Cvc Capital Partners Plc · EURONEXT:CVC
Cvc Capital Partners — Investor Day (June 2026)
37 slides from Cvc Capital Partners's investor day presentation, Jun 17, 2026
Slide 1: CVC Secondaries Deep Dive
CVC Secondaries Deep Dive 17 June 2026
Slide 2: Rob Lucas, CEO
Rob Lucas CEO
Slide 3: CVC – a global leader in private markets
CVC – a global leader in private markets €209bn AUM1 Private Equity €114bn AUM1 Non-PE: €95bn AUM1 Europe / Americas Asia Strategic Catalyst Credit Secondaries Infrastructure Opportunities Launch year Launch year Launch year Launch year Launch year Launch / acquis. year Launch / acquis. year 1996 19
Slide 4: What do we look for in partners?
What do we look for in partners? Cultural fit – investment performance-led culture and strong track record Scalability within CVC – limited client overlap & complementary capabilities and geographic exposure Initial size – material platform with manageable execution and integration risk Glendower fi
Slide 5: CVC – consistent outperformance: the power of our platform
CVC – consistent outperformance: the power of our platform CVC Europe / Americas Funds Gross MOIC Asian Financial Global Financial Eurozone Crisis / Brexit / US-China COVID-19 / Russia Differentiated origination Network Crisis Dotcom Bubble / 9/11 Crisis Oil Crisis Trade War Ukraine War 3.5x 3.0x 2.
Slide 6: Our record realisations are a key differentiator
Our record realisations are a key differentiator Record realisations across our platform1 40% more capital returned than called over the last 4 years – a key differentiator €21.5bn Private Equity cumulative realisations vs. deployment since Dec-21 PE deployment PE realisations 1.5 1.4 €50bn €46bn €1
Slide 7: Scaling and diversifying across strategies
Scaling and diversifying across strategies Successfully scaling closed-end funds vintage-on-vintage... …with strong visibility on future pipeline Private Equity – Europe / Americas1 Private Equity – Asia +22% €26.0bn Fund X +52% $6.8bn +37% €21.3bn +29% $4.5bn €15.5bn $3.5bn Asia VII EUDL V Fund VII
Slide 8: Well positioned for the market opportunity ahead of us
Well positioned for the market opportunity ahead of us Consolidating Renewed investor Rising allocations Growing demand market share appetite for from from insurers for among leading Europe Private Wealth private markets managers AIG Launch of Scaled SOF Investing in $3.5bn partnership, CVC-PESEC at
Slide 9: Carlo Pirzio-Biroli, Head of CVC Secondaries
Carlo Pirzio-Biroli Head of CVC Secondaries
Slide 10: CVC Secondaries: a proven platform with multiple paths to growth
CVC Secondaries: a proven platform with multiple paths to growth Secular tailwinds – growing underlying LP-led and GP-led markets Scaled platform with proven investment track record over 20 years Continued ability to scale up flagship funds as part of the broader CVC platform Coupled with channel ex
Slide 11: Strong growth track record, and just getting started…
Strong growth track record, and just getting started… 2022 2023 2024 2025 2026 2027 2028+ Phase I: Depth Phase II: Breadth ✓ Topping up SOF V and vertically scaling SOF VI to $9bn+ Continued vertical scaling and ✓ Initiated cross selling across the CVC platform cross-sell with SOF VII ✓ Cementing pa
Slide 12: Strong structural tailwinds…
Strong structural tailwinds… Fast growing alternative asset management industry Increasing propensity to trade in secondaries market $tn, global private markets AUM1 % of total global private markets AUM trading annually2 $16.3tn 17 1.6% 16 1.4% 15 1.4% 14 13 1.2% 12 11 1.0% 10 9 0.8% 8 7 $4.8tn 6 0
Slide 13: … supporting double digit % secondary market growth
… supporting double digit % secondary market growth Secondary market transaction volume growth: double digit % CAGR over past 10 years expected to continue Transaction volume US$bn GP-led secondary 400-500 450 Fund secondary 400 350 300 250 226 200 162 150 132 111 112 100 88 74 58 60 42 40 37 50 16
Slide 14: Why do LPs invest in secondaries?
