CVC Capital Partners, a private equity group, announced it had accumulated Eur 10.5 billion (US $13.8 billion) for its most recent buyout fund. The amount will be used to put together investments in North America and Europe.
Just last January, CVC began its fundraising for Fund VI along with a Eur 9 billion target and a maximum of Eur 10.5 billion. The private equity group was not at liberty to go beyond the said figure without the approval of its existing fund investors.
Last month, a person knowledgeable about the deal told Reuters that CVC has already drawn pledges for more than the target. This prompted the private equity group to turn down several offers.
In a statement, CVC said 90% of what they have acquired came from investors who previously contributed into their funds.
"Despite the many challenges the region faces, we continue to remind our investors that Europe is home to more globalised, highly competitive and well-managed companies than any other part of the world," said Steve Koltes, CVC's co-chairman.
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