competitive advantages of managing multiple asset classes under a single platform.
Gross inflows totalled €4.2bn during the quarter, though this was partially offset by €2.4bn in investor exits, resulting in net growth of €1.7bn. The update underscores CVC's ability to attract new capital while managing modest redemptions across its multi-strategy platform. During the same period, the firm deployed €3.5bn across its strategies, with roughly half directed toward credit investments, demonstrating active capital employment. Realisations reached €5bn, predominantly generated from private equity exits, reflecting continued portfolio monetisation activity alongside fresh capital deployment.
A significant strategic development reflected in the results is the shift in CVC's asset mix away from traditional private equity. Non-private equity strategies—comprising credit, secondaries, and infrastructure investments—now account for slightly more than half of total client assets. This diversification aligns with industry-wide trends among large alternative managers seeking to expand into asset classes that generate more predictable, recurring fee income compared to traditional buyout businesses dependent on deal cycles and exit timing.
CVC has previously provided guidance for fee-paying AUM to expand at more than 10% annually, with a target of approximately €200bn by 2028. This outlook excludes the planned acquisition of Marathon Asset Management, a New York-based private credit specialist, which remains on schedule to close in Q3 2026. The Marathon acquisition would further strengthen CVC's credit platform and contribute meaningfully to the firm's diversification strategy beyond traditional private equity.
The results illustrate how institutional-scale alternative asset managers are systematically repositioning their business models to balance high-volatility buyout returns with the stable, fee-generating characteristics of credit and infrastructure strategies. This shift reflects both investor demand for diversification and the competitive advantages of managing multiple asset classes under a single platform.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.