Why do LPs invest in secondaries? • Opportunity to buy mature portfolios Illustrative cash flow profile for a Private Equity fund1 Blind-pool risk of PE assets in harvesting stage mitigation 1,000 Timeframe of secondary investment • Look-through underwriting of portfolio companies and GP performance
Slide 15: What are secondaries?
What are secondaries? LP-led secondaries GP-led secondaries An investor (LP) selling their fractional fund A GP selling asset(s) from a fund to a Overview interests in PE funds new vehicle controlled by the same GP Selling LPs: Fund: ▪ Provides liquidity ahead of 10+ year maturity ▪ Monetising asset
Slide 16: LP-leds are increasingly utilised for active portfolio management
LP-leds are increasingly utilised for active portfolio management LP-led market has continued to mature and transaction volumes have continued to grow US$bn 140 120 120 100 87 80 64 62 57 60 60 44 50 40 34 33 28 34 23 25 26 14 18 20 8 11 9 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 201
Slide 17: GP-leds have become an established tool in GPs’ exit toolkit
GP-leds have become an established tool in GPs’ exit toolkit GP-led volumes have grown substantially and as a share of total market volumes US$bn GP-led secondary volume GP-led secondary % of total secondary market Share of total market volumes 52% 160 48% 46% 47% 46% 50% 44% 140 120 40% 32% 106 100
Slide 18: CVC Secondaries – playing in the attractive upper-mid-market
CVC Secondaries – playing in the attractive upper-mid-market $m 30,000 Large 10,000 SOF VI 10,000 SOF V Mid SOF IV SOF III 5,000 1,000 SOF II SOF Small 100 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 YTD 2026 Deutsche Bank Glendower CVC 18 Note: this slide is for indicative purposes only.
Slide 19: CVC Secondaries today – a scaled platform
CVC Secondaries today – a scaled platform Established One Extensive proprietary Investment with scale global team1 database performance2 Active in secondaries since 29 offices 1,800 GPs 1.5x 1.8x 2003 Across the CVC Network 5,500 Funds Gross MOIC Cash-on-cash since inception multiple3 6 110 40,000 C
Slide 20: Led by a large and experienced deal team
Led by a large and experienced deal team CVC Secondaries Deal Team1 Managing Managing Junior Total Partners / Directors / professionals Deal Team Partners Principals 8 19 36 63 Deep and experienced senior bench 20+ years shared tenure for the founding Investment Partners of the Secondaries business
Slide 21: With enhanced sourcing, underwriting and distribution capabilities
With enhanced sourcing, underwriting and distribution capabilities Unparalleled access to the CVC Network: 29 office locations across 6 continents Canada Sweden (2012) Denmark (1995) Belgium (1998) Finland (1998) U.K. (2022) Luxembourg (1981) Netherlands (2003) Poland (2005) China South Korea Jersey
Slide 22: Driving differentiated investment opportunities
Driving differentiated investment opportunities Demonstrable value add from the CVC Network Differentiated origination Underwriting advantage Inv. Inv. Transaction Geog. Type Size CVC Prior CVC sector CVC local CVC Credit CVC relationship Investment expertise insight insight Project A US LP-led $1.1
Slide 23: Deploying our proven investment playbook...
