CVC Capital Partners said Wednesday that its tech-focused growth fund closed at $1 billion, exceeding its $750 million target. CVC Growth Partners invests in high-growth, middle-market companies in the software and technology-enabled business services sectors. The target equity investment size is $50 million to $200 million.
February 24, 2016 02:00 AM Eastern Standard Time
LONDON–(BUSINESS WIRE)–CVC Capital Partners (“CVC”), one of the world’s largest private equity and investment advisory firms, is pleased to announce the final closing of CVC Growth Partners. The fund is dedicated to investing in high-growth, middle-market companies in the software and technology-enabled business services sectors, mainly in North America and Europe.
CVC Growth Partners exceeded its $750 million fund target and, including a sidecar co-investment vehicle, secured total commitments of $1 billion.
CVC Growth Partners has already made two investments: Wireless Logic, Europe’s leading M2M connectivity and managed services provider that works with over 950 application providers, system integrators and enterprises, in February 2015; and Kount, a Boise, Idaho-based e-commerce and mobile fraud detection service provider used by thousands of online merchants, in December 2015.
“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.
“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,” Clark explained. “These companies have many opportunities to realize their potential, and also confront many challenges in highly competitive global markets. CVC Growth Partners is designed to collaborate with strong management teams to enhance their ability to manage the issues high-growth companies face as they execute strategy, innovate and serve customers. We help them become best-in-class market leaders.”
CVC Growth Partners will invest 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. Target equity investment size is $50 million to $200 million.
About CVC Capital Partners
CVC Capital Partners is one of the world’s leading private equity and investment advisory firms. Founded in 1981, CVC today has a network of 24 offices and over 300 employees throughout the U.S., Europe, Asia, and South America. To date, CVC has secured commitments of over US$79 billion in funds from a diverse and loyal investor base, completing over 300 investments in a wide range of industries and countries across the globe, with an aggregate transaction value of over US$120 billion. For more information please visit www.cvc.com.
About CVC Growth Partners
In 2014, CVC formed a new team to target smaller growth-oriented companies through its dedicated CVC Growth Partners. The fund focuses on high-growth, middle-market high-growth companies in the software and technology-enabled business services sectors. The fund primarily targets equity investments between $50mm and $200mm in North America and Europe.