CVC posts record results, adds new deals and a co-CEO
Record first-half results and faster fundraising CVC reported record cash-outs from selling investments and a 9% rise in fee-paying assets to €153bn. Fee earnings and profit both grew, and the dividend rose 12%. More money under management and more fees mean steadier, larger earnings, which supports the share price.
This is the core earnings update that shows CVC's business is growing strongly.
New insurance partnership puts capital to work CVC will commit £400m ($546m) to a venture with Standard Life's UK pension-transfer business, alongside Prudential and others. It gives CVC a pipeline of private-market investments funded by long-term pension money, a new source of steady fee income.
It shows CVC expanding into a large, durable pool of insurance-linked capital.
TPG's departing president to become CVC co-CEO Todd Sisitsky left TPG after 23 years and will join CVC as co-CEO alongside Peter Rutland by early 2028, as Rob Lucas steps back. A seasoned dealmaker joining strengthens CVC's leadership and succession plan, which investors tend to view favourably.
Leadership changes at the top affect how investors judge CVC's future direction.
CVC weighs big new deals and a possible exit CVC is among bidders for Siemens Energy's steam-turbine unit, valued above €10bn, with €7bn of debt being arranged. Separately, its 51% stake in olive-oil maker Deoleo is under review, with a possible €470m sale. Big deals add growth but tie up capital and carry risk.
These show CVC actively deploying and recycling capital, with both opportunity and uncertainty.