Second above-target fundraise for CVC’s Growth platform following the previous $1 billion raised for Fund I in 2016
CVC Capital Partners (“CVC”), one of the world’s largest private equity and investment advisory firms, is pleased to announce the closing of CVC Growth Partners Fund II (“Fund II”). Fund II will continue the same investment strategy as its predecessor fund, investing in high-growth, mid-market companies in the software and technology-enabled business services sectors.
Fund II exceeded its $1 billion target and, including a sidecar co-investment vehicle, has secured commitments of $1.6 billion. Fund II enjoys a diverse global investor base, spread across North America, Europe, the Middle-East and Asia.
CVC’s Growth Partners platform invests primarily in North America and Europe, focusing on a variety of sectors including software, SaaS, managed services, cloud computing, mobility, payments, security, financial technology, healthcare information technology and other tech-enabled business services. The target equity investment size is $50 million to $250 million.
John Clark, Managing Partner and Head of the CVC Growth Partners team, said: “We are grateful to our existing global investor base, who have strongly supported Fund II, and to our new investors, for helping us to secure $1.6 billion for CVC’s second Growth Fund raise.
“As part of CVC’s global network we enjoy access to a broad and deep pipeline of exciting investment opportunities. The companies we partner with often operate in competitive markets and face significant challenges on their journey to success. That is where we come in; we collaborate with their management teams to help them overcome obstacles to growth, and to successfully execute their strategy, so that they can become leaders in their field.”
Recent investments by CVC Growth Partners Fund I include: SheerID, a leading identity marketing solution provider, based in Portland, Oregon, US; ironSource, a global market leader in the high-growth mobile advertising and mobile gaming technology markets headquartered in Tel Aviv; and Vitech, a leading provider of cloud-based financial administration solutions based in New York.
