CVC’s Glendower Hauls $5.8B for Fifth Secondaries Fund

Glendower Capital, CVC Credit Partners’ secondaries platform, held the final close of its fifth global secondary private equity fund, Glendower Capital Secondary Opportunities Fund V, at $5.8 billion.

The fund is the first one closed since European buyout giant CVC acquired the firm in 2022.

New York-based Glendower operates in the private equity secondaries middle-market, targeting buyout fund investments managed by general partners. The fundraise reached its hard cap and comprised an investor base of over 230 returning and new limited partners.

“The opportunity for our investment strategy has never been greater and we look forward to deploying this capital into a highly attractive secondary market environment,” said Carlo Pirzio-Biroli, CEO and Managing Partner of Glendower.

Glendower was spun out of Deutsche Bank in 2017 after more than a decade with the company. CVC agreed to purchase the firm in September 2021, when it managed or advised roughly $8 billion.

Glendower now manages $13 billion in assets across its private equity secondary funds, while parent business CVC manages more than €140 billion.