CVC Credit posts record realisations as it ramps up secondaries platform
CVC Credit has reported a strong third quarter, delivering “record realisations” while increasing its private markets offering with the launch of a new secondaries platform.
In its third-quarter results for 2025, the global investment manager said it achieved record realisations of €17.6bn (£15.5bn) at highly attractive gross returns of 3.2 times return on invested capital and a 25 per cent internal rate of return.
The firm also reported “strong” deployment and fundraising across private credit, raising €10.4bn of total investable capital against a target of €6bn.
CVC said deployment over the 12 months to September 2025 reached €22.8bn, driven by strong growth in credit. Gross inflows of €17.8bn over the same period pushed fee-paying assets under management up to €142bn in the third quarter, from €140bn in the second quarter.
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“CVC had a strong third quarter with record realisations at very attractive returns, driving material growth in PRE and underpinning future fundraising,” said Rob Lucas, chief executive of CVC Credit. “We continue to deliver strong growth across our credit and secondaries platforms. We expect accelerated growth in infrastructure as we activate the latest fund vintages, and we are seeing ever greater momentum in private wealth.”
The firm’s secondaries strategy also continued to see success, with its fifth secondary opportunities fund’s fundraising now above its $7bn target.
CVC Credit has meanwhile expanded its CVC secondary partners strategy into the private credit secondaries market. The new platform will be led by partner Henri Lusa and will focus on building a diversified portfolio of debt investments.
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The expansion marks an extension of CVC’s secondaries platform, which currently manages €17bn across private equity secondaries strategies and provides liquidity solutions for third-party general partners and limited partners.
“As private credit evolves into a core and maturing asset class within private markets, we see significant opportunity to apply our deep credit and secondaries expertise to this fast-growing segment,” said Carlo Pirzio-Biroli, managing partner and head of CVC secondary partners. “Active portfolio management and liquidity needs, coupled with periods of uncertainty, are driving growth. These trends mirror what we saw in the early days of the private equity secondaries market, and we expect them to continue as managers seek to broaden their investor base and deliver liquidity options to existing investors.”
Separately, CVC Credit has appointed Catherine Keating as a non-executive director effective January 2026. Keating previously led the global wealth management division at BNY Mellon.
Upon joining, she will sit on the audit, nomination and remuneration committees as well as will serve as chair of the risk committee, the firm said.
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