Cvc Capital Partners Plc · EURONEXT:CVC
Cvc Capital Partners — FY2024 Earnings Presentation
27 slides from Cvc Capital Partners's earnings presentation, Mar 20, 2025
Slide 1: 2024 Full-Year Results Presentation
2024 Full-Year Results Presentation 20 March 2025
Slide 2: Presenters
Presenters Rob Lucas Fred Watt Rob Squire CEO CFO Head of Client & Product Solutions 2
Slide 3: 2024 was a landmark year for CVC
2024 was a landmark year for CVC IPO Activation of the largest PE Fund globally on Euronext Amsterdam (Fund IX at €26.8bn1) alongside Asia VI ($6.8bn1) in April 2024 Strong recovery in activity levels: Strong realised returns2: + 71% YoY growth in deployment +114% YoY growth in realisations 4.0x Gro
Slide 4: 2024 in summary – Strong growth, and recovery in investment activity
2024 in summary – Strong growth, and recovery in investment activity Fundraising Deployment Realisations − Total AUM reached €200bn − Strong year-on-year recovery in − Realisations increased +114% vs. FY 2023 deployment: +71 vs. FY 2023 − FPAUM increased +50% to €147bn − Realised returns remained st
Slide 5: +50% FPAUM increase, and continued diversification
+50% FPAUM increase, and continued diversification €98bn FPAUM €147bn FPAUM Dec-23 Dec-24 +50% €14bn Credit + Secondaries + €14bn Infrastructure: €68bn €41bn (46% of FPAUM) Infrastructure €10bn Secondaries €38bn Credit €79bn Private Equity €50bn Significant growth propelled by long-term structural t
Slide 6: Fundraising: we are successfully executing on our strategy
Fundraising: we are successfully executing on our strategy… Final closes & activations Ongoing: significant progress Key recent initiatives c.€16bn of capital raised ▪ Fund IX: €26.8bn ▪ EUDL IV: €7.6bn raised ▪ DIF VIII / VA IV: €8.0bn target (vs. €25bn target) (ahead of €6.0bn target) in 20241 (la
Slide 7: Accelerating growth in Private Wealth and Insurance
…and we are accelerating growth in Private Wealth and Insurance Broader offering in Private Wealth driving We are supporting insurance clients across multiple increasing inflows geographies, investing across CVC strategies c.€1.5bn +200% €15bn+ capital raised in 2024 Increase in 170+ 370+ from Wealt
Slide 8: Deployment: strong recovery +71%
Deployment: strong recovery +71% Deployment1 Selected 2024 Investments1 – Private Equity and Infrastructure +71% Americas Europe / €25.6bn Asia €13.3bn €14.9bn StratOps Private Equity €4.2bn €1.9bn Infrastructure €2.8bn €2.4bn Secondaries2 €1.2bn Infrastructure Credit3 €8.0bn €6.7bn 2023 2024 Signif
Slide 9: Realisations: substantial increase across all strategies +114%
Realisations: substantial increase across all strategies +114% Realisations1 Selected 2024 Realisations1 – Private Equity and Infrastructure +114% Americas Europe / €13.1bn Asia €11.0bn StratOps €6.1bn Private Equity €5.1bn Infrastructure Cerro Grande €1.1bn & Peralta wind Infrastructure €0.4bn Seco
Slide 10: Realisations spread across multiple sources, delivering strong returns
Realisations spread across multiple sources, delivering strong returns Realisations by category1 Based on Private Equity realisations in 2024 Private Equity Other 1% signed realisations in 2024: Dividend / Recap 15% 4.0x / 30% Gross MOIC / IRR3 PE sale2 IPO / Sell downs 52% 16% €11.0bn Europe / Amer
Slide 11: Investment performance: all material funds on or above plan
Investment performance: all material funds on or above plan Gross MOIC by strategy (for the most recent vintages) 2.6x 2.7x 2.7x 2.7x 2.4x 2.5x Secondaries 2.0x 2.1x Americas 1.8x 1.7x 1.7x 1.7x Europe / 1.3x 1.6x 1.5x 1.5x 1.5x 1.0x 1.1x 1.2x 1.0x 1.3x Fund VI (2014) Fund VII (2017) Fund VIII (2020
Slide 12: Financials: strong FPAUM growth
Financials: strong FPAUM growth FPAUM development (€bn)1 FPAUM by strategy (€bn) 2023 2024 % growth 50% Europe / Americas 37.0 60.0 62% 50.6 Asia 5.0 10.5 110% 2.2 147.3 (7.1) StratOps 6.6 6.7 2% (10.8) 112.4 Growth 1.7 1.8 7% 14.3 98.2 CVC DIF Secondaries 9.7 13.6 41% Credit 38.2 40.6 6% Total (exc
Slide 13: 2024 was marked by strong growth and margin expansion
2024 was marked by strong growth and margin expansion Management fees (€m)1 +23% › Numbers shown include 12-month contribution from CVC DIF in 2023 and 1,328 1,080 2024. Actual contribution starting 1 July 888 2024 671 2 2 › Increase in management fees and earnings 2021 2022 2023 2024 mainly driven
