Private markets giant CVC Capital Partners has appointed TPG’s Todd Sisitsky as co-chief executive alongside Peter Rutland, as part of a succession plan for Rob Lucas.

Lucas, who is currently chief executive, will step down from the role in the first quarter of 2028. By then, Sisitsky will become co-chief executive of CVC alongside Rutland, who is currently president of the manager.

Read more: Standard Life expands UK PRT offering

Lucas has led CVC, which has around $205bn (£176bn) in assets under management, since June 2021, including through the firm’s initial public offering on Euronext Amsterdam in April 2024. Following the leadership transition, Lucas will remain closely involved at both a group level and in the firm’s investment activities, CVC said.

As co-chief executive, Sisitsky will also chair CVC’s partner board. He joins from TPG, where he has spent more than 23 years, most recently as president and co-chair of the firm’s management committee.

Read more: CVC Credit prices $550m CLO

Rutland has been at CVC for 19 years and is currently managing partner and president of the firm. He is responsible for CVC’s credit and insurance, secondaries and infrastructure strategies.