Glendower Capital, CVC’s secondaries platform, has announced the final close of its fifth global secondary private equity fund, Glendower Capital Secondary Opportunities Fund V (SOF V).
The fundraise has secured aggregate capital commitments of $5.8bn, marking the next stage of growth for Glendower’s strategy in private equity secondaries.
The closing of SOF V follows Glendower’s strategic merger with CVC in 2022, making it the first fund to be closed since the merger was completed. The private equity secondaries mid-market specialist targets buyout fund investments managed by high-quality general partners (GPs).
The fund’s investment strategy provides balanced exposure to both portfolio sales by limited partner (LP) investors and GP-led transactions.
CVC managing partner Rob Lucas said: “We are delighted with the progress of our partnership with Glendower since the transaction completed last year. Congratulations to Carlo and team who have achieved their largest ever fundraise with SOF V.
“With access to the broader CVC Network, the secondaries platform is well-positioned to continue to deliver sustainable value for our investors in this growing market segment, and we look forward to the continued success of this strategy.”
The fundraising process attracted participation from over 230 returning and new limited partners, reflecting a diversified and global institutional investor base.
With the close of SOF V, Glendower now manages a total of $13bn in assets under management (AUM) across its private equity secondary funds. The firm boasts a dedicated team of over 35 experienced investment professionals.
Meanwhile, CVC, one of the world’s leading private equity and investment advisory firms, manages over €140bn of AUM globally across its six complementary strategies, including CVC Secondaries (Glendower).
The closing of Glendower Capital’s SOF V marks a significant milestone in the firm’s growth journey, positioning it as a prominent player in the global private equity secondary market and reinforcing its strategic partnership with CVC.
As Glendower continues to capitalise on opportunities in the secondary market, investors look forward to the firm’s continued success in creating value and delivering strong returns.
Glendower CEO and managing partner Carlo Pirzio-Biroli said: “We are grateful for the support of our existing investors, as well as the new investors that joined our program for this fund.
“The completion of this fundraise is another significant milestone for us, and we continue our mission to be a lead investor and key partner of choice for LPs and GPs globally. The opportunity for our investment strategy has never been greater and we look forward to deploying this capital into a highly attractive secondary market environment.”