Slide 14: Six months of actual contribution from Infrastructure in 2024
Six months of actual contribution from Infrastructure in 20241 2024 2024 Actual CVC DIF (full year CVC DIF (CVC DIF in H2 only) H1 contribution (€m) contribution) › Acquisition of CVC DIF closed on Management fees 1,243 85 1,328 1 July 2024 (+) Performance fee earnings 182 - 182 (+) Other operating
Slide 15: People and the Network: continuing to selectively invest in growth
People and the Network: continuing to selectively invest in growth FTEs development1 Operating expenses2 CAGR 2017 – 2024: +15% +10% 1,258 Including 1,148 €m 2023 2024 % Growth Infrastructure 814 Personnel expenses (net of 369 399 8% Performance-related costs3) 703 634 468 Other expenses 153 148 (3%
Slide 16: Positive evolution of management fees and MFE margin
Positive evolution of management fees and MFE margin Management fees1 Management fee earnings margin (%)1 IPO guidance: IPO guidance: 59% 55-60% €1,328m ~€1.3-1.5bn 37% €531m 2 2 2020A 2024A Illustrative run-rate post 2020A 2024A Illustrative run-rate post fundraising 3 fundraising 3 Management fees
Slide 17: Significant embedded carry potential
Significant embedded carry potential Expected net carried interest if all key funds are “on plan”1,2 › PRE in 2025 expected to show material Newly activated growth vs. 2024, whilst remaining well Harvesting funds Total funds3 below the medium-term range €2.2 – 4.0bn €1.7 – 3.5bn €4.0 – 7.5bn › Overa
Slide 18: Balance sheet light model, and strong cash flow
Balance sheet light model, and strong cash flow Summary balance sheet as at 31 December 2024 Reaffirmed dividend policy Simple and capital light balance sheet €1,131m2 › Growing dividend and distribution of a majority of cash profits over time Conservative accounting of GP commitments GP commitments
Slide 19: Landmark year for CVC, and foundations in place for future growth
Landmark year for CVC, and foundations in place for future growth Long-term structural tailwinds that disproportionately benefit scaled multi-asset managers such as CVC Our long-term investment model allows us to be patient, hold assets over multiple years, and choose to exit at the best time, maxim
Slide 20: Appendix
CVC Appendix
Slide 21: How our results are presented
How our results are presented Statutory Financial Pro Forma Financial Adjusted Measures Statements Information Pro forma financial information reflects the results of the Adjustments to the pro form a financial inform ation to Consolidated financial statements for the year ended Group as if the Pre-
Slide 22: Summary adjusted pro forma income statement
Summary adjusted pro forma income statement1 FY 2023-24 FY 2022 FY 20232 FY 20242 (€m) Growth Management fees 888 1,080 1,328 23% (+) Performance fee earnings 144 174 182 5% (+) Other operating income 3 3 3 (4%) Revenue 1,036 1,257 1,513 20% (-) Personnel expenses (279) (369) (399) 8% (-) Other expe
Slide 23: FPAUM evolution
FPAUM evolution FPAUM evolution over the last 12 months Strategic FPAUM by segment (€bn) Europe / Americas Asia Growth Secondaries Credit Infrastructure Total Opportunities At 31 December 2023 37.0 5.0 6.6 1.7 9.7 38.2 14.3 112.4 Gross inflows / investments 31.5 6.4 0.6 - 3.3 8.0 0.8 50.6 Step-downs
Slide 24: Investment activity summary
Investment activity summary Deployment summary1 Deployment by strategy (€bn) 2023 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 2024 Private Equity 4.2 2.0 2.7 5.6 4.0 1.0 13.3 Secondaries2 1.2 0.7 0.4 0.5 0.6 0.9 2.4 Credit3 6.7 1.2 1.8 1.6 2.3 2.3 8.0 Infrastructure 2.8 0.5 0.3 0.4 0.5 0.6 1.9 Total Deployment 14
Slide 25: Gross investment performance of key CVC funds
Gross investment performance of key CVC funds Invested Capital Value of investments As of 31 December 2024 Start date FPAUM Deployment %1 Total Realized Remaining Total Realized Remaining Gross MOIC2 Europe / Americas (€bn) Fund VI 2014 4.7 >100% 10.9 6.0 4.9 29.6 19.8 9.8 2.7x Fund VII 2017 9.2 >10
Slide 26: Disclaimer
Disclaimer Forward-looking statements and other important information This document is delivered solely as reference material and is merely for information purposes. Nothing in this document should be construed as legal, tax, investment, financial, or accounting advice, or solicitation for or an off
Slide 27: CVC
CVC