CVC Capital Partners
A global alternative-investment manager specializing in private equity, credit, secondaries, infrastructure and growth capital.
Last updated August 31, 2026
AI crawler reads
No AI crawler has read this profile since Oct 28, 2026.
Overview
CVC Capital Partners is a global alternative-investment firm that traces its origins to Citicorp Venture Capital, established in 1981. Senior European investment professionals separated the European operation from Citibank in 1993 and created the independent CVC Capital Partners business. The firm subsequently evolved from venture-capital activity into a large buyout and alternative-asset manager focused mainly on mature companies and established investment platforms. CVC invests and advises across private equity, growth capital, credit, secondaries and infrastructure. Its portfolio exposure has covered consumer goods, retail, healthcare, technology, business services, financial services, logistics, sports, media, industrial companies and other sectors. The firm has operated through a broad international network spanning Europe, Asia and the Americas, serving institutional investors and other long-term capital providers. Its history includes several high-profile transactions. CVC and Permira acquired the British motoring association The AA in 2004 and later combined it with Saga under Acromas Holdings. Between 2005 and 2006, CVC accumulated a controlling interest in the Formula One Group before ultimately selling control to Liberty Media in a transaction announced in 2016 and completed in 2017. Other notable investments have included Douglas, Petco, Żabka, TMF Group, OANDA, Tipico, Wireless Logic, Ontic, Sogo Medical, Lipton Teas and Infusions, and the Indian Premier League franchise Gujarat Titans. The firm also pursued sports-related rights and ownership investments. In 2021, Spanish football clubs approved a transaction under which CVC obtained an economic interest linked to La Liga broadcasting and sponsorship revenues. CVC separately acquired the Gujarat Titans cricket franchise and has been associated with investments involving rugby and other sports properties. CVC expanded its geographic and product capabilities through dedicated growth, Asian, credit and infrastructure strategies. In 2023 it raised a €26 billion private-equity fund, described in the supplied reference material as the largest private-equity fund raised at that time. In February 2024 it announced $6.8 billion for its sixth Asia fund. The firm listed shares on Euronext Amsterdam in April 2024, with the offering described in the supplied material as having a total size of €2.3 billion. In July 2024, CVC acquired a controlling interest in infrastructure-investment manager DIF Capital Partners, with staged acquisitions of the remaining interests described in the reference material. As of the reference periods supplied, CVC managed or advised funds invested in more than 100 companies and employed hundreds of thousands of people through portfolio companies. Its scale, diversified strategies and global office network have made it one of the best-known private-markets managers. The firm’s business model combines fundraising from institutional investors with sourcing, financing, managing and exiting investments over multi-year holding periods.
History
CVC began in 1981 as Citicorp Venture Capital. During the early 1990s, Michael Smith led the European business with senior colleagues including Steven Koltes, Hardy McLain, Donald Mackenzie, Iain Parham and Rolly van Rappard. In 1993, Smith and other senior professionals negotiated the European operation's separation from Citibank, creating the independent CVC Capital Partners. The firm raised an initial independent fund with $300 million in commitments and followed it with a second fund of $840 million in 1996. It increasingly moved away from venture capital toward leveraged buyouts and investments in mature businesses. By 2000, CVC had become one of Europe's largest private-equity firms. Its third fund, completed in 2001, was then the largest private-equity fund raised in Europe. The firm expanded its transaction profile through major buyouts, including the 2004 acquisition of The AA with Permira. It later combined The AA with Saga under Acromas Holdings. CVC also built a major position in Formula One, acquiring a controlling interest between 2005 and 2006. The investment attracted public criticism concerning financial leverage and the treatment of the sport's commercial revenues. CVC expanded into the United States in 2007 through a New York office. During the following decade it broadened its portfolio across consumer, retail, healthcare, technology, business services and financial