Key Takeaways
- • Chi Cheung, a 49-year-old London-based managing partner at CVC, has departed from his role at CVC Secondary Partners, marking a senior-level departure from Europe's secondaries market leadership.
- • Cheung held responsibility for origination, valuation, execution, and monitoring of secondary investments across CVC's secondaries platform, a critical operational function within the firm's deal infrastructure.
- • CVC Secondary Partners has demonstrated significant momentum in capital raising, closing its sixth global secondaries fund (Secondary Opportunities Fund VI) at $10 billion in aggregate commitments on September 3, 2026, nearly double its predecessor fund's $5.8 billion raise in 2023.
- • The departure occurs amid CVC Secondary Partners' expansion following its 2022 establishment through the acquisition of Glendower Capital, positioning the firm as a major player in the global secondary private markets.
Summary
Chi Cheung, a senior managing partner at CVC and veteran of Europe's secondaries market, has left his position at CVC Secondary Partners. The 49-year-old was based in London and held broad operational responsibility across the firm's secondary investment activities, including deal origination, asset valuation, transaction execution, and ongoing portfolio monitoring.
Cheung's departure represents a notable personnel shift at CVC Secondary Partners, the firm's dedicated secondaries platform. CVC Secondary Partners was established in 2022 following CVC's acquisition of Glendower Capital and has since grown into a significant player in global secondary private markets, managing a portfolio spanning LP-led and GP-led transactions across Europe and North America.
The departure comes as CVC Secondary Partners has demonstrated strong capital-raising momentum. On September 3, 2026, the firm closed its sixth global secondaries fund, Secondary Opportunities Fund VI, at $10 billion in aggregate capital commitments. This represents a substantial increase from the previous fund cycle; Secondary Opportunities Fund V raised $5.8 billion in 2023, making SOF VI nearly double its predecessor's size and significantly exceeding the firm's initial $7 billion target for the latest vehicle.
The timing of Cheung's exit coincides with CVC Secondary Partners' period of expansion and elevated fundraising activity, though the specific reasons for his departure and next steps remain undisclosed based on available information.
Cheung's departure represents a notable personnel shift at CVC Secondary Partners, the firm's dedicated secondaries platform. CVC Secondary Partners was established in 2022 following CVC's acquisition of Glendower Capital and has since grown into a significant player in global secondary private markets, managing a portfolio spanning LP-led and GP-led transactions across Europe and North America.
The departure comes as CVC Secondary Partners has demonstrated strong capital-raising momentum. On September 3, 2026, the firm closed its sixth global secondaries fund, Secondary Opportunities Fund VI, at $10 billion in aggregate capital commitments. This represents a substantial increase from the previous fund cycle; Secondary Opportunities Fund V raised $5.8 billion in 2023, making SOF VI nearly double its predecessor's size and significantly exceeding the firm's initial $7 billion target for the latest vehicle.
The timing of Cheung's exit coincides with CVC Secondary Partners' period of expansion and elevated fundraising activity, though the specific reasons for his departure and next steps remain undisclosed based on available information.
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