CVC Capital Partners’ secondaries platform, Glendower Capital, closed its fifth fund at $5.8 billion, according to a corporate announcement today.
The Glendower Capital Secondary Opportunities Fund V is the first fund that Glendower has raised since the firm’s strategic merger in 2022. The London-based secondaries business manages $13 billion with a focus on the mid-market arena geared toward buyout fund investments.
“The completion of this fundraise is another significant milestone for us, and we continue our mission to be a lead investor and key partner of choice for LPs and GPs globally,” said Carlo Pirzio-Biroli, CEO and managing partner of Glendower. “The opportunity for our investment strategy has never been greater and we look forward to deploying this capital into a highly attractive secondary market environment.”
At the time of CVC’s announced acquisition of Glendower, the firm was said to complement CVC’s existing private equity and credit strategies business. Founded in 2003, Glendower has its roots in investment banking and spun out as an independent business in 2017. Its niche has exclusively been in private equity secondary transactions.
That business has been on the rise as of late, with investors seeing 2023 and 2024 vintages being particularly strong, according to recent findings from a Coller Capital survey.
This fund close follows the final close of CVC Capital Partners’ ninth fund at $29 billion in June.
“Congratulations to Carlo and team who have achieved their largest ever fundraise with SOF V,” said Rob Lucas, CVC managing partner. “With access to the broader CVC Network, the secondaries platform is well-positioned to continue to deliver sustainable value for our investors in this growing market segment, and we look forward to the continued success of this strategy.”