services. Transactions included Wireless Logic, Sky Betting & Gaming, Douglas, Petco, Tipico, Siloam Hospitals, Żabka, TMF Group, OANDA and Ontic. Its Formula One investment ended when Liberty Media agreed to acquire control in 2016; the transaction closed in 2017 after regulatory and shareholder approvals. The firm developed dedicated strategies alongside its traditional buyout business. CVC Growth Partners made its first investment in 2015, while Asian, credit, infrastructure and secondary strategies became increasingly important. CVC also entered sports-rights investing. In 2021, it agreed to an economic participation associated with La Liga's broadcasting and sponsorship revenues, and it acquired the Gujarat Titans Indian Premier League franchise. In the same year, CVC acquired most of Unilever's tea business, which became Lipton Teas and Infusions. Leadership changed during the 2010s and 2020s. Michael Smith retired as chairman in 2013, after which Koltes, Mackenzie and van Rappard served as co-chairmen. Koltes stepped down in 2022, and Mackenzie stepped back in 2024. CVC postponed a planned 2022 Amsterdam flotation amid market disruption related to inflation and the war in Ukraine, before completing its Euronext Amsterdam listing in April 2024. In 2023 it raised a €26 billion private-equity fund, and in 2024 it raised $6.8 billion for its sixth Asia fund. It also acquired a controlling interest in DIF Capital Partners, reinforcing its infrastructure platform. The firm remains an active global manager of private equity, credit, infrastructure, growth and secondary investments.
- 2024
Euronext Amsterdam listing
[1]CVC's shares began trading on Euronext Amsterdam in April.
- 2023
€26 billion private-equity fund raised
[1]CVC raised a record-scale flagship private-equity fund.
- 2021
Sports and tea investments expanded
[1]CVC completed or agreed major investments involving La Liga, Gujarat Titans and Lipton Teas and Infusions.
- 2017
Formula One sale completed
[1]Liberty Media obtained full control of Formula One after completing its acquisition from the CVC-led shareholder group.
- 2015
Growth strategy launched
[1]CVC Growth Partners made its first investment through the acquisition of Wireless Logic.
- 2007
United States expansion
[1]CVC opened a New York office and expanded its Americas presence.
- 2005
Formula One acquisition began
[1]CVC began accumulating a controlling interest in the Formula One Group.
- 2001
Third fund became Europe's largest at the time
[1]CVC completed fundraising for a major European private-equity fund.
- 1993
European business spun out of Citibank
[1]Senior investment professionals created the independent CVC Capital Partners.
- 1981
Citicorp Venture Capital was founded
[1]The predecessor of CVC Capital Partners was established within Citicorp.
Products and positioning
A globally diversified alternative-investment manager focused on long-term ownership, operational value creation and multi-strategy private-markets investing.
Alternative investments · 1981
Private equity
CVC's core private-equity business invests in established companies, generally through control or significant-interest transactions. The strategy has historically emphasized leveraged buyouts, operational improvement, strategic repositioning and eventual exits across Europe, Asia and the Americas.
Growth capital · 2015
Growth Partners
CVC Growth Partners targets expanding companies that may require capital and strategic support without fitting the traditional mature-company buyout model. Its first investment was Wireless Logic in 2015.
Private credit
Credit
CVC's credit platform provides and manages private-market credit strategies, including financing associated with companies and transactions in the broader CVC investment ecosystem.
Infrastructure investment
Infrastructure
The infrastructure platform invests in essential assets and infrastructure-related businesses. CVC strengthened this capability through its 2024 acquisition of a controlling interest in DIF Capital Partners.
Secondary investments
Secondaries
CVC participates in secondary-market transactions involving existing private-market interests, providing liquidity and portfolio-construction opportunities for investors.
Controversies
2015
Meneba competition-law case
The Dutch competition authority fined CVC and Bencis in connection with price-fixing conduct by their former portfolio company Meneba Beheer. Meneba itself received a substantially larger fine.
2012
Formula One commercial criticism
A Force India deputy team principal accused CVC of exploiting Formula One during its ownership period. The statement reflected a public dispute over the distribution and management of the sport's commercial revenues.
