CVC Capital Partners has closed its latest fund, CVC Growth Partners, above its $750 million target at $1 billion in total capital commitments which includes commitments through a sidecar co-investment vehicle.
CVC Growth Partners will invest in high-growth, middle-market companies in the software and technology-enabled business services sectors.
“We’re pleased with and appreciative of the support we received from our global investor base in raising $1 billion to pursue this strategy,” said John Clark, Managing Partner, who leads the CVC Growth Partners team. Mr. Clark joined CVC in April 2014 from Welsh, Carson, Anderson & Stowe where he was a General Partner.
CVC Growth invests from $50 million to $200 million of equity in North American and European based companies that are active in 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 new fund has already made two investments. In February 2015 the fund acquired Wireless Logic, an M2M (machine-to-machine) connectivity and managed services provider based near London in Beaconsfield, UK (www.wirelesslogic.com). Wireless Logic had been a portfolio company of ECI Partners. In December 2015 the fund acquired Kount, an e-commerce and mobile fraud detection service based in Boise (www.kount.com).
“CVC’s global network provides us with a competitive advantage in identifying smaller, growth-oriented businesses where our resources and expertise can add significant value,” said Mr. Clark.
CVC, the parent of CVC Growth, invests in a range of industries with a specific interest in industrial and service businesses. To date, CVC has raised over $79 billion in capital completing over 300 investments with an aggregate transaction value of $120 billion. The firm, founded in 1981, is based in London and has a network of 20 offices and 250 employees throughout Europe, Asia and the United States (www.cvc.com).
© 2016 PEPD • Private Equity’s Leading News Magazine • 2-25-16