CVC Capital Partners' Secondary Opportunities Fund VI has successfully raised $9.3 billion, significantly exceeding its initial target of $7 billion and becoming 60% larger than its predecessor fund. This fundraising achievement positions the fund for a third-quarter final close and marks a notable development in the secondaries market.
This fundraising success is part of a broader expansion strategy for CVC, which is now venturing into credit and infrastructure secondaries. This diversification reflects the firm's adaptation to evolving LP capital flows and its strategic positioning within the broader private markets landscape.
The firm's overall financial performance in the first half of 2026 has been strong, with fee-paying assets under management increasing by 9% year-on-year to €153 billion and fee-related earnings rising by 11% to €442 million. Credit, secondaries, and infrastructure now collectively account for over 55% of CVC's fee-paying assets under management, demonstrating a 19% increase year-on-year. Private wealth assets also surged to €6.7 billion, quadrupling from the previous year.
CVC reported €10.8 billion in gross inflows during the first half of 2026, which includes the $9.3 billion raised for SOF VI, $3.4 billion for Catalyst, and €5.2 billion in infrastructure commitments. The firm anticipates its upcoming Fund X, slated for early 2027, to match or surpass its predecessor Fund IX's €26 billion, which was the largest private equity fund ever raised. This continued fundraising momentum and diversification underscore CVC's robust growth in private markets.
The secondaries market itself has shown significant growth, with transaction volumes reaching a record $103 billion in the first half of 2025, on track to exceed 2024's record of $162 billion. Secondaries funds offer benefits like faster distributions and a shallower J-curve compared to other private market strategies, making them attractive in a market where exit timelines have lengthened and distributions have slowed.