2006
The AA asset-stripping criticism
A British parliamentarian accused CVC and Permira of using debt secured against The AA's assets to fund a dividend. The AA disputed the accusation and said it was willing to engage in a reasoned discussion.
Marketing campaigns
- 2021La Liga investment
Spain
CVC agreed to provide capital to Spanish football clubs in exchange for an economic participation linked to La Liga broadcasting and sponsorship revenues over a long period. The final transaction was smaller than initially proposed after some clubs declined to participate.
Outcome. Approximately €1.994 billion was reported as the final transaction value, with CVC receiving an economic interest described as 8.2%.
Brand decisions
2024
Public listing on Euronext AmsterdamOtherBackground
CVC had postponed an intended 2022 flotation amid difficult market conditions.
Action taken
CVC completed its initial public offering on Euronext Amsterdam.
Aftermath
The firm became publicly traded while continuing to operate as an alternative-investment manager.
Offering size. €2.3 billion (April 2024)
2016
Agreed to sell control of Formula OneM&ABackground
After holding a controlling position in Formula One for roughly a decade, CVC pursued an exit.
Action taken
CVC-led shareholders agreed to sell control to Liberty Media.
Aftermath
Liberty Media completed the acquisition and assumed full control in 2017.
Transaction value. US$4.4 billion (2016-2017)
1993
Separate from CitibankStrategyBackground
The European Citicorp Venture Capital team sought independence from its banking parent.
Action taken
Senior professionals negotiated a spinoff and formed CVC Capital Partners.
Aftermath
CVC developed as an independent private-equity manager and shifted toward leveraged buyouts and mature-company investments.
Recent events
Unilever agrees to sell Ekaterra to CVC[3]
Reported:
Unilever agreed to sell its global tea business, Ekaterra, to CVC Capital Partners for €4.5 billion. The deal was expected to close in the second half of 2022, subject to regulatory approvals.
CVC announces planned sale of AOC to Lone Star affiliate[4]
Reported:
CVC Capital Partners announced that it plans to sell AOC to an affiliate of Lone Star Funds.
Toshiba rejects CVC's $20 billion takeover offer[5]
Reported:
Toshiba rejected CVC's $20 billion takeover offer, saying that a letter from CVC did not contain sufficiently specific information for a detailed assessment. The article also reports that CVC would pause its acquisition plan.
CVC Capital Partners submits privatization offer for Toshiba[6]
Reported:
Toshiba said it had received an acquisition offer from CVC Capital Partners and would consider the proposal. The reported transaction value was around $20 billion.
CVC announces agreement to acquire majority interest in MedRisk[7]
Reported:
CVC Capital Partners announced that its CVC Fund VII had signed a definitive agreement to acquire a majority interest in MedRisk. The Carlyle Group will retain a significant stake and maintain joint control with CVC; the transaction was expected to close in the second quarter of 2021, subject to customary conditions and regulatory approvals.
Petco announces employee relief fund[8]
Reported:
Petco announced a $2 million contribution to launch the Petco Partner Assistance Fund, which is intended to support employees facing COVID-19 effects and other hardships. Additional contributions were to come from the company's private equity sponsors and board and executive leaders.
Sources10 sources
- 1CVC Capital Partnersen.wikipedia.org
- 2CVC Capital Partners official websitecvc.com
- 3联合利华同意将 Ekaterra 出售给 CVCthegrocer.co.uk
- 4CVC宣布计划将AOC出售给Lone Star关联方compositesworld.com
- 5东芝拒绝CVC的200亿美元收购要约finance.sina.com.cn
- 6CVC Capital Partners向东芝提出私有化收购要约finance.sina.com.cn
- 7CVC宣布达成协议收购MedRisk多数股权ptproductsonline.com
- 8Petco宣布设立员工援助基金timesofsandiego.com
- 9东芝接到收购要约 日企收购潮隐现finance.sina.com.cn
- 10Unilever Sells Tea Business To Private Equity Firmkamcity.com
Cite this profile: Cite the canonical profile. /brand-wiki/cvc-capital-partners · Editorial policy · How profiles are compiled