CVC has set an initial target of €26 billion in fee-paying commitments for Europe / Americas Fund X as the private markets firm prepares for the next generation of its flagship private equity strategy.
The final size of Fund X will depend on the fundraising process, and CVC said the fund’s hard cap will be established at a later date.
The investment strategy is expected to remain materially consistent with predecessor Europe / Americas Fund IX.
Formal fundraising is scheduled to begin in January 2027 following approximately 18 months of pre-marketing with limited partners globally.
CVC said its confidence in the €26 billion target reflects both investor engagement during that period and the investment and realization track record of the Europe / Americas strategy.
The firm’s previous three Europe / Americas funds all closed above their initial targets.
Fund IX initially targeted €25 billion including the general partner commitment, equivalent to €23.7 billion of fee-paying commitments after deducting the final €1.3 billion GP commitment. It ultimately closed at €27.3 billion including the GP commitment, approximately 9% above its initial target.
Fund VIII initially targeted €17.5 billion and closed at €22.3 billion, approximately 27% above target, while Fund VII targeted €12.5 billion and closed at €16.4 billion, approximately 31% above target.
CVC said its Europe / Americas strategy has generated more than €56 billion of gross proceeds returned to investors since 2021.
The firm reported gross performance of 3.8x multiple on invested capital and a 26% gross internal rate of return over that period.
CVC also pointed to an industry environment in which institutional investors are increasingly concentrating allocations among a smaller group of investment managers, potentially benefiting established firms with longstanding limited partner relationships and broad investment platforms.
The Fund X target is consistent with CVC’s previously stated goal of generating double-digit compound annual growth in fee-paying assets under management through 2028.
The firm also expects growth across its Asia, Strategic Opportunities, Catalyst and Private Wealth businesses.
Fund X will become active following the end of Fund IX’s commitment period, which typically occurs once approximately 90% to 95% of committed capital has been invested.
As of the end of June 2026, Fund IX was approximately 60% to 65% invested.
KEY QUOTE:
“Our Europe / Americas strategy has an unparalleled track record of returning capital to clients, with over €56 billion of total gross proceeds returned since 2021, at highly attractive investment returns of 3.8x Gross MOIC and 26% Gross IRR. This is why we are so confident in our ability to deliver Europe / Americas Fund X at the same size or larger than Fund IX, the largest private equity fund ever raised.”
Rob Lucas, CEO of CVC