Deploying our proven investment playbook... Bottom-up asset underwriting Bottom-up underwriting of high conviction assets managed by quality managers Access to CVC underwriting knowledge via one-way information valve Buy margin of safety Purchased ~1,500 fund interests and over 60 GP-led deals at av
Slide 24: … underpinned by extensive in-house data analytics…
… underpinned by extensive in-house data analytics… 10 dedicated secondaries data scientists and specialists covering insights, investments and reporting Insights Predictive Proprietary public and Proprietary performance fund private comparables GP Directory rating system generator - CompGPT H1’24 H
Slide 25: … supporting our rigorous screening…
… supporting our rigorous screening… Value of secondary deal flow screened by CVC Secondaries since inception1 $1,000bn+ Screening Of total volume screened, Potential transactions screened CVC Secondaries transacts on $681bn Initial Review Transactions initially reviewed ~1% Detailed $164bn with few
Slide 26: … to deliver highly diversified portfolios…
… to deliver highly diversified portfolios… Illustrative fund exposure 15% 22% 47% LP-led secondary Large buyout Deal type GP-led secondary Asset type Mid-market buyout Small buyout 53% 63% 8% 50% c.45 companies North America Underlying each 0.5-2.0% Geography Europe assets c.3,000 companies APAC &
Slide 27: … and generate attractive returns on a risk-adjusted basis
… and generate attractive returns on a risk-adjusted basis SOF performance relative to market (% net IRR) 22% 21% 17% 17% 16% 16% 15% 14% 14% 14% 13% 13% 13% 11% 11% 9% 8% 7% SOF I SOF II SOF III SOF IV SOF V Total 3 (2007) (2011) (2014) (2018) (2021) SOF program 1 2 CVC Secondaries Secondaries mark
Slide 28: Strong performance unlocking cross-selling opportunities across CVC
Strong performance unlocking cross-selling opportunities across CVC Strong fundraising from CVC LPs into SOF VI SOF VI commitment breakdown1 ~30% $8.7bn+2 of investor capital from cross-selling to existing CVC investors SOF VI 28 1. Based on third party investor commitments and excluding GP commitme
Slide 29: Building momentum in the Insurance and Private Wealth channels
Building momentum in the Insurance and Private Wealth channels Growing appetite for our Secondaries products across investor types SOF VI commitment breakdown1 ~15% ~30% ~55% Institutional Insurance Private Wealth ~45% from Private Wealth and Insurance 29 1. Based on third party investor commitments
Slide 30: Succesfully tailoring solutions for Insurance
Succesfully tailoring solutions for Insurance Insurance structures as an alternative Supported by CVC in-house fundraising and financing tool know-how and resources ✓ Long standing relationships with insurance investors ✓ Structuring and insurance expertise $1.1bn insurance CFO1 ✓ Dedicated insuranc
Slide 31: Launching innovative partnerships with Private Wealth
Launching innovative partnerships with Private Wealth Serving clients with innovative structures and partnerships Seeding our new Private Equity Secondaries evergreen / CVC-PESEC vehicle through contribution of own private equity portfolio 1 April 2 $750m 12-15%+ Dedicated Annual net return PESEC la
Slide 32: Entering attractive, scalable adjacent markets by leveraging CVC Credit and CVC Infrastructure
Entering attractive, scalable adjacent markets by leveraging CVC Credit and CVC Infrastructure Secondaries market transaction volumes 2025 (US$bn)1 Credit Secondaries Infra Secondaries Investments in existing Investments in existing private credit fund stakes or private infrastructure fund 160 conti
Slide 33: To conclude – we have multiple levers for growth…
To conclude – we have multiple levers for growth… 4 Developing Credit and Infrastructure 3 Secondaries Growing Private Wealth channel 2 and evergreens Expanding 1 Insurance Vertical scaling solutions up of SOF program 33
Slide 34: … underpinning our high confidence in sustaining CVC Secondaries’ current growth trajectory
… underpinning our high confidence in sustaining CVC Secondaries’ current growth trajectory Secular tailwinds – growing underlying LP-led and GP-led markets Scaled platform with proven investment track record over 20 years Continued ability to scale up flagship funds as part of the broader CVC platf
Slide 35: Important Information
Important Information This document (the "Document") does not constitute an offer, invitation or inducement to acquire any interest. No representation or warranty, express or implied, is given as to the accuracy or completeness of the information herein and nothing in these materials should be relie
Slide 36: Important Information
Important Information Example case studies of specific investments included herein were selected for illustrative purposes to show the investment strategy and investment processes of existing CVC funds. It should not be assumed that such investments are or will be profitable or that their performanc
Slide 37: Important Information
Important Information Any past performance information herein is not indicative of future results and actual performance may differ materially from any projected or forecasted performance. This Document may refer to certain events as having occurred and documents as having been entered into which ma