Cvc Capital Partners Plc · EURONEXT:CVC
Cvc Capital Partners — Investor Day (October 2025)
29 slides from Cvc Capital Partners's investor day presentation, Oct 2, 2025
Slide 1: CVC Credit Deep Dive
CVC Credit Deep Dive 2 October 2025
Slide 2: CVC – a global leader in private markets
CVC – a global leader in private markets €200bn Global leader Largest Fund globally €27.3bn Fund IX AUM in Private Equity (+23% vs. Fund VIII) 4 different Private Equity strategies Europe Americas Asia StratOps Catalyst CVC Credit CVC Secondaries CVC Infrastructure #1 European CLO manager $7bn targe
Slide 3: Growing and diversifying our FPAUM
Growing and diversifying our FPAUM FPAUM €200bn+ €60bn+ Credit €140bn €14bn Infrastructure €12bn Secondaries €79bn €43bn Credit €27bn Credit €71bn Private Equity Private Equity 51% of FPAUM €52bn 66% of FPAUM 1 Dec-21 Jun-25 2028 Delivering c.10% MFR growth, within the 55-60% MFE margin range, and s
Slide 4: Future growth underpinned by investment performance across cycles…
Future growth underpinned by investment performance across cycles… Europe/Americas long-term track record (mature funds) Consistent value creation across cycles… Net TVPI (x) 1 Number of Investment Fund V Fund VI Fund VII Fund VIII Fund size Gross IRR Gross MOIC investments vintages 2.5 2.0 Fund I $
Slide 5: …and by our focus on realisations
…and by our focus on realisations LTM Realisations1 LTM Jun-25 Realisations 2.2x IPO €13.2bn Record levels €11.0bn Strong returns: 3.3x Gross MOIC / 27% Gross IRR2 €6.1bn Returned more capital than called over the last 3 years Dec-23 Jun-24 Jun-25 Note: Totals may not sum due to rounding. 1. Signed
Slide 6: CVC returns more capital than called from investors
CVC returns more capital than called from investors A true differentiator Private Equity cumulative realisations vs. deployment since Dec-21 PE Deployment PE Realisations €35bn €30bn €26bn €25bn €15bn €12bn €10bn €8bn To Dec-22 To Dec-23 To Dec-24 To Jun-25 6
Slide 7: Our best in class fundraising capabilities support growth across CVC
Our best in class fundraising capabilities support growth across CVC Established world class client base… …becoming ever more diversified 1,100+ clients 95% c.€3bn of 17 years Including many of the Average client relationship1 Of clients committing to products across multiple aggregate value3 world’
Slide 8: Accelerating growth through the Private Wealth channel
Accelerating growth through the Private Wealth channel Today 2026 2027 and beyond CVC-PE in US c.€3bn of 15%+ CAGR aggregate value1 across CVC-PESEC Multiple products, CVC-CRED & distributors and regions CVC-PE CVC-Infra 8 1. Including 1 October 2025 subscriptions and corresponding leverage, as appl
Slide 9: CVC – a global leader in private markets
CVC – a global leader in private markets Scaling and Delivering Investing for the diversifying investment long term across strategies performance for and clients our clients 9
Slide 10: CVC Credit today
CVC Credit today Scaled platform across credit strategies, delivering consistent performance 19+ years €43bn 2 strategies 6 offices track record total FPAUM Liquid and Private Credit (focused on sub-IG European Fully integrated with Established in 2006 #2 CVC platform the CVC Network and US corporat
Slide 11: Largest Credit platform among European peers, and growing rapidly…
Largest Credit platform among European peers, and growing rapidly… FPAUM (€bn) 45 35 ICG Partners Group 25 15 Bridgepoint EQT 5 (exited Credit 0% 5% 10% 15% 20% in 2020) FPAUM CAGR (%, since Dec-21) 11 Note: Company information. Partners Group and ICG’s reported FPAUM converted into EUR at an FX rat
Slide 12: …with significant growth opportunities across Private and Liquid Credit
…with significant growth opportunities across Private and Liquid Credit >10% CAGR €60bn+ Growing our FPAUM above market FPAUM 15% CAGR €43bn FPAUM 32% CAGR €27bn FPAUM Private Credit 10% CAGR Liquid Credit Dec-21 Jun-25 2028 12
Slide 13: Drivers of growth – 10%+ CAGR
Drivers of growth – 10%+ CAGR Strong secular tailwinds – Europe and U.S. Wide origination funnel – LTM deployment of €10bn Proven investment track record over 20 years – 0.8% default rate across Europe and U.S. CLOs and 0.1% across European Direct Lending Deep institutional and insurance client base
Slide 14: Large and experienced Investment team
Large and experienced Investment team CVC Credit Investment Team Managing Partners / Managing Directors / Junior Investment Investment Professionals Partners Directors Professionals 11 + 31 + 32 = 74 Deep and experienced senior bench 25 years average experience 17 years average experience 12 years a
Slide 15: Deeply integrated with the CVC Network
