CVC Raises $10B for Sixth PE Secondaries Fund

CVC Secondary Partners closed its sixth private equity secondaries fund with $10 billion in commitments, nearly doubling its predecessor. The total includes parallel funds and accounts, along with commitments from CVC and employees.

Secondary Opportunities Fund VI will target middle-market buyout assets through purchases of limited-partner fund portfolios and general partner-led transactions.

SOF VI attracted more than 200 new and returning limited partners. About half of the capital came from investors new to CVC’s Secondary Opportunities Fund series.

The close marks an expansion from the $5.8 billion raised for the fifth fund in 2023 and $2.7 billion gathered for the fourth vehicle in 2019.

Global secondary transaction volume reached a record $240 billion in 2025, up 48% from a year earlier, according to Jefferies. LP-led transactions accounted for $125 billion, while GP-led deals represented $115 billion.

Activity has been fueled partly by slower private equity exits and distributions, which have encouraged institutions to sell seasoned fund interests for liquidity or portfolio rebalancing. Sponsors increasingly use continuation vehicles to retain companies beyond a fund’s life while offering investors an exit.

CVC Secondary Partners traces its roots to a Deutsche Asset Management secondaries team established in 2005. The business spun out as Glendower Capital in 2017, was acquired by CVC in 2022 and adopted its current name in 2024.

The unit manages €20 billion across private equity and credit secondaries with 60 investment professionals. CVC CEO Rob Lucas said the firm sees room to expand into infrastructure secondaries.

CVC reported €212 billion in firmwide assets under management across private equity, credit, infrastructure and other strategies as of June 30.