Glendower Capital, CVC’s platform for secondaries, is thrilled to announce the successful final close of Glendower Capital Secondary Opportunities Fund V (SOF V), its fifth global secondary private equity fund. This milestone marks Glendower’s achievement of raising an impressive $5.8 billion in aggregate capital commitments for the SOF V program, dedicated to the dynamic secondary market. Notably, this fund comes as a significant step following Glendower’s strategic merger with CVC in 2022.
Operating within the private equity secondaries mid-market, Glendower targets investments in buyout funds led by top-tier General Partners (GPs). The fundraising effort reached its hard cap, signifying the next phase of growth for Glendower’s successful dual-pronged approach in private equity secondaries. This approach offers a balanced exposure encompassing portfolio sales by LP investors and GP-led transactions.
The fundraise garnered participation from a diverse and global institutional investor base, attracting over 230 returning and new limited partners.
Carlo Pirzio-Biroli, CEO and Managing Partner of Glendower, expressed gratitude for the support of both existing and new investors. He emphasized the significance of this fundraise as a pivotal milestone and reiterated Glendower’s commitment to being a lead investor and preferred partner for LPs and GPs on a global scale. The strategic investment opportunities are promising, and the deployment of capital into the dynamic secondary market is eagerly anticipated.
Rob Lucas, CVC Managing Partner, shared his delight regarding the progress of the partnership with Glendower since the previous year’s transaction. He congratulated Carlo and the team for achieving their most substantial fundraise to date with SOF V. With access to the extended CVC Network, the secondaries platform is well-positioned to consistently deliver sustainable value in this expanding market segment. The continuation of this strategy’s success is anticipated.
Presently, Glendower oversees $13 billion in Assets Under Management (AUM) across its private equity secondary funds, led by a dedicated team of over 35 investment professionals. Across six complementary strategies, CVC manages over €140 billion AUM globally, encompassing CVC Europe/Americas, CVC Asia, CVC Strategic Opportunities, CVC Growth, CVC Credit, and CVC Secondaries (Glendower).