Deeply integrated with the CVC Network The CVC Network provides layers of insights and access FPAUM Private Equity Credit Infrastructure Secondaries (1996) (2006) (2005) (2006) €71bn €43bn €14bn €12bn Insights Access ✓ Insights from CVC’s leading Private ✓ Extensive network of relationships Equity p
Slide 16: Liquid Credit: leading platform with strong fundamentals
Liquid Credit: leading platform with strong fundamentals Investing in senior-secured, floating-rate broadly syndicated loans in Europe and the U.S. Established market leader… … with strong foundations for continued growth FPAUM 10% CAGR €30bn Strong market tailwinds – €1.6tn market opportunity1 €22b
Slide 17: Record CLO issuance supports platform expansion
Record CLO issuance supports platform expansion Cumulative CLO issuance US Europe €29bn €26bn CLO Equity IV will support >€12bn €23bn of future CLO issuance €19bn €16bn €12bn €11bn €9bn €6bn €4bn €2bn 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 H1-25 17 As at 30 June 2025. Deployment represent
Slide 18: Growth is underpinned by our focus on investment performance
Growth is underpinned by our focus on investment performance CVC CLO default rates are significantly below the market US Europe 2.3% 2.4% 1.0% 0.6% 0.2% 0.1% Market Default Rate CVC US CLO CVC US CLO Market Default Rate CVC EU CLO CVC EU CLO Average Annual Default Rate Average Annual Loss Rate Avera
Slide 19: Private Credit: top-tier European platform, with further room to grow
Private Credit: top-tier European platform, with further room to grow Significant scaling… …driven by structural tailwinds and strong performance FPAUM 32% CAGR €13bn ✓ Structural market tailwinds and increasing relevance of Private Credit €5bn ✓ Scaled platform and deep resources driving market lea
Slide 20: And a natural fit for CVC
And a natural fit for CVC Requires local presence, relationships, partnership approach and structuring expertise High levels of fragmentation in Europe... …lead to inefficiencies Each country in practice constitutes different languages, cultures and Borrowers face limited access to public markets in
Slide 21: Demonstrated resilience through market downturns
Demonstrated resilience through market downturns Minimal default rate and zero realised losses across the European Direct Lending portfolio since inception FPAUM (€bn) 4% €10bn €8bn 3% €7bn €6bn 2% €3bn 1% €1bn €1bn €0bn €0bn €0bn €1bn 0.1% 0% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1
Slide 22: Growing institutional demand for European Direct Lending
Growing institutional demand for European Direct Lending Directly originated senior-secured, floating rate loans to mid-cap European companies Growing fund size vintage-on-vintage... …and building market leadership in EU Direct Lending 2026 launch Fund size1 €10bn+ target >1.6x €10.4bn ✓ Fragmented
Slide 23: Overlaid with fast growth in Private Wealth
Overlaid with fast growth in Private Wealth CVC-CRED today Monthly Total Asset Value progression1 €2.3bn in 17 months €2.3bn Diversified €5bn+ portfolio by 2028 With 250 positions 11% Annualised net returns (EUR) Mar-25 Oct-24 Oct-25 Apr-25 May-25 May-24 Jul-24 Jul-25 Aug-24 Sep-24 Nov-24 Dec-24 Aug
Slide 24: And enhancing our Insurance capabilities
And enhancing our Insurance capabilities Demonstrated demand for existing capabilities and key area of focus for future growth Existing products resonating with Insurers › Dedicated Insurance Solutions Team overlaid by the CVC Network › Materially increasing our engagement with leading global Insure
Slide 25: Organically diversifying into adjacent credit products
Organically diversifying into adjacent credit products Structured Finance Asset Based Finance Secondaries Credit Securitized products backed by pools of loans Lending secured by specific assets such as Investments in existing private credit fund or receivables (e.g., CLOs, ABS) mortgages, inventory,
Slide 26: Multiple drivers of growth to €60bn+ FPAUM by 2028
Multiple drivers of growth to €60bn+ FPAUM by 2028 Launching and scaling adjacent credit products Expanding partnerships with global Insurers Scaling CVC-CRED Building on to €5bn+ strong European CLO Equity IV Direct Lending supporting momentum >€12bn of CLO issuance 26
Slide 27: CVC Credit is well positioned to continue growing above market
CVC Credit is well positioned to continue growing above market Leading credit manager built over 20 years Integral to CVC and underpinned by investment performance Harnesses Private Wealth and Insurance Significant number of vectors for future growth 27
Slide 28: Q&A
Q&A
Slide 29: Built for Performance
Built for Performance